Unitranche Loan Asset means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to expressly permitted Liens, including any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, (ii) provides that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (iii) for which no other Indebtedness of the Obligor exists or is outstanding.
Unitranche Loan Asset means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, (ii) provides that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (iii) for which no other Indebtedness of the Obligor secured by a Lien on the assets constituting Underlying Collateral for the Loan Asset exists or is outstanding.
Unitranche Loan Asset means any Loan Asset that is a First Lien Loan Asset and that as of the Cut-Off Date for such Loan Asset, (a) is part of a credit facility with a facility size that is less than $200,000,000, and (b) has a Net Leverage Ratio of greater than 6.0x. For avoidance of doubt, the reference to “facility size” in clause (b)(1) hereof is to the facility (or portion thereof) currently held or contemplated for purchase by the Borrower.
More Definitions of Unitranche Loan Asset
Unitranche Loan Asset means any Middle Market Loan Asset the Obligor of which has no other Indebtedness outstanding or in existence.
Unitranche Loan Asset means any commercial loan that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under applicable law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental Authority), and (iii) the Borrower determines in good faith that the value of the collateral for such loan or the enterprise value securing the loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral.
Unitranche Loan Asset means any Loan Asset that is a First Lien Loan Asset and that as of the Cut-Off Date for such Loan Asset, (a) is part of a credit facility with a facility size that is less than $200,000,000, (b) represents (together with the related credit facility) the only indebtedness for borrowed money owing by the related Obligor and (c) has a Net Leverage Ratio of greater than 6.0x. For avoidance of doubt, the reference to “facility size” in clause (a) hereof is to the facility (or portion thereof) currently held or contemplated for purchase by the Borrower.
Unitranche Loan Asset means any commercial loan that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under applicable law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental Authority), (iii) the USActive 53428278.8 Borrower determines in good faith that the value of the collateral for such loan or the enterprise value securing the loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral and (iv) has no other secured tranches, other than revolving loans secured with the same priority.