Lender Advance Rate means as of any date of determination, the ratio (expressed as a percentage) obtained by dividing: (a) the sum of (i) the aggregate outstanding principal amount of all Loans as of such date plus (ii) the Portfolio Exposure Amount for all Collateral Loans as of such date by (b) the Principal Collateralization Amount.
Lender Advance Rate means as of any date of determination, the ratio (expressed as a percentage) obtained by dividing: (a) the sum of (i) the aggregate outstanding principal amount of all Loans as of such date plus (ii) the Portfolio Exposure Amount for all Collateral Loans as of such date by (b) the sum of (i) the lower of (A) the par value of the Collateral Loans and (B) the Market Value of the Collateral Loans at the respective dates of acquisition thereof plus (ii) the aggregate amount of funds on deposit in the Collection Account, including Eligible Investments, constituting Principal Proceeds plus (iii) the aggregate amount of funds on deposit in the Future Funding Reserve Account, constituting Principal Proceeds, including Eligible Investments; provided that solely for purposes of calculating the Lender Advance Rate, (1) the Market Value of any Collateral Loan that is subject to an event of default as a result of the related Obligor’s failure to pay interest or principal and such failure is not cured within thirty (30) days following such failure shall be the lesser of (x) 50% of the par value of such Collateral Loan and (y) the Market Value of such Collateral Loan on the date of determination, and (2) the Market Value of a Collateral Loan subject to a Specified Change which requires Majority Lenders to consent in accordance with Section 5.19 and to which the Majority Lenders have not provided their written consent, shall be the greater of zero and the value assigned to such Collateral Loan by the Majority Lenders, in their sole discretion.
Examples of Lender Advance Rate in a sentence
Following a Permitted Distribution resulting from a Permitted Securitization, the Total Term Commitment will permanently reduce to such amount needed to satisfy the Lender Advance Rate Test until such time the Initial Lender elects to increase the Total Term Commitment in its sole discretion.