Cash Pay Bank Loans means First Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time of determination, not less than two-third (2/3rds) of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually.
Cash Pay Bank Loans means First Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time of determination, not less than(x) at least two-third (2/3rds) of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually. or (y) if the immediately preceding clause (x) does not apply, (i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% per annum above the applicable benchmark rate is payable at least semi-annually or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least semi-annually; provided that if any such existing Cash Pay Bank Loan no longer satisfies clause (x) of this definition (but for the avoidance of doubt may still qualify as a Cash Pay Bank Loan by satisfying clause (y) of this definition) due to an amendment, deferral, waiver, or restructuring of such Portfolio Investment, in each case, related to the deterioration of the credit profile of the underlying borrower, it shall be classified as a Non-Performing Bank Loan.
Cash Pay Bank Loans means First Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) at least two-third (2/3rds) of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually or (y) if the immediately preceding clause (x) does not apply, (i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% per annum above the applicable benchmark rate is payable at least semi-annually or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least semi-annually; provided that if any such existing Cash Pay Bank Loan no longer satisfies clause (x) of this definition (but for the avoidance of doubt may still qualify as a Cash Pay Bank Loan by satisfying clause (y) of this definition) due to an amendment, deferral, waiver, or restructuring of such Portfolio Investment, in each case, related to the deterioration of the credit profile of the underlying borrower, it shall be classified as a Non-Performing Bank Loan.
More Definitions of Cash Pay Bank Loans
Cash Pay Bank Loans means First Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) not less than two-third (2/3rds) of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually or (y) (i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above the applicable benchmark rate is payable at least semi-annually or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least semi-annually.
Cash Pay Bank Loans has the meaning assigned to such term in Section 5.13.
Cash Pay Bank Loans means First Lien Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) for which not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least quarterly or (y)(i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above LIBOR is payable at least quarterly or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least quarterly.
Cash Pay Bank Loans means First Lien Bank Loans and Second Lien Bank Loans (x) as to which, at the time of determination, all of the interest is payable not less frequently than quarterly and for which not less than 2/3 of the interest (including accretions and “pay-in-kind” interest) for the most recently ended monthly or quarterly period (as applicable) is payable in cash or (y) that are Permitted PIK Portfolio Investments.
Cash Pay Bank Loans means First Lien Bank Loans, First Lien Unitranche Bank Loans, First Lien Last Out Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) at least two-third (2/3rds) of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least semi-annually or (y) if the immediately preceding clause (x) does not apply, (i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 2% per annum above the applicable benchmark rate is payable at least semi-annually or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least semi-annually.
Cash Pay Bank Loans means First Lien Bank Loans and Second Lien Bank Loans (x) as to which, at the time of determination, all of the interest is payable not less frequently than quarterly and for which not less than 2/3 of the interest (including accretions and “pay-in-kind” interest) for the most recently ended monthly or quarterly period (as applicable) is payable in cash or (y) that are Permitted PIK Portfolio Investments. 2 For the avoidance of doubt, the above categories are intended to be indicative of the traditional investment types in a fully capitalized issuer. All determinations of whether a particular Portfolio Investment belongs to one category or another shall be made by the Borrower on a consistent basis with the foregoing. For example, a secured bank loan at a holding company, the only assets of which are the shares of a fully capitalized operating company would not ordinarily constitute a Bank Loan but would ordinarily constitute a mezzanine investment.
Cash Pay Bank Loans means First Lien Bank Loans and Second Lien Bank Loans as to which, at the time of determination, (x) for which not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current period is payable in cash at least quarterly or (y) (i) if such Bank Loan is a floating rate obligation, cash interest in an amount greater than or equal to 4.5% above the applicable benchmark rate is payable at least quarterly or (ii) if such Bank Loan is a fixed rate obligation, cash interest in an amount greater than or equal to 8% per annum is payable at least quarterly.