Common use of Limitations on Sales, Substitutions and Repurchases Clause in Contracts

Limitations on Sales, Substitutions and Repurchases. The aggregate Outstanding Balance of all Loans which are sold or intended to be sold by the Borrower during any 12-month rolling period shall not exceed, collectively, (i) in connection with a Substitution, an Optional Sale or other sale to the Equityholder, 10% of the Facility Amount and (ii) in the aggregate, either in connection with a Substitution or a Discretionary Sale, 20% of the Facility Amount, in each case, as of the start of such 12-month period (or such lesser number of months as shall have elapsed as of such date); provided that, the limitations set forth in this clause (f) shall not apply with respect to any Discretionary Sale of a Loan (x) that (1) is a Broadly Syndicated Loan with a principal balance of $1,000,000 or less and (2) is sold in its entirety to a Person not affiliated with the Collateral Manager or any of its Affiliates, (y) in connection with a refinancing by the related Obligor or (z) certified by the Collateral Manager to the Administrative Agent to be to an existing collateralized loan obligation facility managed by the Collateral Manager or any Affiliate of the Collateral Manager.

Limitations on Sales, Substitutions and Repurchases. The aggregate Outstanding Balance of all Loans which are sold or intended to be sold by the Borrower during any 12-month rolling period shall not exceed, collectively, (i) in connection with a Substitution, an Optional Sale Substitution or other sale to the Equityholder, 10% of the Facility Amount and (ii) in the aggregate, either in connection with a Substitution or a Discretionary Sale, 20% of the Facility Amount, in each case, as of the start of such 12-month period (or such lesser number of months as shall have elapsed as of such date); provided that, the limitations set forth in this clause (f) shall not apply with respect to any Discretionary Sale of a Loan (x) that (1) is a Broadly Syndicated Loan with a principal balance of $1,000,000 or less and (2) is sold in its entirety to a Person not affiliated with the Collateral Manager or any of its Affiliates, (y) in connection with a refinancing by the related Obligor or (z) certified by the Collateral Manager to the Administrative Agent to be to an existing collateralized loan obligation facility managed by the Collateral Manager or any Affiliate of the Collateral Manager.