{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "fitch-discount-factor", "type": "definition", "offset": [4, 25]}, {"key": "floating-rate-loans", "type": "definition", "offset": [53, 72]}, {"key": "business-entities", "type": "definition", "offset": [101, 118]}, {"key": "the-percentage", "type": "definition", "offset": [145, 159]}, {"key": "fitch-loan-category", "type": "definition", "offset": [203, 222]}, {"key": "notwithstanding-any-other-provision", "type": "clause", "offset": [324, 359]}, {"key": "for-purposes-of", "type": "clause", "offset": [377, 392]}, {"key": "fitch-eligible-asset", "type": "definition", "offset": [415, 435]}, {"key": "to-the-extent", "type": "clause", "offset": [481, 494]}], "samples": [{"hash": "hJ5seuPvoBJ", "uri": "/contracts/hJ5seuPvoBJ#senior-loans", "label": "Bylaws (RMR Hospitality & Real Estate Fund)", "score": 18.0, "published": true}, {"hash": "clG7i2goURH", "uri": "/contracts/clG7i2goURH#senior-loans", "label": "Bylaws (RMR Preferred Dividend Fund)", "score": 18.0, "published": true}, {"hash": "bEFoxigpRC1", "uri": "/contracts/bEFoxigpRC1#senior-loans", "label": "Bylaws (RMR F.I.R.E. Fund)", "score": 18.0, "published": true}], "snippet": "The Fitch Discount Factor applied to senior, secured floating rate Loans made to corporate and other business entities (\"Senior Loans\") shall be the percentage specified in the table below opposite such Fitch Loan Category: Fitch Loan Category Discount Factor ------------------- --------------- A 115% B 130% C 152% D 370% Notwithstanding any other provision contained above, for purposes of determining whether a Fitch Eligible Asset falls within a specific Fitch Loan Category, to the extent that any Fitch Eligible Asset would fall within more than one of the Fitch Loan Categories, such Fitch Eligible Asset shall be deemed to fall into the Fitch Loan Category with the lowest applicable Fitch Discount Factor.", "size": 9, "hash": "fcaea573fde52d7c85fcb8557a576ab8", "id": 1}, {"snippet_links": [{"key": "fitch-discount-factor", "type": "definition", "offset": [4, 25]}, {"key": "floating-rate-loans", "type": "definition", "offset": [53, 72]}, {"key": "business-entities", "type": "definition", "offset": [101, 118]}, {"key": "the-percentage", "type": "definition", "offset": [145, 159]}, {"key": "fitch-loan-category", "type": "definition", "offset": [203, 222]}], "samples": [{"hash": "aQgZwKtKTa2", "uri": "/contracts/aQgZwKtKTa2#senior-loans", "label": "Bylaws (RMR Real Estate Income Fund)", "score": 20.6529774127, "published": true}, {"hash": "d3fXBKvvUUx", "uri": "/contracts/d3fXBKvvUUx#senior-loans", "label": "Bylaws (RMR Real Estate Income Fund)", "score": 20.1574264203, "published": true}, {"hash": "9wxzIhghpVD", "uri": "/contracts/9wxzIhghpVD#senior-loans", "label": "Bylaws (RMR Real Estate Income Fund)", "score": 18.1533196441, "published": true}], "snippet": "The Fitch Discount Factor applied to senior, secured floating rate Loans made to corporate and other business entities (\"Senior Loans\") shall be the percentage specified in the table below opposite such Fitch Loan Category: Fitch Loan Category Discount Factor A 115% B 130% C 152% D 370%", "size": 7, "hash": "0a69399035b89d8e25fdc06629e5b736", "id": 2}, {"snippet_links": [{"key": "loan-participations", "type": "clause", "offset": [29, 48]}, {"key": "senior-secured", "type": "clause", "offset": [82, 96]}, {"key": "floating-rate-loans", "type": "definition", "offset": [97, 116]}, {"key": "other-non", "type": "clause", "offset": [160, 169]}, {"key": "governmental-entities", "type": "definition", "offset": [170, 191]}, {"key": "senior-position", "type": "clause", "offset": [242, 257]}, {"key": "structure-of-the", "type": "clause", "offset": [273, 289]}, {"key": "issuing-entity", "type": "definition", "offset": [290, 304]}, {"key": "specific-collateral", "type": "definition", "offset": [333, 352]}, {"key": "the-assets", "type": "clause", "offset": [383, 393]}, {"key": "stock-of-the-borrower", "type": "clause", "offset": [401, 422]}, {"key": "subordinated-debt-holders", "type": "definition", "offset": [454, 479]}, {"key": "stock-repurchases", "type": "definition", "offset": [634, 651]}, {"key": "corporate-purposes", "type": "clause", "offset": [730, 748]}, {"key": "rates-of-interest", "type": "clause", "offset": [778, 795]}, {"key": "reference-to-a", "type": "definition", "offset": [862, 876]}, {"key": "base-lending-rate", "type": "definition", "offset": [877, 894]}, {"key": "credit-spread", "type": "definition", "offset": [914, 927]}, {"key": "interbank-offered-rate", "type": "definition", "offset": [995, 1017]}, {"key": "the-prime-rate", "type": "definition", "offset": [1045, 1059]}, {"key": "offered-by", "type": "definition", "offset": [1060, 1070]}], "samples": [{"hash": "8jI1wYm65F7", "uri": "/contracts/8jI1wYm65F7#senior-loans", "label": "Sales Agreement", "score": 24.2354708719, "published": true}, {"hash": "kN3bpvKzGdy", "uri": "/contracts/kN3bpvKzGdy#senior-loans", "label": "Sales Agreement", "score": 22.7686516085, "published": true}, {"hash": "iWV8YGfzdIE", "uri": "/contracts/iWV8YGfzdIE#senior-loans", "label": "Sales Agreement", "score": 21.643394935, "published": true}], "snippet": "\u201cSenior Loans\u201d are loans and loan participations (collectively, \u201cLoans\u201d) that are senior secured floating rate Loans. Senior Loans are made to corporations and other non-governmental entities and issuers. Senior Loans typically hold the most senior position in the capital structure of the issuing entity, are typically secured with specific collateral and typically have a claim on the assets and/or stock of the borrower that is senior to that held by subordinated debt holders and stockholders of the borrower. The proceeds of Senior Loans primarily are used to finance leveraged buyouts, recapitalizations, mergers, acquisitions, stock repurchases, dividends, and, to a lesser extent, to finance internal growth and for other corporate purposes. Senior Loans typically have rates of interest that are determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium or credit spread. Base lending rates in common usage today are primarily the London-Interbank Offered Rate (\u201cLIBOR\u201d), and secondarily the prime rate offered by one or more major", "size": 4, "hash": "ecc77aed7fb2bb6c0bad25ee2c94685a", "id": 3}, {"snippet_links": [{"key": "section-10", "type": "definition", "offset": [16, 26]}, {"key": "the-term", "type": "clause", "offset": [28, 36]}, {"key": "principal-of", "type": "definition", "offset": [67, 79]}, {"key": "and-interest", "type": "clause", "offset": [101, 113]}, {"key": "bankruptcy-code", "type": "clause", "offset": [180, 195]}, {"key": "not-allowed", "type": "clause", "offset": [208, 219]}, {"key": "expenses-and", "type": "clause", "offset": [257, 269]}, {"key": "other-obligations", "type": "definition", "offset": [274, 291]}, {"key": "without-limitation", "type": "clause", "offset": [303, 321]}, {"key": "cash-collateralize-letters-of-credit", "type": "clause", "offset": [379, 415]}, {"key": "in-connection-with", "type": "clause", "offset": [425, 443]}, {"key": "loans-and-financial-accommodations", "type": "clause", "offset": [449, 483]}, {"key": "from-time-to-time", "type": "clause", "offset": [484, 501]}, {"key": "the-credit-agreement", "type": "clause", "offset": [542, 562]}, {"key": "the-senior", "type": "clause", "offset": [564, 574]}, {"key": "loans-shall", "type": "definition", "offset": [575, 586]}, {"key": "benefits-of", "type": "clause", "offset": [635, 646]}, {"key": "subordination-provisions", "type": "clause", "offset": [653, 677]}, {"key": "any-amendment", "type": "definition", "offset": [694, 707]}, {"key": "waiver-of", "type": "clause", "offset": [738, 747]}, {"key": "term-of-the", "type": "clause", "offset": [752, 763]}, {"key": "extension-or-renewal", "type": "clause", "offset": [780, 800]}], "samples": [{"hash": "hp5tucxsgb2", "uri": "/contracts/hp5tucxsgb2#senior-loans", "label": "Note Purchase Agreement (Home Products International Inc)", "score": 18.0, "published": true}, {"hash": "6xC107hVj9M", "uri": "/contracts/6xC107hVj9M#senior-loans", "label": "Note Purchase Agreement (Home Products International Inc)", "score": 18.0, "published": true}], "snippet": "As used in this Section 10, the term \"Senior Loans\" shall mean all principal of and premium, if any, and interest (including post-petition interest during any proceeding under the Bankruptcy Code, whether or not allowed in such proceeding) on and fees, and expenses and all other obligations including, without limitation, Holdings' obligations as a guarantor and obligations to cash collateralize letters of credit, payable in connection with, all loans and financial accommodations from time to time outstanding under or in connection with the Credit Agreement. The Senior Loans shall continue to be Senior Loans and entitled to the benefits of these subordination provisions irrespective of any amendment, restatement, modification or waiver of any term of the Senior Loans or extension or renewal of the Senior Loans.", "size": 2, "hash": "820cc307aa658309309b2ca2affa400e", "id": 4}, {"snippet_links": [{"key": "borrower-shall", "type": "clause", "offset": [0, 14]}, {"key": "obligations-under-the", "type": "clause", "offset": [34, 55]}, {"key": "senior-loan-documents", "type": "definition", "offset": [69, 90]}, {"key": "default-under", "type": "clause", "offset": [143, 156]}], "samples": [{"hash": "4CvZfNDQ2FL", "uri": "/contracts/4CvZfNDQ2FL#senior-loans", "label": "Term Loan Agreement (Unified Western Grocers Inc)", "score": 18.0, "published": true}, {"hash": "3GbYviv0QQc", "uri": "/contracts/3GbYviv0QQc#senior-loans", "label": "Term Loan Agreement (Unified Western Grocers Inc)", "score": 18.0, "published": true}], "snippet": "Borrower shall timely perform its obligations under the ------------ Senior Loan Documents and shall not cause or permit the occurrence of any default under any such document.", "size": 2, "hash": "9f55365bcaf4d84418009d771781a589", "id": 5}, {"snippet_links": [{"key": "aggregate-principal-amount", "type": "clause", "offset": [4, 30]}, {"key": "loan-certificates", "type": "definition", "offset": [45, 62]}, {"key": "first-interest-payment-date", "type": "definition", "offset": [148, 175]}, {"key": "delivery-date", "type": "definition", "offset": [190, 203]}], "samples": [{"hash": "5zg6RjiWxCq", "uri": "/contracts/5zg6RjiWxCq#senior-loans", "label": "Facility Agreement (Virgin America Inc.)", "score": 27.160164271, "published": true}], "snippet": "The aggregate principal amount of the Senior Loan Certificates shall amortize quarterly on each Interest Payment Date (the first of which being the first Interest Payment Date following the Delivery Date), as provided in Schedule 3(a)(i) hereto.", "size": 2, "hash": "0e7bfdbd6c6994ca5ffeb5cbd105a6f0", "id": 6}, {"snippet_links": [{"key": "the-case", "type": "definition", "offset": [27, 35]}, {"key": "with-respect-to", "type": "clause", "offset": [48, 63]}, {"key": "first-union", "type": "definition", "offset": [69, 80]}, {"key": "to-the-extent", "type": "clause", "offset": [130, 143]}, {"key": "the-initial-closing-date", "type": "clause", "offset": [152, 176]}, {"key": "outstanding-principal-balance", "type": "definition", "offset": [181, 210]}, {"key": "existing-senior-loan", "type": "definition", "offset": [218, 238]}, {"key": "group-a", "type": "definition", "offset": [258, 265]}, {"key": "group-b", "type": "definition", "offset": [278, 285]}, {"key": "on-schedule", "type": "definition", "offset": [340, 351]}], "samples": [{"hash": "hEdQX7ZFJ1J", "uri": "/contracts/hEdQX7ZFJ1J#senior-loans", "label": "Omnibus Agreement (First Union Real Estate Equity & Mortgage Investments)", "score": 18.0, "published": true}], "snippet": "Increased or decreased, as the case may be, 49% with respect to the \"First Union Loan\" and 51% with respect to the \"MARC Equity\") to the extent that on the Initial Closing Date the outstanding principal balance on the Existing Senior Loan for the applicable Group A Property or Group B Property is less or more than the amount of set forth on Schedule 9.15.6 hereto for such Group A Property or Group B Property.", "size": 1, "hash": "2481649e7b1e8238a1f29c4a3cbc39f7", "id": 7}, {"snippet_links": [{"key": "mezzanine-agent", "type": "definition", "offset": [32, 47]}, {"key": "the-senior", "type": "clause", "offset": [68, 78]}, {"key": "loans-to", "type": "clause", "offset": [79, 87]}, {"key": "at-completion", "type": "clause", "offset": [106, 119]}, {"key": "simultaneously-with-the", "type": "clause", "offset": [168, 191]}, {"key": "first-drawdown", "type": "clause", "offset": [192, 206]}], "samples": [{"hash": "6JnXLtbA7dl", "uri": "/contracts/6JnXLtbA7dl#senior-loans", "label": "Term Loan Facility (Aremissoft Corp)", "score": 18.0, "published": true}], "snippet": "Evidence being delivered to the Mezzanine Agent that L.1,500,000 of the Senior Loans to be made available at Completion have been advanced to HMTMS or to its order or, simultaneously with the first drawdown hereunder, will be advanced to HMTMS or to its order.", "size": 1, "hash": "d496e82523d1d1699ab646be0daed1d8", "id": 8}, {"snippet_links": [{"key": "default-under", "type": "clause", "offset": [3, 16]}, {"key": "breach-of-any", "type": "clause", "offset": [20, 33]}, {"key": "senior-loan-documents", "type": "definition", "offset": [41, 62]}, {"key": "senior-lenders", "type": "definition", "offset": [116, 130]}, {"key": "no-event", "type": "clause", "offset": [144, 152]}, {"key": "is-likely", "type": "definition", "offset": [185, 194]}, {"key": "giving-of-notice", "type": "clause", "offset": [219, 235]}, {"key": "passage-of-time", "type": "clause", "offset": [243, 258]}, {"key": "a-default", "type": "definition", "offset": [286, 295]}, {"key": "all-of-borrower", "type": "definition", "offset": [336, 351]}, {"key": "senior-loan-borrowers", "type": "definition", "offset": [367, 388]}, {"key": "property-owners", "type": "definition", "offset": [406, 421]}, {"key": "representations-and-warranties", "type": "clause", "offset": [423, 453]}, {"key": "set-out", "type": "definition", "offset": [454, 461]}, {"key": "complete-and-correct", "type": "clause", "offset": [501, 521]}, {"key": "to-lender", "type": "definition", "offset": [546, 555]}, {"key": "copies-of-all", "type": "clause", "offset": [583, 596]}, {"key": "any-other-person", "type": "definition", "offset": [793, 809]}, {"key": "to-waive-any", "type": "clause", "offset": [810, 822]}, {"key": "modification-or-waiver", "type": "clause", "offset": [871, 893]}, {"key": "by-lender", "type": "clause", "offset": [918, 927]}, {"key": "in-writing", "type": "clause", "offset": [928, 938]}], "samples": [{"hash": "8EqYSpR60q8", "uri": "/contracts/8EqYSpR60q8#senior-loans", "label": "Mezzanine Loan and Security Agreement (Asset Capital Corporation, Inc.)", "score": 21.0, "published": true}], "snippet": "No default under or breach of any of the Senior Loan Documents exists or has been declared or claimed by any of the Senior Lenders to exist and no event or circumstance has occurred or is likely to occur which with the giving of notice or the passage of time, or both, would constitute a default under any of the Senior Loan Documents. All of Borrower\u2019s, each of the Senior Loan Borrowers\u2019 and each of the Property Owners\u2019 representations and warranties set out in the Senior Loan Documents are true, complete and correct. Borrower has delivered to Lender true, complete and correct copies of all Senior Loan Documents. None of the Senior Loan Documents has been or will be amended or modified from that certified to Lender, nor have Borrower or any of the Property Owners waived or permitted any other Person to waive any of its rights thereunder unless such amendment, modification or waiver has first been approved by Lender in writing.", "size": 1, "hash": "28e14abf7232f73f1100b9d69371bd37", "id": 9}, {"snippet_links": [{"key": "same-terms", "type": "clause", "offset": [76, 86]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [103, 125]}, {"key": "senior-lender", "type": "definition", "offset": [176, 189]}, {"key": "to-lenders", "type": "definition", "offset": [286, 296]}, {"key": "the-credit-facilities", "type": "clause", "offset": [298, 319]}], "samples": [{"hash": "hRCJJfLSQJU", "uri": "/contracts/hRCJJfLSQJU#senior-loans", "label": "Loan Agreement (Alpha Innotech Corp)", "score": 19.0, "published": true}], "snippet": "Borrower may incur up to $1,500,000 in indebtedness from BFI Finance on the same terms as exist on the date of this Agreement. Borrower may incur up to $2,500,000 from another senior lender acceptable to Lender, which loan will repay BFI Finance in full, on terms reasonably acceptable to Lenders. The credit facilities of BFI Finance and such other senior lender(s) are referred to as the \u201cSenior Loans\u201d.", "size": 1, "hash": "f867bfb76026ca2ebe09dc25d7148d5b", "id": 10}], "next_curs": "ClUST2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhVzZW5pb3ItbG9hbnMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 44, "title": "Senior Loans", "children": [["senior-loans", "Senior Loans"], ["acquisition-of-the-senior-loan", "Acquisition of the Senior Loan"], ["refinancing-or-prepayment-of-the-senior-loan", "Refinancing or Prepayment of the Senior Loan"], ["deed-in-lieu-of-foreclosure", "Deed in Lieu of Foreclosure"], ["compliance-with-senior-loan-documents", "Compliance with Senior Loan Documents"]], "parents": [["quorum-voting", "Quorum; Voting"], ["record-dates", "Record Dates"], ["general", "General"], ["loan-economics", "Loan Economics"], ["principal-amortization", "Principal Amortization"]], "id": "senior-loans", "related": [["acquisition-loans", "Acquisition Loans", "Acquisition Loans"], ["initial-loans", "Initial Loans", "Initial Loans"], ["existing-loans", "Existing Loans", "Existing Loans"], ["loans", "Loans", "Loans"], ["term-loans", "Term Loans", "Term Loans"]], "related_snippets": [], "updated": "2025-07-07T12:37:39+00:00", "also_ask": [], "drafting_tip": "", "explanation": "The 'Senior Loans' clause defines loans that have priority over other debts in terms of repayment in the event of a borrower's liquidation or bankruptcy. In practice, this means that holders of senior loans are paid before other creditors, such as those holding subordinated or unsecured debt. This clause is crucial for allocating risk among lenders and ensuring that those providing senior financing have a higher likelihood of recovering their funds if the borrower defaults."}, "json": true, "cursor": ""}}