Broadly Syndicated Loan definition
Broadly Syndicated Loan means a Collateral Loan that (a) is a syndicated commercial loan, (b) is part of a tranche size of not less than the Dollar Equivalent of $250,000,000 (without consideration of reductions thereon from scheduled amortization payments), and (c) is rated (or will be rated) by S&P or ▇▇▇▇▇’▇ (or the related Obligor for such Collateral Loan is rated by S&P or ▇▇▇▇▇’▇).
Broadly Syndicated Loan. A Loan (a) that is part of a credit facility with a Facility Size on the date of origination thereof at least equal to U.S.$250,000,000 and (b) as to which, on the date of origination thereof, (i) ▇▇▇▇▇’▇ has either (x) assigned a corporate family rating on an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating or (ii) S&P has either (x) assigned an issuer credit rating to the issuer thereof or (y) assigned to such credit facility a monitored publicly available rating.
Broadly Syndicated Loan means any syndicated loan that is widely distributed and (i) that has a tranche size of $250,000,000 or greater, (ii) that is a Performing First Lien Bank Loan, (iii) that is rated by both S&P and ▇▇▇▇▇’▇ and is rated at least B- and B3, respectively, for any measurement date, and (iv) that is a Quoted Investment.
Examples of Broadly Syndicated Loan in a sentence
Pursuant to clause (xviii) of the defined term “Eligible Loan” in Section 1.1 of the Credit Agreement, to qualify as an Eligible Loan, a Loan that is not a Broadly Syndicated Loan shall not have an original term to maturity of greater than sixty (60) months (the “Original Term Criterion”) unless waived by the Required Lenders in their sole discretion.
More Definitions of Broadly Syndicated Loan
Broadly Syndicated Loan means any Loan to an Obligor issued as part of a loan facility, which is held by more than two lenders, with an original loan commitment (including any first and second lien loans included in the facility) greater than $250,000,000, including for purposes of this definition the maximum available amount of commitments under any Revolving Loans and Partially Funded Term Loans.
Broadly Syndicated Loan. A Senior Secured Loan with a funded tranche size in excess of $250,000,000 at acquisition.
Broadly Syndicated Loan. Any Loan that (i) is a broadly syndicated commercial loan, (ii) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (iii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to Liens described in clause (b) of the definition of Permitted Liens), (iv) with respect to which the Collateral Manager determines in good faith that the value of the collateral securing such Loan (or the enterprise value of the underlying business) on or about the time of origination equals or exceeds the outstanding principal balance of such Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (v) has a Tranche Size of $350,000,000 or greater, (vi) has at least one bid-side quote provided by any of Markit Partners, Loan Pricing Corp. or any other nationally recognized loan pricing service that is mutually agreed upon by the Controlling Lender and the Borrower, and (vii) as of the Cut-Off Date for such Loan, such Loan or the related Obligor has a ▇▇▇▇▇’▇ Public Rating and a public rating by S&P and such public ratings are not lower than “B3” by ▇▇▇▇▇’▇ and “B-” by S&P.
Broadly Syndicated Loan has the meaning assigned to such term in Section 5.13.
Broadly Syndicated Loan. A Loan that, as of the date on which it was acquired by the Borrower, (i)(a) has an original tranche size (including any pari passu tranches and last-out component but excluding any second lien or unsecured tranche (provided the commitment shall be utilized with respect to any revolving loans or delayed draw term loans in the determination of tranche size)) of $350,000,000 or greater and (b) has an EBITDA for the prior twelve months of at least $75,000,000 (after giving pro forma effect to any acquisition in connection therewith) at the time of acquisition, (ii) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings (subject to customary exceptions, including for permitted working capital facilities, finance leases and purchase money indebtedness), (iii) 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 and customary for similar loans, and liens accorded priority by law in favor of the United States or any state or agency), (iv) is publicly rated by both S&P and Moody’s (or the Obligor thereof is rated by both S&P and Moody’s) and no such rating is lower than “B-” in the case of S&P or “B3” in the case of ▇▇▇▇▇’▇ and (v) for which the Collateral Manager determines in good faith that the value (which may include enterprise value) of the collateral securing such Loan on or about the time of origination equals or exceeds the Outstanding Balance of such Loan plus the outstanding principal balance of all other loans of equal or higher seniority secured by the same collateral.
Broadly Syndicated Loan means any Loan Asset as of the related Cut-Off Date that is a syndicated commercial loan with (a) an original tranche size of $250,000,000 or greater (without consideration of any reductions thereof from scheduled or unscheduled amortization payments), (b) EBITDA of $75,000,000 or greater, (c) an issuer credit rating by S&P or a corporate family rating by ▇▇▇▇▇'▇ and (d) Same Day Pricing with a minimum quote depth of at least three (3) or as otherwise designated by the Administrative Agent on a name-by-name basis in the applicable Approval Notice.
Broadly Syndicated Loan means any Loan that (i) is rated B-/B3 or higher, (ii) has a tranche size of at least $200,000,000, (iii) has a quote depth of at least two (2) by Markit and (iv) the related Obligor has EBITDA greater than or equal to $50,000,000.