MRR Loan means a First Lien Loan that (i) is underwritten to recurring revenue, (ii) requires the related Obligor to comply with a financial covenant related to recurring revenue, (iii) at the time of its origination, does not include and would not customarily be expected to include (as determined by the Collateral Manager in accordance with the Collateral Management Standard) a financial covenant based on “debt to EBITDA” or a similar multiple of debt to operating cash flow and (iv) is not subordinate to a working capital loan.
MRR Loan means a First Lien Loan that (i) is underwritten to recurring revenue, (ii) requires the related Obligor to comply with a financial covenant related to recurring revenue, (iii) at the time of its origination, does not include and would not customarily be expected to include (as determined by the Collateral Manager in accordance with the Collateral Management Standard) a financial covenant based on “debt to EBITDA” or a similar multiple of debt to operating cash flow and (iv) is not subordinate to a working capital loan; provided that a Collateral Asset will no longer be classified as an “MRR Loan” on and after the date (the “MRR Reclassification Date”) on which the following conditions are satisfied as determined by the Administrative Agent in its sole discretion: (i) such Collateral Asset satisfies the definition of “Eligible Collateral Asset” without regard to any provisions specifically applicable to MRR Loans set forth in such definition and (ii) the Administrative Agent consents to the reclassification in its sole discretion.
Examples of MRR Loan in a sentence
TECH INCOME FUNDING II LLC, as Borrower By: Name: Title: [OWL ROCK TECHNOLOGY INCOME CORP., as Collateral Manager By: Name: Title: ]2 2 To be included if Annex I hereto contains an MRR Loan.