Deemed Second Lien Loan definition
Deemed Second Lien Loan means any commercial loan which would have constituted a FILO Loan but for the fact that it fails to meet the requirement of sub-clause (y) in the definition thereof.
Deemed Second Lien Loan has the meaning assigned to such term in the definition of “Second Lien Loan.”
Deemed Second Lien Loan means, as of any date of determination, any First Lien Last Out Loan of an Obligor having its principal place of business and/or incorporation and/or headquarters in an Eligible Country if the First Out Leverage of such Collateral Loan is greater than 2.00:1.00.
Examples of Deemed Second Lien Loan in a sentence
Notwithstanding to above, the Borrower may not dispute any adjusted Discount Factor with respect to a FILO Loan subject to a Revaluation Event pursuant to clause (g)(y) of the definition thereof so long as the adjusted Discount Factor determined by the Facility Agent hereunder results in the same treatment if such Loan were characterized as a Deemed Second Lien Loan.
More Definitions of Deemed Second Lien Loan
Deemed Second Lien Loan means, for any First Lien Loan or First Lien Last Out Loan with a Senior Net Leverage Ratio of greater than 5.50 to 1.00 as of the most recent Relevant Test Period, the portion of the Collateral Loan with a Senior Net Leverage Ratio in excess of 5.50 to 1.00.
Deemed Second Lien Loan. “FILO A Loan”, “FILO B Loan”, “FILO C Loan”, “FILO Loan”, “Middle Market Loan” or “Fundamental Amendment”, or any defined term used therein, in each case in a manner which would have the effect of making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (j) modify the form or details of the Monthly Report in a manner that materially reduces the reporting requirements, (k) other than as set forth in clause (c) or clause (d) above, extend the date fixed for the payment or reduce the amount of any other payment hereunder in a manner that would have a material adverse effect on any Lender, (l) result in the direct or indirect subordination of the security interest and lien upon the Collateral that is granted by the Borrower in accordance with this Agreement, (m) alter the provisions providing for pro rata treatment of Loans, pro rata treatment of reductions in the Facility Amount or Commitments, or pro rata treatment of allocation of payments and Loans to non-Defaulting Lenders, (n) modify the definition of the term “Dollar Lender” or (o) alter the terms of Section 2.2(d)(i) or Section 2.2(d)(iii).
Deemed Second Lien Loan means, as of any date of determination, any First Lien Last Out Loan of an Obligor having its principal place of business and/or incorporation and/or headquarters in an Eligible Country if the First Out Leverage of such Collateral Loan is greater than 2.00:1.00. “Default” means any event which, with the passage of time, the giving of notice, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default. “Defaulted Collateral Loan” means any Collateral Loan as to which at any time: (a) a default as to all or any portion of one or more payments of principal and/or interest (including a failure of a selling institution to pay amounts due and payable to the Borrower with respect to the related participation) has occurred after the earlier of (i) any grace period applicable thereto and (ii) five (5) Business Days, in each case, past the applicable due date; (b) a default (other than a default described in clause (a) of this definition) has occurred under the applicable Related Documents and for which the Borrower (or the agent or required lenders pursuant to the applicable Related Documents, as applicable) has elected to exercise any of its rights or remedies under the applicable Related Documents (including acceleration or foreclosing on any portion of the underlying collateral, but excluding any imposition of default interest); (c) any portion of principal and/or interest (other than default interest) payable thereunder has been waived or forgiven by the holders of such obligation; or (d) a Revaluation Event under clauses (d) or (g) of the definition thereof has occurred. “Defaulting Lender” means, at any time, any Lender that (a) has failed for three (3) or more Business Days after a Borrowing Date to fund its portion of an Advance required pursuant to the terms of this Agreement (other than failures to fund as a result of a bona fide dispute as to whether the conditions to borrowing were satisfied on the relevant Borrowing Date), (b) has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such ▇▇▇▇▇▇’s obligation to fund an Advance hereunder and states that such position is based on such ▇▇▇▇▇▇’s determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identifi...
Deemed Second Lien Loan. “FILO A Loan”, “FILO B Loan”, “FILO C Loan”, “FILO Loan”, “Middle Market Loan” or “Fundamental Amendment”, or any defined term used therein, in each case in a manner which would have the effect of making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (j) modify the form or details of the Monthly Report in a manner that materially reduces the reporting requirements or (k) other than as set forth in clause (c) or clause (d) above, extend the date fixed for the payment or reduce the amount of any other payment hereunder in a manner that would have a material adverse effect on any Lender.
Deemed Second Lien Loan. “Unitranche Loan”, “FILO Loan”, or “Fundamental Amendment”, or any defined term used therein, in each case in a manner which would have the effect of making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (i) extend the Revolving Period, (j) modify the form or details of the Monthly Report in a manner that materially reduces the reporting requirements, or (k) agree to the direct or indirect subordination of the security interest in and lien upon the Collateral that is granted by the Borrower in accordance with this Agreement.
Deemed Second Lien Loan. “Unitranche A Loan”, “Unitranche B Loan”, “Unitranche C Loan”, “Unitranche D Loan”, “Unitranche E Loan”, “Unitranche Loan”, “FILO A Loan”, “FILO B Loan”, “FILO C Loan”, “FILO D Loan”, “FILO E Loan”, “FILO Loan”, “Traditional Middle Market Loan”, or “Fundamental Amendment”, or any defined term used therein, in each case in a manner which would have the effect of making more credit available to the Borrower, or make such provision less restrictive on the Borrower in any other material fashion, (i) extend the Revolving Period or (j) modify the form or details of the Monthly Report in a manner that reduces the reporting requirements.