Underlying Obligor Default definition

Underlying Obligor Default means, with respect to any Portfolio Asset owned by the Borrower following the Cut-Off Date relating thereto, the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once):
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Underlying Obligor Default means, with respect to any Portfolio Asset the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once):
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Underlying Obligor Default means, with respect to any Portfolio Asset owned by the Borrower following the Cut‐Off Date relating thereto, the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once):
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Examples of Underlying Obligor Default in a sentence

  • The Borrower shall give written notice to the Administrative Agent, the Lenders and the Calculation Agent of any Underlying Obligor Default with respect to any Portfolio Asset as promptly as possible after learning thereof.

  • The value used to determine the Total Portfolio Value of any Portfolio Asset for which (A) an Underlying Obligor Default pursuant to clause (a) thereof has occurred and is continuing will be reduced to 50% of the outstanding par, or if such Underlying Obligor Default continues for more than 30 days, will be reduced to zero, and (B) an Underlying Obligor Default pursuant to clause (c) thereof has occurred and is continuing will be reduced to zero.

  • If any such Underlying Obligor Default is cured (provided that any such Underlying Obligor Default may only be cured with the consent of the Lenders), this subsection (f) shall no longer apply and all funds on deposit in the Collection Account shall be applied in the order set forth in subsections (b) and (c) of this Section 2.05, including payments due to the Equityholder.

  • For purposes other than those set forth in this Section 2.05(f), at any time an Underlying Obligor Default has occurred and is continuing, each Borrowing Base that includes a Loan Asset for which the Underlying Obligor Default has occurred shall be reduced by the Excluded Asset Amount for such Loan Asset.

  • The Collateral Administrator shall have no liability for any failure by the Borrower or the Portfolio Asset Servicer to notify the Collateral Administrator promptly of any changes in the foregoing (including without limitation a Portfolio Asset with respect to which an Underlying Obligor Default has occurred).

  • The Borrower shall give written notice to the Lenders and the Collateral Custodian of any occurrence of any Underlying Obligor Default after the Closing Date with respect to any Portfolio Asset promptly after obtaining knowledge thereof.


More Definitions of Underlying Obligor Default

Underlying Obligor Default means, with respect to any Loan Asset following the Cut-Off Date relating thereto, the occurrence of one or more of the following events (any of which may occur more than once):
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Underlying Obligor Default means, with respect to any Eligible Portfolio Asset that is a Loan Asset following the Cut‐Off Date relating thereto, the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once): (a) an Obligor payment default has occurred and is continuing under such Loan Asset (after giving effect to any grace or cure period or notice requirement set forth in the applicable Underlying Loan Agreement); (b) any other event of default or similar event or circumstance under the Underlying Loan Agreement for such Portfolio Asset for which the Co‐Borrowers (or agent or required lenders pursuant to the applicable Underlying Loan Agreement, as applicable) has elected to exercise any of its rights and remedies with respect to such Loan Asset (including the acceleration of the loan relating thereto), unless otherwise agreed to in writing by the Majority Lenders; (c) a Bankruptcy Event occurs with respect to any related Obligor under any Underlying Loan Agreement. “United States” means the United States of America. “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “Valuation Policy” means a Loan Party’s valuation policy as in effect on the Closing Date, as the same may be amended, supplemented or as otherwise modified from time to time by such Loan Party with the prior consent of the Majority Lenders. “Write‐Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write‐down and conversion powers of such EEA Resolution Authority from time to time under the Bail‐In Legislation for the applicable EEA Member Country, which write‐down and conversion powers are described in the EU Bail‐In Legislation Schedule.
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Underlying Obligor Default means, with respect to any Loan Asset the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once): 34
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Underlying Obligor Default means, with respect to any Portfolio Asset owned by the Borrower following the Cut‐Off Date relating thereto, the occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once): (a) an Obligor payment default under such Portfolio Asset (after giving effect to any grace or cure period set forth in the applicable Loan Agreement); (b) any other event of default or similar event or circumstance under the Loan Agreement for such Portfolio Asset for which the Borrower (or agent or required lenders pursuant to the applicable Loan Agreement, as applicable) has elected to exercise any of its rights and remedies to enforce such Portfolio Asset (including the acceleration of the loan relating thereto), unless otherwise agreed to in writing by the Majority Lenders; or (c) a Bankruptcy Event with respect to any related Obligor. "United States" means the United States of America. "Unmatured Event of Default" means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. "Utilization Fees" means, for any period of determination during the Revolving Period, the positive difference, if any, between (a) the amount of interest that would have accrued under this Agreement for such period on the principal amount of the Advances if the Advances Outstanding for such period was equal to the Minimum Usage Amount and (b) the amount of interest that actually accrued under this Agreement for such period on the principal amounts of the Advances. Any Utilization Fees shall be calculated by the Calculation Agent and included in the Payment Date Report delivered by the Administrative Agent to the Account Bank. “Wilmington Agents” means each of the Administrative Agent, Collateral Custodian and the Account Bank (including in its capacities under the Transaction Documents) and Wilmington Agent means either one of them. "Withholding Agent" means the Borrower and the Administrative Agent, as applicable.
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Related to Underlying Obligor Default

  • Specified Event of Default means any Event of Default under Section 8.01(a), (f) or (g).

  • Material Default means a material breach of this Framework Agreement and/or, breach by the Supplier of any of the following Clauses: Clause 8 (Warranties and Representations), Clause 9 (Prevention of Bribery and Corruption), Clause 13 (Statutory Requirements and Standards), Clause 14 (Non-Discrimination), Clause 15 (Provision of Management Information), Clause 16 (Management Charge), Clause 17 (Records and Audit Access), Clause 22 (Data Protection), Clause 23 (Freedom of Information) and Clause 31 (Transfer & Sub-contracting);

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute an Event of Default.

  • Event of Default has the meaning specified in Section 8.01.

  • Material Event of Default means the occurrence of an Event of Default (as defined in the Senior Unsecured Loan Agreement) under any of the following sections of the Senior Unsecured Loan Agreement: