Qualified First Lien Loan definition

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.
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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.
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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.
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Examples of Qualified First Lien Loan in a sentence

  • Table 2: DBRS Corporate Recovery Rates for Tier 2 Countries 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. A Collateral Obligation that (a) in the case of an event of default under the applicable Underlying Instrument, 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 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 Obligation that is a Cov-Lite Loan, a PIK Loan or a Current Pay Obligation will not qualify as a Qualified First Lien Loan.
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Qualified First Lien Loan means a Loan Asset that, as of any date of determination, would qualify as a First Lien Loan Asset but for the seniority in right of payment of a Working Capital Facility and/or the seniority of the Lien securing the Working Capital Facility, so long as, as of the applicable Cut-Off Date: (i) such Working Capital Facility has an aggregate commitment equal to not more than 20.0% 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 that is pari passu with, or senior to, 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 1.25x; and (iii) the Administrative Agent in its sole and absolute discretion has consented to the treatment of such Loan Asset as a Qualified First Lien Loan; provided that any Loan Asset meeting the definition of a Qualified First Lien Loan that has a Senior Leverage Ratio of less than or equal to 4.0x meeting the definition of Broadly Syndicated Loan or Large Middle Market Loan may be classified as a Broadly Syndicated Loan or a Large Middle Market Loan, as applicable, by the Administrative Agent in its sole discretion.
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Qualified First Lien Loan. A Collateral Obligation that (a) in the case of an event of default under the applicable Underlying Instrument, 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 Eligible First Lien Tranche plus the Collateral Obligation facility 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 Obligation that is a Cov-Lite Loan, a PIK Loan or a Current Pay Obligation will not qualify as a Qualified First Lien Loan.
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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
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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 ‑53‑ 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.
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Related to Qualified First Lien Loan

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Second Lien Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • First Lien Last Out Loan means a Collateral Loan which would be a First Lien Loan but for the fact that at any time prior to and/or after an event of default under the Related Documents, such Collateral Loan will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement.

  • DIP Loan Any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (iii) the terms of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding).

  • Qualified Financing is a transaction or series of transactions pursuant to which the Company issues and sells shares of its capital stock for aggregate gross proceeds of at least $5,000,000 (excluding all proceeds from the incurrence of indebtedness that is converted into such capital stock, or otherwise cancelled in consideration for the issuance of such capital stock) with the principal purpose of raising capital.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Term Loan as defined in Section 2.1.

  • Consolidated First Lien Net Debt means Consolidated Total Net Debt minus the sum of (i) the portion of Indebtedness of the Borrower or any Restricted Subsidiary included in Consolidated Total Net Debt that is not secured by any Lien on the Collateral and (ii) the portion of Indebtedness of the Borrower or any Restricted Subsidiary included in Consolidated Total Net Debt that is secured by Liens on the Collateral, which Liens are expressly subordinated or junior to the Liens securing the Obligations.

  • Refinancing Date The date on which a Current Mortgage Loan or Mortgage Loan is refinanced by Seller or an affiliate thereof.

  • Term A Loan is defined in Section 2.2(a)(i) hereof.

  • Accelerated Mezzanine Loan Lender shall have the meaning assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.

  • PIK Loan has the meaning set forth in Section 3.02(d).

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

  • Permitted First Priority Refinancing Debt means any secured Indebtedness incurred by the Borrower in the form of one or more series of senior secured notes or senior secured loans; provided that (i) such Indebtedness is secured by the Collateral on a pari passu basis with the Obligations and is not secured by any property or assets of Holdings and its Subsidiaries other than the Collateral, (ii) such Indebtedness constitutes Credit Agreement Refinancing Indebtedness in respect of Term Loans, (iii) such Indebtedness does not mature prior to the Maturity Date of the Refinanced Debt and such Indebtedness shall have a Weighted Average Life to Maturity that is not shorter than the Refinanced Debt, (iv) to the extent applicable, the security agreements relating to such Indebtedness are substantially the same as the Security Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (v) no Restricted Subsidiary guarantees such Indebtedness unless it is a Subsidiary Guarantor (or becomes a Subsidiary Guarantor substantially concurrently with the incurrence of such Indebtedness); provided that, if, at any time, such Restricted Subsidiary ceases to be a Guarantor, it shall not guarantee such Indebtedness, (vi) the other terms and conditions of such Indebtedness (excluding pricing, fees, rate floors, premiums, optional prepayment or optional redemption provisions) reflect market terms and conditions at the time of incurrence and issuance; provided, that, to the extent such terms and documentation are not substantially identical to the Indebtedness being refinanced, (x) such terms (taken as a whole) shall be less favorable to the providers of such Permitted First Priority Refinancing Debt than those applicable to the Indebtedness being refinanced, except, in each case, for financial or other covenants or other provisions contained in such Indebtedness that are applicable only after the then Latest Maturity Date, or (y) such documentation shall be reasonably acceptable to the Administrative Agent and (vii) a Senior Representative acting on behalf of the holders of such Indebtedness shall have become party to a Pari Passu Intercreditor Agreement and the Administrative Agent shall have become a party to the Pari Passu Intercreditor Agreement (or any then-existing Pari Passu Intercreditor Agreement shall have been amended or replaced in a manner reasonably acceptable to the Administrative Agent, which results in such Senior Representative having rights to share in the Collateral as provided in clause (i) above). Permitted First Priority Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.