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TGI Friday’s Inc. management has lost day-to-day control of much of the restaurant chain’s assets and functions after the company failed to file documents to bondholders on time.

A manager termination notice was issued Tuesday involving a $375 million asset-backed security sold in 2017 and backed by most of TGI Friday’s revenue-generating assets, according to Kroll Bond Rating Agency. It called the termination event the first involving a so-called whole business securitization since the Great Financial Crisis.

Functions taken over for now by backup manager FTI Consulting Inc. include personnel decisions and liquidating collateral if needed, Kroll said.