Qualified First Lien Loan definition
Qualified First Lien Loan means a Collateral Loan that (a) in the case of an event of default under the applicable Related Contract, the lenders thereunder will be paid after one or more Eligible First Lien Tranches (and but for such fact the Collateral Loan would be a Senior Secured Loan) and (b) the outstanding principal balance and unfunded commitments of the Eligible First Lien Tranches with respect thereto (i) have a leverage ratio of not greater than 1.5x, or (ii) have a loan-to-value of not greater than 17.5%; provided that the total loan-to-value of the Qualified First Lien Loan (as determined at the time of acquisition of the Collateral Loan) will not be greater than 75%; provided further that in no event shall the Senior Revolver Facility and the Eligible First Lien Tranches in the aggregate exceed 25% of the outstanding principal balance and unfunded commitments of the Senior Revolver Facility and the Eligible First Lien Tranches plus the Qualified First Lien Loan plus any other Loan that is senior or pari passu in right of payment to such Qualified First Lien Loan at the closing of the related credit facility and as of any date the commitments under the related credit facility are increased; provided further that any such Collateral Loan that is a Cov-Lite Loan, a PIK Loan or a Current Pay Obligation will not qualify as a Qualified First Lien Loan.
Qualified First Lien Loan means an Eligible Loan, as of the applicable Cut-Off Date, that would qualify as a First Lien Loan but for the seniority in right of payment of a Permitted Working Capital Facility (or super priority revolving facility) and/or the seniority of the Lien securing the Permitted Working Capital Facility, so long as the Facility Agent in its sole and absolute discretion has consented to the treatment of such Loan as a Qualified First Lien Loan; provided any Loan that does not meet any of the requirements outlined above as of the applicable Cut-Off Date shall be considered a Second Lien Loan for all purposes hereunder.
Qualified First Lien Loan means a Collateral Loan that (a) in the case of an event of default under the applicable Related Contract, the lenders thereunder will be paid after one or more Eligible First Lien Tranches (and but for such fact would be a Senior Secured Loan) and (b) the outstanding principal balance and unfunded commitments of the Eligible First Lien Tranches with respect thereto (i) have a leverage ratio of not greater than 1.5x, or (ii) have a loan-to-value of not greater than 17.5%; provided the total loan-to-value of the Qualified First Lien Loan will not be greater than 75%; provided further in no event shall the Senior Revolver Facility and the Eligible First Lien Tranche in aggregate exceed 25% of the outstanding principal balance and unfunded commitments of the Senior Revolver Facility and the Eligible First Lien Tranches plus the Qualified First Lien Loan plus any other debt that is senior or pari passu in right of payment to such Qualified First Lien Loan at the closing of the related credit facility and as of any date the commitments under the related credit facility are increased; provided further that any such Collateral Loan that is a Cov-Lite Loan, a PIK Loan (other than a Permitted PIK Loan) or a Current Pay Loan will not qualify as a Qualified First Lien Loan.
Examples of Qualified First Lien Loan in a sentence
Liability Rating Class Senior Secured Loan Senior Secured Bond, Senior Secured Note and Senior Secured Recurring Revenue Loan Asset Higher Qualified First Lien Loan Qualified First Lien Loan Second Lien, Non-Senior Secured Recurring Revenue Loan Asset and Senior Unsecured Subordinate AA (sf) 49.00 % 45.25 % 42.00 % 37.00 % 25.75 % 7.50 % Numbers in italics correspond to the recovery rates for Senior Secured Covenant-Lite Loans.
More Definitions of Qualified First Lien Loan
Qualified First Lien Loan means a Collateral Loan that (a) in the case of an event of default under the applicable Related Contract, the lenders thereunder will be paid after one or more Eligible First Lien Tranches (and but for such fact the Collateral Loan would be a Senior Secured Loan) and (b) the outstanding principal balance and unfunded commitments of the Eligible First Lien Tranches with respect thereto (i) have a leverage ratio of not greater than 1.5x, or (ii) have a loan-to-value of not greater than 17.5%; provided that the total loan-to-value of the Qualified First Lien Loan will not be greater than 75%; provided further that in no event shall the Senior Revolver Facility and the Eligible First Lien Tranche in the aggregate exceed 25% of the outstanding principal balance and unfunded commitments of the Senior Revolver Facility and the Eligible First Lien Tranches plus the Qualified First Lien Loan plus any other Loan that is senior or pari passu in right of payment to such Qualified First Lien Loan at the closing of the related credit facility and as of any date the commitments under the related credit facility are increased.
Qualified First Lien Loan. A Loan that would otherwise be a First Lien Loan except that at any time prior to and/or after an event of default under the related Underlying Instruments of the related Obligor, any portion of such Loan will be repaid after one or more loans (or class of loans) issued by the same Obligor have been paid in full in accordance with a specific waterfall of payments or other priority of payments and such senior loan (or class of loans), together with any other indebtedness of the related Obligor that is senior to or pari passu with such senior loan (or class of loans) has an aggregate commitment of more than 1.0x but less than or equal to 2.0x the applicable Obligor’s EBITDA (as determined at the time of acquisition).
Qualified First Lien Loan means a Collateral Obligation that (a) in the case of an event of default under the applicable Related Contract, the lenders thereunder will be paid after one or more Eligible First Lien Tranches (and but for such fact would be a Senior Secured Loan) and (b) the Eligible First Lien Tranches with respect thereto have a leverage ratio of not greater than 1.5x.
Qualified First Lien Loan means any Eligible Collateral Obligation that would qualify as a First Lien Loan but for the seniority in right of payment of a Permitted Working Capital Facility or Super Priority Revolving Facility and/or the seniority of the Lien securing the Permitted Working Capital Facility or Super Priority Revolving Facility, so long as: (i) as of the most recent date of determination, such Permitted Working Capital Facility or Super Priority Revolving Facility, as applicable, has an aggregate commitment equal to not more than 20.0% of the sum of (a) the aggregate commitment amount of such Permitted Working Capital Facility or Super Priority Revolving Facility, (b) the aggregate commitment amount of such Eligible Collateral Obligation and (c) the aggregate commitment amount of any other Indebtedness that is pari passu with, or senior to, such Loan; (ii) such Loan has a ratio of the aggregate commitment amount of such Permitted Working Capital Facility or Super Priority Revolving Facility, as applicable, to TTM EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) not greater than 0.5x; and (iii) the Administrative Agent in its sole and absolute discretion has consented to the treatment of such Loan as a Qualified First Lien Loan; provided that, any Loan that would otherwise be a Qualified First Lien Loan hereunder but has, as of the Cut-Off Date, not met the requirements of clauses (i) through (iii) of this definition shall be considered a First Lien Last Out Loan for all purposes hereunder.
Qualified First Lien Loan means a Loan Asset that would qualify as a First Lien Loan Asset but for the seniority of the Lien on current assets securing a Working Capital Facility, so long as, at any time prior to and/or after an event of default under the related Loan Agreement of such Loan Asset: (i) such Working Capital Facility has an aggregate commitment equal to not more than 20% of the sum of (a) the aggregate commitment amount of such Working Capital
Qualified First Lien Loan means a Loan Asset that would qualify as a First Lien Loan Asset but for the seniority of the Lien on current assets securing a Working Capital Facility, so long as, at any time prior to and/or after an event of default under the related Loan Agreement of such Loan Asset: (i) such Working Capital Facility has an aggregate commitment equal to not more than 20% of the sum of (a) the aggregate commitment amount of such Working Capital Facility, (b) the aggregate commitment amount of such Loan Asset and (c) the aggregate commitment amount of any other Indebtedness under the same credit facility that is pari passu with such Loan Asset; (ii) such Loan Asset has a ratio of the aggregate commitment amount of such Working Capital Facility to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) not greater than 1.0x; and (iii) as of the applicable Cut-Off Date, the Administrative Agent in its sole and absolute discretion has consented to the treatment of such Loan Asset as a Qualified First Lien Loan. For the avoidance of doubt, if a Loan Asset ceases to qualify as a Qualified First Lien Loan, but (a) qualifies as a First Lien Loan Asset, such Loan Asset shall be a First Lien Loan Asset and (b) qualifies as a First Lien Last Out Loan Asset, such Loan asset shall be a First Lien Last Out Loan Asset.
Qualified First Lien Loan means a Loan Asset that would qualify as a First Lien Loan Asset but for the seniority of the Lien on current assets securing a Working Capital Facility, so long as, at any time prior to and/or after an event of default under the related Loan Agreement of such Loan Asset: (i) such Working Capital Facility has an aggregate commitment equal to not more than 20% of the sum of (a) the aggregate commitment amount of such Working Capital Facility, (b) the aggregate commitment amount of such Loan Asset and (c) the aggregate commitment amount of any other Indebtedness under the same credit facility that is pari passu with such Loan Asset; (ii) such Loan Asset has a ratio of the aggregate commitment amount of such Working Capital Facility to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) not greater than 1.0x; and (iii) as of the applicable Cut-Off Date, the Administrative Agent in its sole and absolute discretion has consented to the treatment of such Loan Asset as a Qualified First Lien Loan. For the avoidance of doubt, if a Loan Asset ceases to qualify as a Qualified First Lien Loan, but (a) qualifies as a First Lien Loan Asset, such Loan Asset shall be a First Lien Loan Asset and (b) qualifies as a First Lien Last Out Loan Asset, such Loan asset shall be a First Lien Last Out Loan Asset. For the avoidance of further doubt, (a) if a Loan Asset qualifies as both a Qualified First Lien Loan and a Large Middle Market Loan Asset, such Loan Asset shall be a Large Middle Market Loan Asset for all purposes under this Agreement and (b) if a Loan Asset qualifies as both a Qualified First Lien Loan and a Broadly Syndicated Loan Asset, such Loan Asset shall be a Broadly Syndicated Loan Asset for all purposes under this Agreement.