Additional Current Pay Criteria definition

Additional Current Pay Criteria has the meaning specified in Annex C.

Additional Current Pay Criteria means criteria satisfied with respect to any Collateral Asset (other than a DIP Loan) if (i) in the event that the issuer of such Collateral Asset has made a Distressed Exchange Offer, (A) such Collateral Asset is subject to the Distressed Exchange Offer or ranks equal to or higher in priority than the obligation subject to the Distressed Exchange Offer, (B) in the case of a Distressed Exchange Offer that is a repurchase of debt for Cash, the repurchased debt will be extinguished and (C) the Borrower does not hold any obligation of the issuer making the Distressed Exchange Offer that ranks lower in priority than the obligation subject to the Distressed Exchange Offer and (ii) such Collateral Asset has a Current Market Value Percentage of at least the lesser of (x) 80% of its par value and (y) the S&P/LSTA U. S. Leveraged Loan 100 Index (Price) as reported on Bloomberg page SPBDLLB Index.

Additional Current Pay Criteria means criteria satisfied with respect to any Collateral Asset (other than a [***]) if (i) in the event that the issuer of such Collateral Asset has made a Distressed Exchange Offer, (A) such Collateral Asset is subject to the Distressed Exchange Offer or ranks equal to or higher in priority than the obligation subject to the Distressed Exchange Offer, (B) in the case of a Distressed Exchange Offer that is a repurchase of debt for Cash, the repurchased debt will be extinguished and (C) the Borrower does not hold any obligation of the issuer making the Distressed Exchange Offer that ranks lower in priority than the obligation subject to the Distressed Exchange Offer and (ii) such Collateral Asset has a Current Market Value Percentage of at least the lesser of (x) [***]% of its par value and (y) the [***] as reported on Bloomberg page [***].

Examples of Additional Current Pay Criteria in a sentence

• Any Current Pay Obligation with respect to which the Market Value thereof is determined in accordance with the provisions of clause (iv)(x)(A) of the definition of "Market Value"; provided that if no Market Value determination is required to designate a Collateral Obligation as a Current Pay Obligation as provided for in the definition of S&P Additional Current Pay Criteria, then such Collateral Obligation shall not be an Excepted Current Pay Obligation.

• Any Current Pay Obligation with respect to which the Market Value thereof is determined in accordance with the provisions of clause (E)(b)(ii) of the definition of "Market Value"; provided that if no Market Value determination is required to designate a Collateral Obligation as a Current Pay Obligation as provided for in the definition of S&P Additional Current Pay Criteria, then such Collateral Obligation will not be an Excepted Current Pay Obligation.

More Definitions of Additional Current Pay Criteria

Additional Current Pay Criteria has the meaning specified in Annex C. “Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. “Administrative Agent’s Office” means the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account with respect to such currency as the Administrative Agent may from time to time notify to the Company and the Lenders. “Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit C-2 or any other form approved by the Administrative Agent. “Advance Rate” means a percentage applicable to each Collateral Asset as specified in Annex A under the caption “Advance Rate”. “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. “Aggregate Commitments” means the Commitments of all the Lenders. “Aggregate Market Value” has the meaning specified in Annex C. “Agreement” means this Credit Agreement. 1