Eligible First Lien Credit Assets definition

Eligible First Lien Credit Assets means any (x) Eligible Credit Asset or (y) Debtor-in-Possession Loan that would be an “Eligible Credit Asset” but for the application of clause (c) of the definition of “Defaulted Loan”, in each case, except in the case of an applicable Approved Asset, that (i) is secured by all or substantially all of the personal and other property (subject to customary exceptions) of the obligors and guarantors in respect of such Credit Asset on a valid, perfected first-priority basis (and is not subject to an intercreditor agreement whereby the Lien on the collateral securing such Credit Asset is subordinated to another Lien) and (ii) does not permit the capitalization of periodic interest as principal (unless such Credit Asset also requires cash-pay interest of at least 4.00% per annum).
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Eligible First Lien Credit Assets. “Eligible Private Assets”, “Eligible Public Equities”, “Eligible Brand Assets”, “Eligible Consumer Receivables Assets”, “Asset Value”, “Qualified Cash” and “Excess Concentration Reduction”) without the consent of Lenders having Total Credit Exposures representing more than 66 2/3% of the Total Credit Exposures of all Lenders (disregarding the Total Credit Exposure of any Defaulting Lender);
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Eligible First Lien Credit Assets means any Eligible Credit Asset that is secured by all or substantially all of the personal and other property (subject to customary exceptions) of the obligors and guarantors in respect of such Eligible Credit Asset on a valid, perfected first-priority basis (and is not subject to an intercreditor agreement whereby the Lien on the collateral securing such Eligible Credit Asset is subordinated to another Lien).
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Examples of Eligible First Lien Credit Assets in a sentence

  • The Administrative Agent may rely, in determining which Credit Assets are Eligible Credit Assets (or Eligible Subordinated Credit Assets or Eligible First Lien Credit Assets), Private Assets are Eligible Private Assets and Public Equities are Eligible Public Equities on all statements and representations made by the Loan Parties in respect of such Credit Assets, Private Assets and Public Equities.


More Definitions of Eligible First Lien Credit Assets

Eligible First Lien Credit Assets. “Eligible Private Assets”, “Eligible Public Equities”, “Eligible Brand Assets”, “Eligible Consumer Receivables Assets”, respectively, or are otherwise Approved Assets. The Administrative Agent may rely, in determining which Portfolio Assets are Eligible Portfolio Assets on all statements and representations made by the Loan Parties in respect of such Portfolio Assets.
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Related to Eligible First Lien Credit Assets

  • First Lien Credit Agreement has the meaning set forth in the recitals hereto.

  • Second Lien Credit Agreement means the Second Lien Credit Agreement, dated as of the Closing Dates thereof among the Borrower, the other Credit Parties from time to time party thereto, the Second Lien Lenders and the Second Lien Administrative Agent, as the same may be amended, restated and/or modified from time to time subject to the terms thereof.

  • Other First Lien Obligations means (a) the due and punctual payment by any Pledgor of (i) the unpaid principal of and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding) on Indebtedness under any Other First Lien Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of such Pledgor to any Secured Party under any Other First Lien Agreement, including obligations to pay fees, expense reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable as a claim in such proceeding), (b) the due and punctual performance of all other obligations of such Pledgor under or pursuant to any Other First Lien Agreement and (c) the due and punctual payment and performance of all the obligations of each other Pledgor under or pursuant to any Other First Lien Agreement.

  • Additional First Lien Obligations means, with respect to any Series of Additional First Lien Obligations, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Additional First Lien Obligations, (b) all other amounts payable to the related Additional First Lien Secured Parties under the related Additional First Lien Documents and (c) any renewals of extensions of the foregoing.

  • Other First Lien Debt means obligations secured by Other First Liens.

  • First Lien Collateral Agent means the First Lien Credit Agreement Collateral Agent and any Additional First Lien Obligations Agent.

  • Revolving Credit Facility means, at any time, the aggregate amount of the Revolving Credit Lenders’ Revolving Credit Commitments at such time.

  • ABL Credit Agreement as defined in the recitals hereto.

  • First Lien Last Out Loan means a loan that, prior to an event of default under the applicable Related Contract, is entitled to receive payments pari passu with other senior secured loans of the same Obligor, but following an event of default under the applicable Related Contract, such Collateral Loan becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Extended Revolving Credit Facility means each Class of Extended Revolving Credit Commitments established pursuant to Section 2.7.

  • First Lien Lenders means the “Lenders” under and as defined in the First Lien Credit Agreement.

  • Required Revolving Credit Lenders means, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

  • Revolving Credit Agreement means that certain Revolving Credit Agreement dated as of August 30, 2004 between the Company, certain of its Subsidiaries and the banks and financial institutions listed therein, as such agreement may be replaced, amended, supplemented or otherwise modified from time to time.

  • Revolving Loan Obligations means any Obligations with respect to the Revolving Loans (including without limitation, the principal thereof, the interest thereon, and the fees and expenses specifically related thereto).