Middle Market Loans definition

Middle Market Loans means a Collateral Obligation with respect to which either (i) the Obligor has an EBITDA equal to or less than $50,000,000, as reported under the Related Documents on the closing date of such Collateral Obligation, or (ii) the Borrower has actual knowledge that, as of the date of acquisition thereof, there are three or fewer lenders to the Obligor with respect to such Collateral Obligation.

Middle Market Loans means (a) each of the loans listed on Schedule 1.1(cc) hereto (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended by Sellers in the ordinary course of business of Sellers between July 1, 1999 and the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements and ISDA Transactions related to such loan), (b) each loan made in the ordinary course of business of Sellers by the Middle Market Employees between July 1, 1999 and the close of business on the Third Closing Date (exclusive of any reserves for loan losses) and each obligation of a Seller to make additional extensions of credit in connection with each such loan, as each such loan may be increased, decreased, amended, renewed or extended by Sellers in the ordinary course of business of Sellers between July 1, 1999 and the close of business on the day on which such loan is purchased by Purchaser pursuant to the terms hereof (included within each such loan shall be any Letters of Credit, Liquidity Support Agreements and ISDA Transactions related to such loan) and (c) each application pending with a Seller for a loan whose relationship manager would have been a Middle Market Employee if such loan had been made by a Seller prior to the Third Closing Date; provided, however, that Middle Market Loans shall not include any loan described in subsections (a) or (b) above, if such loan, as of the day on which such loan is to be purchased by Purchaser pursuant to the terms hereof, is (i) subject to a current legal proceeding related to a Customer's inability or refusal to pay such loan, (ii) not current and with respect to which proceedings are pending against the obligor or obligors of such loan under Title 11 of the United States Code or (iii) Nonperforming. Each Middle Market Loan shall include all documents executed or delivered in connection with such loan to the extent such documents are in the loan file relating to such loan, any and all collateral held as security therefor or in which a security interest, Lien or mortgage has been granted and any and all guarantees, insurance and other credit enhancements relating thereto, together with Accrued Interest thereon, all as exists at the close of business...

Middle Market Loans means the Middle Market Loans (as defined in the Fleet/Sovereign P&A Agreement).

Examples of Middle Market Loans in a sentence

• It is the responsibility of the Portfolio Management Staff to maintain MS Finance’s Internal Risk Rating for Middle Market Loans on a timely basis.

• The purpose of an Interim Credit Update will be: • To review current financial results for individual obligors, • To review progress on individual obligor action plans, and • To review existing Internal Risk Ratings for these Middle Market Loans.

• These checklists enumerate generic risk factors common in the types of Middle Market Loans which GMS Finance finances.

• Key metrics that are typically tracked by GMS Finance for Middle Market Loans include, but are not limited to: Revenue, EBITDA, Total Leverage, Senior Leverage, EBITDA to FFO conversion, FFO + Interest Expense to Interest Expense, EBITDA – CapX to interest expense, Cash Interest Coverage, Fixed Charge Coverage, Free Cash Flow Available to Reduce Debt, Senior Debt Outstanding, and Liquidity.

• Below outlines the general guidelines on the GMS Finance Base Case for Middle Market Loans.

• Additionally, the ERM along with the ERM outcome addendum is to be distributed to the entire Investment Committee for Middle Market Loans that the Early Read Committee determines that GMS Finance will proceed with.

• This policy outlines the periodic credit reviews required to maintain a current risk assessment of Middle Market Loans held and/or managed by GMS Finance and to determine that such exposures are being properly managed.

• The CSR’s pertaining to individual Middle Market Loans (See Policy 5.0 – Loan Monitoring) will serve as the primary source of information for Quarterly Portfolio Reviews.

• Middle Market Loans captures loans to issuers with EBITDA of $50 million or less.

• For purposes of these policies, Risk Management is defined as the personnel designated by the Investment Adviser to oversee the underwriting, portfolio management, and overall risk management responsibilities for GMS Finance’s Middle Market Loans.