Eligible First Lien Loan definition

Eligible First Lien Loan means a Loan that (i) is not (and by its terms is not permitted to become) subordinate in right of payment to any other debt for borrowed money incurred by the obligor of such Loan (other than with respect to a Senior Working Capital Facility, if any, provided that the outstanding principal balance and unfunded commitments of such Senior Working Capital Facility does not exceed 30% of the sum of (a) the outstanding principal balance and unfunded commitments of such Senior Working Capital Facility, plus (b) the outstanding principal balance of the Loan, plus (c) the outstanding principal balance of any other debt for borrowed money incurred by such obligor that is pari passu with such Loan), (ii) is secured by a valid first priority perfected security interest or lien on specified collateral securing the obligor’s obligations under the Loan, (iii) the value of the collateral securing the Loan together with other attributes of the obligor (including, the obligors general financial condition and its ability to generate cash flow available for debt service and other demand for that cash flow) is adequate (in the commercially reasonable judgment of the Borrower or the Collateral Manager) to repay the Loan and all other senior or pari-passu indebtedness, and (iv) is not secured solely or primarily by common stock or other equity interests.
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Eligible First Lien Loan means any loan, security or participation under which the Issuer and any other lenders are granted a valid, perfected first priority security interest in designated collateral (whether or not the Issuer and any other lenders are also granted a security interest of lower priority in additional collateral).
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Examples of Eligible First Lien Loan in a sentence

  • Individual Obligor Concentration Limits1 Largest and 2nd Largest Eligible First Lien Loan Obligors 7.5% Remaining Eligible First Lien Loan Obligors 5.0% 1 If there are multiple Loans to a single obligor, aggregate Adjusted Principal Amount will be subject to both the loan type Individual Concentration Limits and an aggregate applicable Obligor limit of 7.5% if one of the Loans is an Eligible First Lien Loan or 5%.

  • Subject to the provisions of Sections 2.06 and 6.01, the Commitment shall terminate on the last day of the Availability Period.

Related to Eligible First Lien Loan

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

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • 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.

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • Other First Lien Obligations means the “Other First Lien Obligations” as defined in the Collateral Agreement, including any interest accruing after commencement of any bankruptcy or insolvency proceeding with respect to any holder of Other First Lien Obligations whether or not allowed in such proceeding.

  • 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.

  • Performing First Lien Bank Loans means First Lien Bank Loans which are Performing.

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

  • First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Term Loan Collateral means all of the assets of any Grantor, whether real, personal or mixed, upon which a Lien is granted or purported to be granted to any Term Loan Agent under any of the Term Loan Collateral Documents.

  • Non-Performing First Lien Bank Loans means First Lien Bank Loans other than Performing First Lien Bank Loans.

  • Subordinated Prepayment Percentage As to any Distribution Date, 100% minus the Senior Prepayment Percentage for such Distribution Date.

  • Collateral Loan means a loan, debt obligation, debt security or participation therein acquired by the Borrower.

  • Initial Additional First Lien Obligations means the [Obligations] as such term is defined in the Initial Additional First-Lien Security Agreement.

  • First Lien Term Loans means the “Term Loans” as defined in the First Lien Credit Agreement.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • Second Lien Bank Loan means a Bank Loan that is entitled to the benefit of a second lien and second priority perfected security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

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

  • Subordinate Prepayment Percentage As to any Distribution Date and Loan Group, 100% minus the Senior Prepayment Percentage for such Loan Group for such Distribution Date.

  • Term Loan Collateral Agent means Credit Suisse, Cayman Islands Branch, as collateral agent for the lenders under the Term Loan Credit Agreement, together with its respective successors and permitted assigns under the Term Loan Credit Agreement exercising substantially the same rights and powers, or such other agent as may from time to time be appointed thereunder.

  • MERS Eligible Mortgage Loan Any Mortgage Loan that has been designated by the Servicer as recordable in the name of MERS.

  • VA Loan means a Mortgage Loan which is subject of a VA Loan Guaranty Agreement as evidenced by a loan guaranty certificate, or a Mortgage Loan which is a vendor loan sold by the VA.