Broadly Syndicated Loan (“BSL”) definition
Broadly Syndicated Loan (“BSL”) means any Loan or Participation Interest in a Loan that: (a) is a first lien broadly syndicated commercial loan agented by an Approved Agent to an Eligible Obligor, (b) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (c) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to Permitted Obligor Liens), (d) has an initial tranche size of the Dollar Equivalent of $200,000,000 or greater, (e) at origination, had at least two bid prices and (f) at origination, such Loan or the related Obligor had a public rating of at least “B” (or its equivalent) from Fitch, ▇▇▇▇▇’▇ and/or S&P.