A fine may be established in the form of a concrete sum of money, or expressed in percentage terms on the amount of the secured obligation
, and the forfeit stipulated for a delay in performance of an obligation may be established for every day, week, month, etc., that exceeds the time-limit of the performance.
In denying the taxpayer's claims, the court in Continental Vending first noted that Fahs was distinguishable because the debt was a secured obligation
. Further, the court noted that "[t]he Fahs case is out-of-step" with cases such as Schlude, 372 US 128 (1963),and American Auto.
Thus, a transfer of a secured obligation
by the seller of the property to a controlled corporation and a subsequent repossession of real property by the corporation would avoid Sec.
European CLO assets must meet a definition set out in transaction documentation to qualify as senior secured obligations
. This usually states that a revolving loan can have a higher priority security interest in the assets (or stock) securing a senior secured obligation
in the event of enforcement, but only if it does not represent more than a specified proportion of the obligor's senior debt.
It also envisages a Fitch senior secured obligation
concept, which is defined with a RCF limit at 15%.
In addition, the first priority and second priority notes and the subsidiary guarantees will be senior secured obligations
and will rank senior in right of payment to all of BGI's and in the case of the guarantees, to all of the guarantors', existing and future subordinated debt or future debt that is subordinated in right of payment to the second priority notes.
These notes will be senior secured obligations
of the Issuer and will be guaranteed by Endo and certain of the latter's subsidiaries and will be secured by first priority liens on the same collateral that secures its obligations under its existing senior secured credit facilities and existing senior secured notes.
is a securitisation of mainly senior secured obligations
(at least 90%) with a component of senior unsecured, mezzanine, and second-lien loans.
The Notes are senior secured obligations
Fitch understands that JAFZ has confirmed that its obligations under its undertaking to purchase will be its direct, unconditional and secured obligations
and will at all times rank pari passu with its other unsubordinated and secured obligations
from time to time outstanding.