COVID-19 Modification definition
COVID-19 Modification means, with respect to any Loan in which the related Obligor has been negatively impacted by the COVID-19 pandemic, any amendment, waiver, consent or modification of a Related Document with respect thereto executed or effected after the date on which such Loan is acquired by the Borrower but prior to January 4, 2021, that:
COVID-19 Modification means a modification to a Receivable that (a) is granted by the Borrower or the Servicer to an Obligor whose health or employment was or is affected by the COVID-19 outbreak, (b) is granted during the period from and including April 1, 2020 through and including July 31, 2020, (c) relates to a Receivable that was an Eligible Receivable as of March 31, 2020, and (d) consists of (i) first, a reduction or deferral of payment for up to 30 days, so long as the unpaid balance is added at the end of the term under the contractual amortization of the Receivable and (ii) thereafter, if applicable, reduction of payments by up to [***]% for up to 90 days, so long as the entirety of such reduced payment amount is applied in its entirety to pay down the principal balance of the Receivable.
COVID-19 Modification means, with respect to any Loan in which the related Obligor has been negatively impacted by the COVID-19 pandemic, any amendment, waiver, consent or modification of a Related Document with respect thereto executed or effected after the date on which such Loan is acquired by the Borrower but prior to January 4, 2021, that: (a) with respect to any interest payment payable on or prior to January 4, 2021, reduces, reschedules or waives any such interest payment or permits any such interest due with respect to such Loan in cash to be deferred, rescheduled or capitalized and added to the principal amount of such Loan (other than any deferral or capitalization already expressly permitted by the terms of its underlying instruments as of the date such Loan was acquired by the Borrower) or otherwise extends or reschedules any such interest payment with respect to such Loan to a date on or prior to the maturity date of such Loan then in effect; or (b) with respect to any scheduled payment or mandatory prepayment of principal payable on or prior to January 4, 2021, waives, reschedules, extends or postpones any date fixed for such payment to a date on or prior to the maturity date of such Loan then in effect. “Credit and Collection Policies” means the Monroe Capital Credit Policies and Procedures Manual, as amended subject to the terms hereof; provided however that, with respect to any Successor Collateral Manager, means the written credit, collection and portfolio management policies and procedures of such Person at the time such Person becomes the Successor Collateral Manager. “Cross-Defaulted ABL Loan” means an ABL Loan (for purposes of this definition, a “loan”) that (a) would constitute an Eligible First Lien Obligation and (b) that is a stand-alone revolving loan that: (i) is delivered in connection with a related Bifurcated First Lien Term Loan; (ii) is secured by a first priority perfected Lien on the related Obligor’s ABL Collateral in all appropriate jurisdictions, subject to customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents, provided that such permitted Liens do not directly secure indebtedness for borrowed money; (iii) may be cross-secured to the Bifurcated First Lien Term Loan by a valid second priority perfected security interest or Lien in, to or on substantially all of the Obligor’s assets in all appropriate jurisdictions other than the ABL Collateral subject to Purchase Money...