Common use of Defaulted Obligations Clause in Contracts

Defaulted Obligations. The Collateral Manager may direct the Trustee to sell any Defaulted Obligation or Received Obligation at any time without restriction; provided that the sale of a Defaulted Obligation or Received Obligation to an Affiliate shall be at a price at least equal to its Market Value and such Market Value shall not be determined pursuant to clause (ivv) of the definition thereof; provided further that the Collateral Manager may direct the Trustee to sell any Defaulted Obligation to an Affiliate of the Collateral Manager at no less than the par amount of such Defaulted Obligation up to an aggregate amount (together with any sales of Credit Risk Obligations sold to an Affiliate of the Collateral Manager pursuant to the second proviso in clause (a) above) of 10.0% of Total Capitalization measured as of the date of such sale. With respect to each Defaulted Obligation that has not been sold or terminated within one year after becoming a Defaulted Obligation, the Market Value and Principal Balance of such Defaulted Obligation shall be deemed to be zero..

Defaulted Obligations. The Collateral Manager may direct the Trustee to sell any Defaulted Obligation or Received Obligation at any time without restriction; provided that the sale of a Defaulted Obligation or Received Obligation to an Affiliate shall be at a price at least equal to its Market Value and such Market Value shall not be determined pursuant to clause (ivviv) of the definition thereof; provided further that the Collateral Manager may direct the Trustee to sell any Defaulted Obligation to an Affiliate of the Collateral Manager at no less than the par amount of such Defaulted Obligation up to an aggregate amount (together with any sales of Credit Risk Obligations sold to an Affiliate of the Collateral Manager pursuant to the second proviso in clause (a) above) of 10.0% of Total Capitalization measured as of the date of such sale. With respect to each Defaulted Obligation that has not been sold or terminated within one year after becoming a Defaulted Obligation, the Market Value and Principal Balance of such Defaulted Obligation shall be deemed to be zero...