BSL Loan means a Collateral Loan that, at the time of acquisition by the Borrower, (1) is a broadly syndicated commercial loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either (x) first priority under applicable law or (y) as determined by the Administrative Agent in its sole and absolute discretion, second priority under applicable law to another loan of the same obligor that is secured by assets whose value does not constitute a material portion of the value of all assets of such obligor (subject to liens permitted under the applicable credit agreement that are reasonable and customary for similar loans, and liens accorded priority by law in favor of the United States or any state or agency); (3) has a collateral value or enterprise value securing such Collateral Loan (as determined in good faith by the Services Provider on or about the time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Collateral Loan plus (y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) (x) has a senior facility size of $200,000,000 or greater and (y) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater (after giving pro forma effect to any acquisition in connection therewith); (5) is publicly rated by S&P and Xxxxx’x (or the obligor is publicly rated by S&P and Xxxxx’x) at the time of acquisition by the Borrower; and (6) has a LoanX liquidity score of 1-4.
BSL Loan means a Collateral Loan that, (a) at the time of determination, (1) is a broadly syndicated commercial loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either (x) first priority under applicable law or (y) as determined by the Administrative Agent in its sole and absolute discretion, second priority under applicable law to another loan of the same obligor that is secured by assets whose value does not constitute a material portion of the value of all assets of such obligor (subject to liens permitted under the applicable credit agreement that are reasonable and customary for similar loans, and liens accorded priority by law in favor of the United States or any state or agency); (3) has a collateral value or enterprise value securing such Collateral Loan (as determined in good faith by the Services Provider on or about the time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Collateral Loan plus (y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) (x) has a senior facility size of $200,000,000 or greater and (y) is an obligation of an Obligor that has an EBITDA for the prior twelve calendar months of $50,000,000 or greater (after giving pro forma effect to any acquisition in connection therewith); (5) is publicly rated by either S&P or Xxxxx’x (or the obligor is publicly rated by S&P or Xxxxx’x) at the time of acquisition by the Borrower; and (6) has a LoanX liquidity score of 1-4 at such time; or (b) is otherwise deemed to be a BSL Loan by the Administrative Agent.
BSL Loan means a Collateral Loan that, (a) at the time of determinationacquisition by the Borrower, (1) is a broadly syndicated commercial loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either (x) first priority under applicable law or (y) as determined by the Administrative Agent in its sole and absolute discretion, second priority under applicable law to another loan of the same obligor that is secured by assets whose value does not constitute a material portion of the value of all assets of such obligor (subject to liens permitted under the applicable credit agreement that are reasonable and customary for similar loans, and liens accorded priority by law in favor of the United States or any state or agency); (3) has a collateral value or enterprise value securing such Collateral Loan (as determined in good faith by the Services Provider on or about the time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Collateral Loan plus (y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) (x) has a senior facility size of $200,000,000 or greater and (y) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater (after giving pro forma effect to any acquisition in connection therewith); (5) is publicly rated by either S&P xxxxx Xxxxx’x (or the obligor is publicly rated by S&P xxxxx Xxxxx’x) at the time of acquisition by the Borrower; and (6) has a LoanX liquidity score of 1-4 at such time; or (b) is otherwise deemed to be a BSL Loan by the Administrative Agent.
More Definitions of BSL Loan
BSL Loan means a Collateral Loan that, at the time of acquisition by the Borrower, (1) is a broadly syndicated commercial loan; (2) is secured by a pledge of collateral, which security interest is validly perfected and either (x) first priority under applicable law or (y) as determined by the Administrative Agent in its sole and absolute discretion,or second priority under applicable law to another loan of the same obligor that is secured by assets whose value does not constitute a material portion of the value of all assets of such obligor (subject to liens permitted under the applicable credit agreement that are reasonable and customary for similar loans, and liens accorded priority by law in favor of the United States or any state or agency); (3) has a collateral value or enterprise value securing such Collateral Loan (as determined in good faith by the Services Provider on or about the time of origination) that is equal to or in excess of (x) the outstanding principal balance of such Collateral Loan plus (y) the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; (4) (x) has a senior facility size of $200,000,000total indebtedness of $250,000,000 or greater and (y) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater (after giving pro forma effect to any acquisition in connection therewith); and (5) is publicly rated by S&P and Xxxxx’x (or the obligor is publicly rated by S&P and Xxxxx’x) at the time of acquisition by the Borrower; and (6) has a LoanX liquidity score of 1-4.