Recurring Revenue Loans definition
Recurring Revenue Loans means any Underlying Loan Obligation with respect to which the Obligor’s leverage as of the Cut-Off Date, as determined by the Portfolio Asset Servicer, is based on “recurring revenue”.
Recurring Revenue Loans means any Loan Asset that satisfies all of the requirements set forth in the definition of “First Lien Loan” except that it is underwritten based on the Recurring Revenue of the Obligor, as determined by the Administrative Agent, in consultation with the Servicer, and designated as such in the related Approval Notice.
Recurring Revenue Loans means any Collateral Obligation issued by an Obligor that provides software and technology services, healthcare information technology or digital infrastructure and services industry where the financial covenants are calculated based on recurring revenues; provided that any Recurring Revenue Loan for which the related financial covenants transition to an EBITDA based calculation, shall upon the date of such transition automatically be no longer considered a Recurring Revenue Loan.
Examples of Recurring Revenue Loans in a sentence
Not more than 20% of the Collateral Principal Amount may consist of Portfolio Investments that are Second Lien Loans, Recurring Revenue Loans or a corporate debt security.
Not more than 10% of the Collateral Principal Amount may consist of Second Lien Loans or Recurring Revenue Loans, collectively.
More Definitions of Recurring Revenue Loans
Recurring Revenue Loans means any Underlying Loan Obligation with respect to which the Obligor's leverage as of the Cut‐Off Date, as determined by the Portfolio Asset Servicer, is based on "recurring revenue". "Register" has the meaning assigned to that term in Section 2.03(b). "Registered" means, with respect to any debt obligation, a debt obligation that is in registered form for purposes of the Code. "Related Parties" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person's Affiliates. "Release Date" has the meaning assigned to that term in Section 2.10(d). “Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. "Replacement Calculation Agent" has the meaning assigned to that term in Section 8.01(e). "Reportable Compliance Event" means any Lender Covered Entity, Borrower Covered Entity or Holdings Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument, arraigned, or custodially detained in connection with any Anti‐Terrorism Laws and Sanctions, Anti‐Corruption Laws, or Anti‐Money Laundering Laws or any predicate crime to any Anti‐ Terrorism Laws and Sanctions, Anti‐Corruption Laws, or Anti‐Money Laundering Laws. "Reportable Event" means any of the events set forth in Section 4043(c) of ERISA, other than an event for which the 30 day notice period has been waived. "Reporting Date" means the 12th calendar day of January, April, July and October (commencing January 12, 2023); or if such day is not a Business Day, the next succeeding Business Day. "Required Loan Documents" means, for each Portfolio Asset or Underlying Loan Obligation, as applicable, the following documents or instruments, all as specified on the related Loan Asset Checklist, to the extent applicable for such Portfolio Asset or Underlying Loan Obligation: copies of the executed (a) guaranty (b) loan agreement, (c) note purchase agreement (d) security agreement and (e) promissory note, in each case as set forth on the Loan Asset Checklist (all of which, except to the extent set forth in the proviso hereto, may be delivered electronically or posted on a website maintained by the Borrower); provided that, no...