Eligible Senior Secured Loan definition

Eligible Senior Secured Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money (other than a Working Capital Revolver) of the obligor of such loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor's obligations under such loan (whether or not the Borrower and any other lenders are also granted a security interest of lower priority in additional collateral), (iii) is based on the cash flow generating capability of the Obligor and any guarantor determined as set forth below as being sufficient, together with such collateral specified in clause (i) and the collateral securing all Working Capital Revolvers of the Obligor, to pay or refinance the sum of (A) the outstanding principal balance of such loan plus (B) the aggregate outstanding principal balances of all other loans of equal seniority secured by a first lien or security interest in the same collateral plus (C) the aggregate maximum commitments of all Working Capital Revolvers of the Obligor, and (iv) is not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would not (1) in the case of a subsidiary that is not part of the same consolidated group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is such loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules), in each case, so long as (x) the applicable Related Documents limit the incurrence of indebtedness by such subsidiary, such that the net collateral value satisfies clause (iii) above, and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such subsidiary. The determination as to whether condition (iii) of this def...
Eligible Senior Secured Loan means an Underlying Loan (i) that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the Underlying Borrower and which has the most senior pre-petition priority with respect to any indebtedness of the Underlying Borrower in any proceeding under any Debtor Relief Law; provided, however, that, in the case of accounts receivable and inventory of the applicable Underlying Borrower, such lien and security interest may be second in priority to a Permitted Working Capital Loan, (ii) in relation to which there are no restrictions on the exercise of any rights and remedies by Borrower or any holder of such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise, (iii) in relation to which there are no restrictions on the Underlying Borrower’s ability to make interest and/or principal payments in connection with such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise and (iv) that otherwise satisfies the definition of Eligible Loan. As used herein, a “Permitted Working Capital Loan” shall mean a loan facility (i) made by a third-party lender secured solely by such Underlying Obligor’s “accounts,” “inventory,” machines and “equipment” and related assets (including “general intangibles”) (as such terms are defined in the UCC) (with Borrower having a second lien perfected security interest on such “accounts” and “inventory”) and (ii) with a maximum principal balance less than or equal to fifteen percent (15%) of the Underlying Borrower’s enterprise value, as determined in accordance with the terms of this Agreement.
Eligible Senior Secured Loan means a Collateral Obligation (other than a First Lien/Last Out Loan) which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment (except as provided in the last sentence of this definition) to any other obligation for borrowed money (other than a Working Capital Revolver) of the obligor of such loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such loan (whether or not the Borrower and any other lenders are also granted a security interest of lower priority in additional collateral), (iii) is secured by collateral having a value (determined as set forth below), together with the collateral securing all Working Capital Revolvers of the obligor, if any, not less than the sum of (A) the outstanding principal balance of such loan plus (B) the aggregate outstanding principal balances of all other loans of equal seniority secured by a first lien or security interest in the same collateral plus (C) the aggregate maximum commitments of all Working Capital Revolvers of the obligor, and (iv) is not a loan which is secured solely or primarily by the common stock of its obligor or any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would (1) in the case of a subsidiary that is not part of the same consolidated group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is such loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules), in each case, so long as (x) the related Related Documents limit the incurrence of indebtedness by such subsidiary, such that the net collateral value satisfies clause (iii) above, and (y) the aggregate amount of all such indebtedness is not material relative to the aggregate value of the assets of such subsidiary. The determination as to whether condition (iii) of this definition...

More Definitions of Eligible Senior Secured Loan

Eligible Senior Secured Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to
Eligible Senior Secured 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, or other similar obligations customarily treated as “permitted indebtedness” in senior loan facilities but only to the extent such obligations are expressly permitted under the Loan’s Related Documents) and (ii) is secured by a valid first priority perfected security interest or lien on specified collateral (such collateral, together with any other pledged assets, having a value (as reasonably determined by the Portfolio Manager at the time of acquisition, which determination will not be questioned based on subsequent events) equal to or greater than the principal balance of the Loan and all other debt for borrowed money incurred by such obligor that is senior or pari passu to such Loan) securing the obligor’s obligations under the Loan, which security interest or lien is subject to customary liens and liens securing a Senior Working Capital Facility, if any, or other similar obligations customarily treated as “permitted indebtedness” in senior loan facilities but only to the extent such obligations are expressly permitted under the Loan’s Related Documents.
Eligible Senior Secured Loan. Equity Obligation”, “Fixed Rate Loan”, “Floating Rate Loan”, “Floor Obligation”, “Loan”, “Margin Stock”, “Middle Market Loans”, “Middle Market Covenant Lite Loans”, “Participation Interest”, “PIK Loan”, “Real Estate Loan”, “Revolving Collateral Obligation”, “Senior Working Capital Facility”, “Structured Finance Obligation”, “Synthetic Security”, or “Zero Coupon Obligation” or (ii) the conditions specified in the definition of “Delivered” have been complied with. Further, nothing herein shall impose or imply any duty or obligation on the part of the Collateral Agent to verify, investigate or audit any such information or data, or to determine or monitor on an independent basis whether any issuer of the securities or obligor of the loans included in the Collateral is in default or in compliance with the Related Documents governing or securing such securities or loans, the role of the Collateral Agent hereunder being solely to perform only those functions as provided herein as more particularly described herein.
Eligible Senior Secured Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment (except as provided in the last sentence of this definition) to any other obligation for borrowed money (other than a Working
Eligible Senior Secured Loan means an Underlying Loan (i) that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the Underlying Borrower and which has the most senior pre­petition priority with respect to any indebtedness of the Underlying Borrower in any proceeding under any Debtor Relief Law; provided, however, that, in the case of accounts receivable and inventory of the applicable Underlying Borrower, such lien and security interest may be second in priority to a Permitted Working Capital Loan, (ii) in relation to which there are no restrictions on the exercise of any rights and remedies by Borrower or any holder of such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise, (iii) in relation to which there are no restrictions on the Underlying Borrower’s ability to make interest and/or principal payments in connection with such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise and (iv) that otherwise satisfies the definition of Eligible Loan. As used herein, a “Permitted Working Capital Loan” shall mean a loan facility (i) made by a third­party lender secured solely by such Underlying Obligor’s “accounts,” “inventory,” machines and “equipment” and related assets (including “general intangibles”) (as such terms are defined in the UCC) (with Borrower having a second lien perfected security interest on such “accounts” and “inventory”) and (ii) with a maximum principal balance less than or equal to fifteen percent (15%) of the Underlying Borrower’s enterprise value, as determined in accordance with the terms of this Agreement.
Eligible Senior Secured Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money (other than a Working Capital Revolver) of the obligor of such loan, (ii) is secured by a valid first priority perfected security interest or lien in, to or on specified collateral securing the obligor's obligations under such loan (whether or not the Borrower and any other lenders are also granted a security interest of lower priority in additional collateral), (iii) is based on the cash flow generating capability of the Obligor and any guarantor determined as set forth below as being sufficient, together with such collateral specified in clause (i) and the collateral securing all Working Capital Revolvers of the Obligor, to pay or refinance the sum of (A) the outstanding principal balance of such loan plus (B) the aggregate outstanding principal balances of all other loans of equal seniority secured by a first lien or security interest in the same collateral plus
Eligible Senior Secured Loan means an Underlying Loan (i) that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the Underlying Borrower and which has the most senior pre-petition priority with respect to any indebtedness of the Underlying Borrower in any proceeding under any Debtor Relief Law; provided, however, that in the case of accounts receivable and inventory of the applicable Underlying Borrower, such lien and security interest may be second in priority to a Permitted Working Capital Loan, (ii) in relation to which there are no restrictions on the exercise of any rights and remedies by Borrower or any holder of such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise, (iii) in relation to which there are no restrictions on the Underlying Borrower’s ability to make interest and/or principal payments in connection with such Underlying Loan, whether following the occurrence and continuance of a default under such Pledged Loan or otherwise and (iv) that otherwise satisfies the definition of Eligible Loan. As used herein, a “Permitted Working Capital [Harvest] Loan and Security Agreement (Conformed)