Specified Loan Asset definition

Specified Loan Asset means “(a) a Relevant Loan Asset; and (b) a Relevant Loan Asset as defined in the English Assignment and Assumption Deed”;
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Specified Loan Asset means any Eligible Loan Asset that satisfies the conditions set forth below as of the applicable Cut-Off Date: Criteria Condition Asset Type: First Lien Loan Minimum EBITDA: 7,500,000 If EBITDA ≥ $10,000,000, Senior Leverage Ratio of less than: 6.00:1.00 If $7,500,000 ≤ EBITDA < $10,000,000, Senior Leverage Ratio of less than: 4.75:1.00 If EBITDA ≥ $10,000,000, Equity Cushion of greater than: 30% If $7,500,000 ≤ EBITDA < $10,000,000, Equity Cushion of greater than: 40% Maximum EBITDA Adjustments Percentage of less than: 30% Minimum Cash Interest Coverage Ratio: 2:00:1:00 Origination Date: after July 31, 2020 50
Sample 1
Specified Loan Asset means any Eligible Loan Asset that satisfies the conditions set forth below as of the applicable Cut-Off Date: Criteria Condition Asset Type: First Lien Loan and Unitranche Loan Minimum EBITDA: $7,500,000 If EBITDA ≥ $10,000,000, Senior Leverage Ratio of less than: 6.00:1.00 If $7,500,000 ≤ EBITDA < $10,000,000, Senior Leverage Ratio of less than: 4.75:1.00 If EBITDA ≥ $10,000,000, Equity Cushion of greater than: 30% If $7,500,000 ≤ EBITDA < $10,000,000, Equity Cushion of greater than: 40% Maximum EBITDA Adjustments Percentage of less than: 30% Minimum Cash Interest Coverage Ratio: 2.001.75:1:00 Origination Date: No more than twelve (12) months prior to the date such Loan Asset has been sold, contributed or transferred to the Borrower Minimum Cash CouponSpread for PIK Loan Asset: 5% paid at least quarterly Excluded assets: Broadly Syndicated Loans Industry Classification: Cannot be in a Specified Industry
Sample 1

Examples of Specified Loan Asset in a sentence

  • The assigned rights in relation to each Specified Loan Asset (and thus in relation to each Relevant Pool B Loan Asset, including Mr Hancock’s loans) include, as one would expect, all of the Bank’s rights and powers in its capacity as the lender under each “Relevant Document”, a term which is very widely defined in relation to each Specified Loan Asset and would clearly include both the Facility Letters and the charges given by Mr Hancock to secure the loans.

  • The first argument turns on the redacted definition of Specified Loan Asset.

  • Without sight of the redacted second limb in part (b) of the definition, submit counsel for Mr Hancock, it is impossible to be sure whether it modifies or in some other material respect detracts from the apparently clear statement in part (a) that Specified Loan Asset means a Relevant Loan Asset (and therefore includes a Relevant Pool B Loan Asset).

  • Returning to the further definitions contained in clause 1.1, at least the following appear to be of potential relevance:(1) “ Relevant Documents” means, “in respect of a Specified Loan Asset, each facility, loan or credit letter or agreement …, security document, [etc] in each case governed by English law or any other law (other than Scots law) and relating to that Specified Loan Asset…”.

  • If it were the case that the second limb of the definition of Specified Loan Asset qualified in any material way the first limb of the definition, it would have been impossible for Mr Cooper to give the confirmations contained in paragraph 27 of his first statement (quoted at [28] above), or to say what he did about the redactions in paragraph 28 (quoted at [42] above).

  • That apart, I am unable to think of any good reason why the parties should have included the Relevant Pool B Loan Assets in Part II of the Schedule, or why the language of the assignment in clause 2.1 should have included all of the Bank’s rights in relation to those loan assets, if the effect of the second limb of the definition of Specified Loan Asset were somehow to exclude them from the scope of the assignment.

  • Clause 2.1(a) then contains, on the face of it, an absolute assignment by each of NAB and the Bank, to Promontoria Chestnut, of all of their respective rights (as set out in sub-paragraphs (a)(i) to (iv)) “in relation to each Specified Loan Asset comprised within that Relevant Borrower Asset Group”.

  • This provides in cl 2.1 that “with effect on and from the Effective Time” each of the Seller (NAB) and Clydesdale assigns absolutely to the Buyer (Promontoria Henrico) its rights in relation to each Specified Loan Asset.

  • It is worth pointing out that studies of (im)politeness tend to focus on direct speech, rather than direct reports of the kinds of things that are said.


More Definitions of Specified Loan Asset

Specified Loan Asset means any Eligible Loan Asset that is a Private Credit Loan Asset and that meets the following criteria as of the applicable Cut-Off Date: Criteria Condition Loan Type: First Lien Loan or Unitranche Loan Minimum EBITDA: $40,000,000 Maximum EBITDA Adjustments Percentage of less than: 30.0% Origination Date: No more than twelve (12) months prior to the date such Loan Asset has been sold, contributed or transferred to the Borrower Senior Leverage Ratio of less than or equal to: 6.00:1.00 Minimum Cash Interest Coverage Ratio: 1.75:1.00 Equity Cushion of greater than: 40.0% Maximum Obligor Limit: 5% of Concentration Denominator Excluded Loan Assets: Broadly Syndicated Loans, PIK Loan Assets Minimum Purchase Price: 95.0% Industry Classification: Cannot be in a Specified Industry
Sample 1
Specified Loan Asset means any Eligible Loan Asset that meets the following criteria as of the applicable Cut-Off Date: Criteria Condition Loan Type: First Lien Loan or Unitranche Loan Minimum EBITDA for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date: $25,000,000 Maximum EBITDA Adjustments Percentage of less than: 30.0% Origination Date: Not more than twelve (12) months prior to the date such Loan Asset has been sold, contributed or transferred to the Borrower Senior Leverage Ratio for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date is less than: 6.00:1.00 Minimum Cash Interest Coverage Ratio for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date: 1.75:1.00 Equity Cushion of greater than: 40.0% Excluded assets: PIK Loan Asset and Broadly Syndicated Loans Minimum Purchase Price: 97.0% Industry Classification: Cannot be in a Specified Industry
Sample 1
Specified Loan Asset means any Eligible Loan Asset that satisfies the conditions set forth below as of the applicable Cut-Off Date: Criteria Condition Asset Type: First Lien Loan, Unitranche Loan Minimum EBITDA: $25,000,000 Minimum EBITDA for Cov-Lite Loan Asset: $50,000,000 Total Leverage Ratio of less than: 6.00:1.00 Equity Cushion of greater than: 40% Maximum EBITDA Adjustments Percentage of less than: 30% Minimum Cash Interest Coverage Ratio: 1.75:1:00 Minimum Purchase Price: 95% Origination Date: No more than nine (9) months prior to the date such Loan Asset has been sold, contributed or transferred to the Borrower Excluded Loan Assets: Broadly Syndicated Loans, PIK Loan Assets, Loan Assets in any Specified Industry
Sample 1
Specified Loan Asset means any Loan Asset that meets the following criteria as of the applicable Cut-Off Date: Criteria Condition Loan Type: First Lien Loan or Unitranche Loan Minimum EBITDA for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date: $25,000,000 Maximum EBITDA Adjustments Percentage of less than: 30.0% Origination Date: After July 31, 2020 Senior Leverage Ratio for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date is less than: 6.00:1.00 Minimum Cash Interest Coverage Ratio for the Relevant Test Period most recently ended prior to the applicable Cut-Off Date: 1.50:1.00 Equity Cushion of greater than: 30.0%
Sample 1
Specified Loan Asset means an Eligible Loan Asset that is a Private Credit Loan Asset and satisfies the following conditions as of the applicable Cut-Off Date: Type: First Lien Loan or Unitranche Loan Minimum EBITDA: $7,500,000 Maximum EBITDA adjustments percentage of less than: 30.0% Origination Date: No more than nine (9) months prior to the date such Eligible Loan Asset has been sold, contributed, or transferred to the Borrower Senior Leverage Ratio: If EBITDA is greater than or equal to $25,000,000 Senior Leverage Ratio is less than 6.00:1.00 If EBITDA is greater than or equal to $7,500,000 and less than $25,000,000 Senior Leverage Ratio is less than 4.75:1.00 Minimum Cash Interest Coverage Ratio: 2.00:1:00 Equity Cushion of greater than: 40.0% Excluded assets: PIK Loan Assets, Senior Secured Bonds, Broadly Syndicated Loans, Recurring Revenue Loans, Asset Based Loans or Cov-Lite Loan Assets Minimum Purchase Price: 97% Industry Classification: Cannot be in a Specified Industry Maximum Obligor Limit 4%
Sample 1

Related to Specified Loan Asset

  • Specified Loan Party means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.11).

  • Loan Asset means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

  • Eligible Loan means a Loan offered for sale or substituted by Seller under a Sale Agreement which as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the related Subsequent Cutoff Date, in the case of any Additional Loan or Substituted Loan, is current or not more past due than permitted under such Sale Agreement in payment of principal or interest and which meets the following criteria as of the Statistical Cutoff Date, in the case of the Initial Loans, or as of the effective date of the related Xxxx of Sale, in the case of any Additional Loan or Substituted Loan: