Restructured Obligation. A Collateral Obligation that has been modified, restructured or extended due to underperformance of the Obligor and that is deferring the payment of the cash interest due thereon and has been so deferring the payment of cash interest due thereon for six (6) consecutive months; provided that, if such obligation is paying an amount at least equal to, in the case of a Floating Rate Obligation, the Benchmark plus 1.00% as of such date of determination, and, in the case of a Fixed Rate Obligation, the zero coupon swap rate in a fixed/floating interest rate swap with a term equal to 5 years, it shall not be a Restructured Obligation.
Restructured Obligation. A loan, Bond or Specified Equity Security acquired by the Issuer resulting from, or received in connection with, the workout or restructuring of a Collateral Obligation: provided that (i) on any Business Day as of which such Restructured Obligation satisfies the definition of “Workout Loan” (as tested on such date and without giving effect to any carve-outs set forth herein), the Collateral Manager may designate (by written notice to the Issuer, the Trustee and the Collateral Administrator) such Restructured Obligation as a “Workout Loan,” and thereafter, such Workout Loan shall be treated as a Workout Loan for all purposes under this Indenture and (ii) as of any Business Day as of which such Restructured Obligation satisfies the definition of “Collateral Obligation” (as tested on such date and without giving effect to any carve-outs set forth in this definition), the Collateral Manager may designate (by written notice to the Issuer, the Trustee and the Collateral Administrator) such Restructured Obligation as a “Collateral Obligation,” and thereafter, such Restructured Obligation shall be treated as a Collateral Obligation for all purposes under this Indenture. The acquisition of Restructured Obligations will not be required to satisfy the Investment Criteria.
Restructured Obligation. A Collateral Obligation that has been modified, restructured or extended due to underperformance of the Obligor and that is deferring the payment of the cash interest due thereon and has been so deferring the payment of cash interest due thereon for three (3) consecutive months; provided that, if such obligation is paying an amount at least equal to, in the case of a Floating Rate Obligation, the floating rate of interest determined in accordance with the terms of such Collateral Obligation plus 1.00% as of such date of determination, and, in the case of a Fixed Rate Obligation, the zero coupon swap rate in a fixed/floating interest rate swap with a term equal to 5 years, it shall not be a Restructured Obligation.
Examples of Restructured Obligation in a sentence
A Restructured Obligation may, as a result of its restructuring, have a Collateral Debt Obligation Stated Maturity falling on or after the Maturity Date.
It is a requirement of the rating of the Rated Notes that Collateral Obligations that are to constitute Restructured Obligations following a restructuring satisfy the Restructured Obligation Criteria on the applicable Restructuring Date.
A Restructured Obligation may, as a result of its restructuring, have a Stated Maturity falling on or after the Maturity Date.
In order for a Collateral Obligation which is the subject of arestructuring to qualify as a Restructured Obligation, such Collateral Obligation must satisfy the Restructured Obligation Criteria as at the applicable Restructuring Date.
It is a requirement of the rating of the Rated Notes that Collateral Debt Obligations that are to constitute Restructured Obligations following a restructuring satisfy the Restructured Obligation Criteria on the applicable Restructuring Date.
More Definitions of Restructured Obligation
Restructured Obligation. Any Collateral Obligation included in the Assets as to which any one or more of the following events occurs or otherwise becomes binding on the Issuer (each measured relative to such Collateral Obligation as of the date it was first included in the Assets): (a) the cash spread or coupon payable by the obligor thereunder is reduced by more than 2.00% (excluding any increase in an interest rate arising by operation of a default or penalty interest clause pursuant to the Underlying Instruments or as a result of an increase in the interest rate index for any reason other than an amendment, waiver or modification); (b) such Collateral Obligation is contractually or structurally subordinated by operation of a priority of payments, turnover provisions, the transfer of assets in order to limit recourse to the related obligor or the granting of liens (other than permitted liens) on any of the underlying collateral securing such Collateral Obligation; (c) the Principal Balance of such Collateral Obligation is reduced other than through the repayment thereof or (d) any current interest payable by the obligor thereunder is deferred by more than two accrual periods; provided that if, at any time after the Collateral Obligation has become a Restructured Obligation, (i) S&P provides a public rating or a written credit estimate of CCC- or higher or Moody’s provides a public rating or a written credit estimate of Caa3 or higher with respect of such Restructured Obligation and (ii) such Restructured Obligation would qualify as a Collateral Obligation if purchased at such time, such Collateral Obligation shall no longer be considered a Restructured Obligation.
Restructured Obligation means a Collateral Debt Obligation which has been restructured for reasons primarily driven by credit underperformance (whether such restructuring has been effected by way of amendment to the terms of such Collateral Debt Obligation or by way of substitution of new obligations for such Collateral Debt Obligation).
Restructured Obligation means a Collateral Loan Obligation which has been restructured (whether such restructuring has been effected by way of amendment to the terms of such Collateral Loan Obligation or by way of substitution of new obligations for such Collateral Loan Obligation);
Restructured Obligation means a Collateral Obligation which has been restructured (whether effected by way of an amendment to the terms of such Collateral Obligation (including but not limited to an extension of its maturity) or by way of substitution of new obligations and/or change of Obligor) and which satisfies the Restructured Obligation Criteria as at its applicable Restructuring Date provided that the failure of a Restructured Obligation to satisfy the Restructured Obligation Criteria at any time after the applicable Restructuring Date shall not cause such obligation to cease to be a Restructured Obligation unless it is subsequently restructured again, in which case such obligation shall constitute a Restructured Obligation provided that it satisfies the Restructured Obligation Criteria as at its Restructuring Date. The term "Retention Requirements" is re-defined as the "EU Retention Requirements" throughout the Conditions. The definition of "Secured Senior Loan" is amended in paragraph (a)(ii) to replace the reference to “100.00 per cent.” with “80.00 per cent.”. The definition of "Secured Senior Note" is amended in paragraph (a)(ii) to replace the reference to “100.00 per cent.” with “80.00 per cent.”. The definition of "Secured Senior RCF Percentage" is amended to replace the words “15 per cent.” with “(i) in relation to the determination of the S&P Recovery Rate, 15%, and (ii) otherwise, 30%”. A new definition is added in Condition 1 (Definitions) as follows:
Restructured Obligation means a Collateral Obligation which has been restructured (whether effected by way of an amendment to the terms of such Collateral Obligation (including but not limited to an extension of its maturity) or by way of substitution of new obligations and/or change of Obligor) and which satisfies the Restructured Obligation Criteria as at its applicable Restructuring Date.
Restructured Obligation means a: A bank loan, Bond, note or other debt security that does not satisfy the requirements of the definition of "Collateral Obligation," acquired by the Issuer resulting from, or received in connection with, the workout or restructuring of a CollateralObligation and is either (x) received "in lieu of debt previously contracted" as determined by the Collateral Manager in consultation with nationally recognized counsel,(y) is a permissible loan for purposes of the loan securitization exclusion under the Volcker Rule, as determined by the Collateral Manager in consultation with nationally recognized counsel or (z) received following satisfaction of the Volcker Condition; provided that with respect to clause (z) the Aggregate Principal Balance of all Workout Obligations, plus the par amount of all Restructured Obligations that are Bonds, notes or other debt securities that have not been received "in lieu of debts previously contracted" may not exceed 5.0% of the Collateral Principal Amount (treating Defaulted Obligations, Workout Obligations and Restructured Obligations as having a "Principal Balance" equal to their par amount). For the avoidance of doubt, a Restructured Obligation is not a Bond or equity security, the acquisition of Restructured Obligations will not be required to satisfy the Investment Criteria and a Restructured Obligation will not be considered a Collateral Obligation.
Restructured Obligation means any Collateral Obligation (a) as to which the Issuer or an affiliate thereof has arranged for the extension of credit for the purpose of permitting the related obligor to pay principal or interest on such existing Collateral Obligation or (b) in the reasonable commercial judgment of the Collateral Manager the underlying obligor of such Collateral Obligation is experiencing deteriorating financial performance and as to which any one or more of the following events occurs, is agreed between the obligor thereon (or a governmental authority) and a sufficient number of holders of such Collateral Obligation that is binding on all holders thereof or is announced (or otherwise decreed) by such obligor (or governmental authority) in a form that is binding upon all such holders, and such event is not expressly provided for under the terms of the underlying instruments of such Collateral Obligation in effect as of the date on which such Collateral Obligation is acquired by the Issuer: (i) a postponement by more than 6 months of the date on which principal is payable at final maturity; (ii) a reduction by more than 1.0% per annum in the rate of interest payable (whether calculated based on a spread above a floating reference rate or a fixed rate) (which reduction, in the reasonable business judgment of the Manager, is due to the deteriorating financial performance of the underlying obligor); (iii) a reduction by more than 25.0% in the aggregate amount of principal payable on any one or more scheduled amortization or other redemption dates within any 12 month period; (iv) an increase of more than 10.0% in any advance rate or other borrowing base formula utilized in connection with such Collateral Obligation (provided that any Collateral Obligation with respect to which the relevant advance rate or other borrowing base formula utilized is increased by more than 10.0% but less than 25.0% and such increase is scheduled to continue for a period of 120 days or less shall not constitute a Restructured Obligation); or (v) a change in, or waiver of, the interest rate resulting in a deferral or capitalization of interest by more than 1.0% per annum (based on the principal balance of such Collateral Obligation) (which deferral or capitalization, in the reasonable business judgment of the Manager, is due to the deteriorating financial performance of the underlying obligor). The Issuer shall submit any Restructured Obligation to S&P and Moody’s for a re rating promptly (and ...