Broadly Syndicated Loan Asset means a Loan Asset that (i) is a broadly syndicated commercial loan, (ii) is a First Lien Loan Asset or a Second Lien Loan Asset, (iii) has a Facility Size of $200,000,000 (without consideration of reductions in principal amount thereunder due to scheduled amortization) or greater, (iv) if rated by S&P, is rated not lower than B-, and (v) if rated by Xxxxx’x, is rated not lower than B3 (or an equivalent Fitch rating).
Broadly Syndicated Loan Asset means a Loan Asset that (i) is a broadly syndicated commercial loan, (ii) has a Tranche Size of $200,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), and (iii) is either (x) an Initial Unrated Loan Asset, or (y) as of the Cut-Off Date related thereto, has a facility rating (or the Obligor with respect to such Loan Asset has a long-term senior unsecured debt rating) of not less than ‘B-’ (or the equivalent, ‘B3’, in the case of Xxxxx’x), from at least two of the Rating Agencies.
Broadly Syndicated Loan Asset means any Loan Asset (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) Xxxxx’x has either (x) assigned a corporate family rating to an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating and (ii) S&P has either (x) assigned an issuer credit rating to the Obligor thereof or (y) assigned to such credit facility a monitored publicly available rating.
Examples of Broadly Syndicated Loan Asset in a sentence
If the Loan Asset is a Cov-Lite Loan Asset (i) it is a First Lien Loan Asset, (ii) it is either (x) a Broadly Syndicated Loan Asset with at least two current Bid Prices or a Side Quote that is based on two current Bid Prices or (y) a Special Cov-Lite Loan Asset, (iii) it has an Assigned Value of at least 90%, and (iv) the EBITDA of the related Obligor thereof as of the Cut-Off Date is greater than or equal to $40,000,000.
More Definitions of Broadly Syndicated Loan Asset
Broadly Syndicated Loan Asset appearing in Section 1.01(b) of the Existing Agreement is hereby amended by (i) deleting such defined term in its entirety and (ii) substituting therefor the following:
Broadly Syndicated Loan Asset means any Loan Asset (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) Moody’s has either (x) assigned a corporate family rating to an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating and (ii) S&P has either (x) assigned an issuer credit rating to the Obligor thereof or (y) assigned to such credit facility a monitored publicly available rating.
Broadly Syndicated Loan Asset means a commercial loan that (a) is broadly syndicated, (b) has first priority right of payments and 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, (c) 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), (d) the Servicer determines in good faith that the value of the collateral securing the loan (or the enterprise value of the underlying business) and ability to generate cash flow on or about the time of origination 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 the same collateral, (e) has an original senior facility size of $250,000,000 or greater, (f) has an EBITDA for the prior twelve calendar months of $50,000,000 or greater at the time of acquisition, (g) is rated by both S&P and Xxxxx’x (or the Obligor is rated by S&P and Xxxxx’x) at the time of acquisition by the Borrower and such ratings are not lower than “B3” by Xxxxx’x and “B-” by S&P and (h) is denominated in United States dollars.
Broadly Syndicated 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 greater than $250,000,000, (b) is a Quoted Loan Asset, (c) the Obligor of which has a trailing 12-month EBITDA greater than $75,000,000 and (d) as to which S&P, Moody’s or Fitch has either (x) assigned a corporate family or issuer rating to an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating, in each case of B-, B3 or B-, as applicable, or better. 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.
Broadly Syndicated Loan Asset means a Loan Asset that (i) is a broadly syndicated commercial loan, (ii) has a Tranche Size of $200,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), and (iii) is either (x) an Initial Unrated Loan Asset, or (y) rated (or will be) by both S&P and Xxxxx’x (or the Obligor is rated by S&P and Xxxxx’x) as of the Cut-Off Date relating thereto, and such ratings are not lower than B3 by Xxxxx’x and B- by S&P.”
Broadly Syndicated Loan Asset means a First Lien Loan Asset that (i) is a broadly syndicated commercial loan, (ii) has a Tranche Size of $250,000,000 or greater, and (iii) is either (x) an Initial Unrated Loan Asset, or (y) rated (or will be) by both S&P and Xxxxx’x (or the Obligor is rated by S&P and Xxxxx’x) as of the Cut-Off Date relating thereto, and such ratings are not lower than Caa1 by Xxxxx’x and CCC+ by S&P.
Broadly Syndicated Loan Asset means a Loan Asset that (i) is a broadly syndicated commercial loan, (ii) has a Tranche Size of $200,000,000 or greater (without consideration of reductions thereon from scheduled amortization payments), and (iii) is either (x) an Initial Unrated Loan Asset, or (y) rated (or will be) by both S&P and Xxxxx’x (or the Obligor is rated by S&P and Xxxxx’x) as of the Cut-Off Date relating thereto, and such ratings are not lower than B3 by Xxxxx’x and B- by S&Prelated thereto, has a facility rating (or the Obligor with respect to such Loan Asset has a long-term senior unsecured debt rating) of not less than ‘B-’ (or the equivalent, ‘B3’, in the case of Xxxxx’x), from at least two of the Rating Agencies.