Prohibited Obligation definition

Prohibited Obligation means any Collateral Loan of an obligor whose principal business, as determined by the Services Provider, is directly derived from the (a) the production of or trade in pornography, prostitution, adult entertainment or escort services, (b) dealers, distributors, processors of illegal drugs, chemicals, substances or the sale of illegal drug paraphernalia or materials, (c) medical and recreational marijuana growers, dispensaries and sales, including in states that have legalized marijuana sales, (d) payday, title and predatory lending, (e) political campaign committees and political candidates, (f) embassies and foreign consulates and (g) private prisons. For purposes hereof, “payday lending” means any short-term unsecured loan that does not align with customer protection principles as outlined by the Consumer Financial Protection Bureau (CFPB) and the Financial Conduct Authority (FCA).
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Prohibited Obligation. Means (i) any asset that is treated for U.S. Federal income tax purposes as an equity interest in a partnership or the ownership of which would otherwise cause the Issuer to be subject to income tax on a net income basis in any jurisdiction or (ii) any asset the gain from the disposition of which would be subject to U.S. Federal income or withholding tax under Section 897 or Section 1445, respectively, of the Code and the Treasury Regulations promulgated thereunder or the income in respect of which would be subject to withholding under Section 1441 or 1446 of the Code and the Treasury Regulations promulgated thereunder.
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Prohibited Obligation means any Collateral Loan of an obligor whose principal business, as determined by the Services Provider at the time of acquisition, is directly derived from (a) the distribution or production of or trade in pornography, prostitution, adult entertainment or escort services, (b) (i) the sale of, trade in, cultivation of or marketing of, marijuana; or (ii) a company that is categorized as or deemed to be a “Marijuana Related Business” under Applicable Law, but, in each case, excluding the sale of, trade in, cultivation of or marketing of (x) products for medical or commercial uses, (y) hemp, CBD and other similar cannabis-related products not connected with human respiratory health and (z) FDA-approved prescription drugs, (c) payday, title and predatory lending, (d) political campaign committees and political candidates, (e) embassies and foreign consulates, (f) owning, operating or providing integral detention services to any private prison or legal detention facility in the United States and (g) financing any form of gambling other than (i) a Permitted Gaming Business, (ii) hospitality and/or resort development or the management thereof, (iii) video lottery terminals or (iv) the sale of legal lottery tickets; provided that, for the avoidance of doubt, (x) any business that does business with or provides support services to a company described in clauses (a), (b), (c), or (f), including, without limitation, payment platforms, web hosting services, transport services and/or general retail shall not constitute a Prohibited Obligation, unless its sole business function is to provide support services to such company; and (y) any business that is only engaged in the production and/or sale of computer technology, communications equipment, software, medical supplies or similar items shall not constitute a Prohibited Obligation unless the sole use of such item is for one of the prohibited activities described in clauses (a), (b), (c), or (f) of the definition hereof. Notwithstanding anything to the contrary herein, the Services Provider (I) does not make any representations regarding, or warranties with respect to, any determination regarding whether any Collateral Loan is a Prohibited Obligation under clauses (a), (b), (c), or (f) and shall, in no case, have any liability with respect to any such determination and (II) will use commercially reasonable efforts to take into account the UN Global Compact Principles. For purposes hereof, “payday lending” means any sho...
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More Definitions of Prohibited Obligation

Prohibited Obligation. Any debt obligation or debt security where the relevant obligor, either directly or indirectly through majority-owned subsidiaries, derives its revenue from ESG Value-Based Exclusions and/or is involved in any ESG Norm-Based Exclusions.
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Related to Prohibited Obligation

  • Permitted Obligations mean (i) nonspeculative Hedging Obligations of any Person and its Subsidiaries arising in the ordinary course of business and in accordance with such Person’s established risk management policies that are designed to protect such Person against, among other things, fluctuations in interest rates or currency exchange rates and which in the case of agreements relating to interest rates shall have a notional amount no greater than the payments due with respect to the applicable obligations being hedged and (ii) Commodity Trading Obligations. For the avoidance of doubt, such transactions shall be considered nonspeculative if undertaken in conformance with FE’s Corporate Risk Management Policy then in effect, as approved by FE’s Audit Committee, together with the Approved Business Unit Risk Management Policies referenced thereunder.

  • Designated Obligations means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid fees under the Loan Documents.

  • Prohibited Payment means any bribe, rebate, payoff, influence payment, kickback or other payment or gift of money or anything of value (including meals or entertainment) to any officer, employee or ceremonial office holder of any government or instrumentality thereof, political party or supra-national organization (such as the United Nations), any political candidate, any royal family member or any other person who is connected or associated personally with any of the foregoing that is prohibited under any Law for the purpose of influencing any act or decision of such payee in his official capacity, inducing such payee to do or omit to do any act in violation of his lawful duty, securing any improper advantage or inducing such payee to use his influence with a government or instrumentality thereof to affect or influence any act or decision of such government or instrumentality.

  • Prohibited Party As of any date of determination, any Person that has theretofore failed to comply with such Person’s obligations under Regulation AB with respect to the Trust Fund or any other securitization if (and only if) both (A) such failure was an “event of default” under the relevant agreement to which such Person was a party, and (B) such Person is proposed to become a Servicing Function Participant in respect of the Trust Fund. In determining whether any person or entity is a “Prohibited Party”, each party hereto, provided that they are not an Affiliate of such Person, shall be entitled to conclusively rely on a written certification from any Person stating that it is not a Prohibited Party. All necessary determinations under or for purposes of this definition shall be made as of the date of consummation of the transaction in which the relevant person or entity would become a Servicing Function Participant in respect of the Trust Fund.

  • Subordinated Obligation means any Indebtedness of the Company (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the Notes pursuant to a written agreement.

  • Guarantor Subordinated Obligation means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinate in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Subordinated Obligations has the meaning specified in Section 7.05.

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.

  • Guarantor Subordinated Obligations means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

  • Prohibited Person means any Person:

  • Prohibited Transaction has the meaning set forth in ERISA Section 406 and Code Section 4975.

  • Junior Obligation means the Shares, and any other class of the Issuer’s share capital and any instrument or other obligation (including without limitation any preference shares) issued or guaranteed by the Issuer that ranks or is expressed to rank junior to the Capital Securities by operation of law or contract.

  • Nonexempt property means property that is not a principal residence, qualified agricultural property, qualified forest property, supportive housing property, industrial personal property, commercial personal property, or property occupied by a public school academy.

  • Credit Improved Obligation means any Collateral Debt Obligation which, in the Investment Manager’s judgment, has significantly improved in credit quality and in respect of which one of the following is satisfied:

  • Excluded Obligations has the meaning set forth in Section 2.5.

  • Prohibited Transaction Tax Any tax imposed under Section 860F of the Code. Prospectus: The prospectus dated February 21, 2006 as supplemented by the prospectus supplement dated February 23, 2006, relating to the Class A, Class B-1, Class B-2 and Class B-3 Certificates.

  • Permitted Junior Debt means any Permitted Junior Notes and any Permitted Junior Loans.

  • Prohibited Items means any items which we or any Authorised Person deem to be dangerous or inappropriate including (without limitation) those items specified in sub-paragraphs 27(b)(c) and (d) of these Conditions and any further items listed at www.snowbombing.com from time to time;

  • Prohibited Transaction Class Exemption means U.S. Department of Labor prohibited transaction class exemption 84-14, 90-1, 91-38, 95-60 or 96-23, or any similar prohibited transaction class exemption issued by the U.S. Department of Labor.

  • Prohibited Investment means Property (other than prescribed excluded Property as that term is defined in the Tax Act) that is:

  • Refunded Obligations means, collectively, the Refunded Notes, if any, and the Refunded Bonds, if any, refunded by each Series.

  • Specified Obligations means Obligations consisting of the principal and interest on Loans, reimbursement obligations in respect of LC Disbursements and fees.

  • prohibited substance means any substance so described on the Prohibited List, which appears in Annex I to this Convention.

  • Prohibited Transactions is defined in ERISA Section 406 and Code Section 4975.

  • Prohibited Investor means a person or entity whose name appears on (i) the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control; (ii) other lists of prohibited persons and entities as may be mandated by applicable law or regulation; or (iii) such other lists of prohibited persons and entities as may be provided to the Fund in connection therewith;

  • Prohibited Content means any content on any advertising media that: