Revolving Collateral Asset definition
Revolving Collateral Asset means any Collateral Asset (other than a Delayed Drawdown Collateral Asset) that is a loan (including revolving loans, including funded and unfunded portions of revolving credit lines and letter of credit facilities, unfunded commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future advances to be made to the related Obligor by the Borrower; provided that any such Collateral Asset will be a Revolving Collateral Asset only until all commitments to make advances to the Obligor expire or are terminated or irrevocably reduced to zero.
Revolving Collateral Asset means a loan that is a line of credit or contains an unfunded commitment arising from an extension of credit to an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed; provided that any such Collateral Asset will no longer be a Revolving Collateral Asset once all commitments by the Borrower to make advances to the related Obligor expire or are terminated or reduced to zero. “S&P” means S&P Global Ratings (or its successors in interest). “Sale Agreement” means the Purchase and Sale Agreement dated on or about the date hereof between the Transferor and the Borrower. “Sanctioned Country” means, at any time, a country or territory which is the subject or target of any country-based or territory-based Sanctions. “Sanctioned Person” means, at any time, (a) any Person or vessel listed in any Sanctions-related list of designated Persons or other similar list maintained by the Office of Foreign Asset Control (“OFAC”) or the U.S. Department of State or by the United Nations Security Council, the European Union (including any member state thereof) or the United Kingdom, or any other applicable sanctions authority where the Borrower is located or conducts business, or that is the target or subject of Sanctions or any other sanctions authority that is otherwise described in the definition for Sanctions, (b) any Person operating, organized, citizen of, or resident in a Sanctioned Country, (c) any Person owned 50% or more by such Persons described in clauses (a) or (b), or (d) an agency or instrumentality of, or entity owned 50% or more by, the government of a Sanctioned Country. “Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, (c) the European Union (including any member state thereof), (d) His Majesty’s Treasury of the United Kingdom (including any sanctions legislation extended to the Cayman Islands pursuant to any Order in Council of His Majesty’s Privy Council in the United Kingdom), (e) the Australian Department of Foreign Affairs and Trade, (f) the Ministry of Finance Japan and the Japanese Ministry of Economy, Trade and Industry, (g) Global Affairs Canada and any other applicable Canadian Governmental Authority or (h) such other Governmental Authorities imposing, administering or enforcing similar types of san...
Revolving Collateral Asset means a loan that is a line of credit or contains an unfunded commitment arising from an extension of credit to an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed; provided that any such Collateral Asset will no longer be a Revolving Collateral Asset once all commitments by the documentation of the “first lien” lenders, and/or under the documentation of any Senior Working Capital Facility, as applicable, is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (c) the Collateral Manager determines in accordance with the Collateral Manager Standard that the value of such collateral (or the enterprise value and ability to generate cash flow) on or about the time of origination equals or exceeds the Outstanding Balance of the Collateral Asset plus the aggregate outstanding balances of all other Indebtedness of equal or greater seniority secured by the same collateral (including, without limitation, the outstanding principal balance of the “first lien” loan). Notwithstanding the foregoing, the Excess Leverage Portion of a First Lien Loan or a FLLO Loan shall be deemed to be a Second Lien Loan for purposes of the Advance Rate.
Examples of Revolving Collateral Asset in a sentence
Funds on deposit in the Unfunded Reserve Account as of any date of determination may be withdrawn to fund draw requests of the relevant Obligors under any Delayed Draw Collateral Asset or Revolving Collateral Asset.