Eligible Second Lien Loan definition
Eligible Second Lien Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the obligor of such loan, other than, with respect to any valid first priority perfected security interest in specified collateral, with respect to the liquidation of such obligor or such collateral, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such loan (whether or not the Issuer and any other lenders are also granted a security interest of a higher or lower priority in additional collateral), (iii) is secured by collateral having a value (determined as set forth below) at least equal to the outstanding principal balance of such loan plus the aggregate outstanding principal balances of all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral, (iv) is not a loan which is secured solely or primarily by the common stock of its obligor or any of its Affiliates (provided that the limitation set forth in this clause (iv) shall not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a lien on its own property would (1) in the case of a subsidiary that is not part of the same consolidated group as such parent entity for U.S. Federal income tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate law or regulations applicable to such subsidiary (whether the obligation secured is such loan or any other similar type of indebtedness owing to third parties) or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules, in each case, so long as (x) the Related Documents limit the incurrence of indebtedness by such subsidiary such that the net collateral value satisfies clause (iii) above, and (y) the aggregate amount of all such indebtedness is not greater than 60% of the aggregate value of the assets of such subsidiary, and (v) does not qualify as an Eligible Senior Secured Loan. The determination as to whether condition (iii) of this definition is satisfied shall be based on both (a) an appraisal or other valuation performed on or ...
Eligible Second Lien Loan means a Loan that (i) is not (and by its terms is not permitted to become) subordinate in right of payment to any other debt for borrowed money incurred by the obligor of the Loan, other than an Eligible Senior Secured Loan or other similar obligations customarily treated as “permitted indebtedness” in second lien loan facilities but only to the extent such obligations are expressly permitted under the Loan’s Related Documents, and (ii) is secured by a valid and perfected security interest or lien on specified collateral (such collateral, together with any other pledged assets, having a value (as reasonably determined by the Portfolio Manager at the time of acquisition, which determination will not be questioned based on subsequent events) equal to or greater than the principal balance of the Loan plus the aggregate outstanding principal balances of all other loans of equal or higher seniority secured by a first or second lien or security interest in the same collateral) securing the obligor’s obligations under the Loan, which security interest or lien is not subordinate to the security interest or lien securing any other debt for borrowed money other than an Eligible Senior Secured Loan or other similar obligations customarily treated as “permitted indebtedness” in second lien loan facilities but only to the extent such obligations are expressly permitted under the Loan’s Related Documents.
Eligible Second Lien Loan means a Loan that (i) is not (and by its terms is not permitted to become) subordinate in right of payment to any other indebtedness for borrowed money incurred by the obligor of the Loan, other than another Loan, and (ii) is secured by a valid and perfected security interest or lien on specified collateral securing the obligor’s obligations under the Loan, (iii) the value of the collateral securing the Loan together with other attributes of the obligor (including, the obligor’s general financial condition and its ability to generate cash flow available for debt service and other demand for that cash flow) is adequate (in the commercially reasonable judgment of the Borrower or the Collateral Manager) to repay the Loan and all other senior or pari-passu indebtedness, and (iv) is not secured solely or primarily by common stock or other equity interests.
More Definitions of Eligible Second Lien Loan
Eligible Second Lien Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to
Eligible Second Lien Loan means any loan assets that are otherwise Eligible Loan Assets, but which are subject to a second lien instead of being senior secured obligations.
Eligible Second Lien Loan means a SBA Loan that satisfies the following criteria as of any date of determination: (a) is a Second Lien Loan; (b) was originated (i) within the previous 120 days if such Second Lien Loan is not a Construction Loan or Renovation Loan and (ii) within 360 days if such Second Lien Loan is a Construction Loan or Renovation Loan, so long as the relevant construction or renovation has been completed within 270 days of such Second Lien Loan’s initial origination date; (c) is in compliance with the SBA Authorization or the applicable CDC has provided takeout financing with respect to the Second Lien Loan; (d) all conditions have been satisfied for the refinancing of such SBA Loan other than the receipt of funds from the takeout financing with respect to such SBA Loan; and (e) the Loan Documents with respect to such SBA Loan include a fully executed SBA Authorization and no condition has occurred that would excuse the SBA from issuing its guarantee of the debenture that will be used to refinance such Second Lien Loan or otherwise affect the obligation of the SBA to guarantee such Second Lien Loan. “Environmental Complaint” has the meaning assigned to such term in Section 5.01(m)(v). “Environmental Laws” means, all applicable Federal, state, and local laws (including common laws), statutes, ordinances, rules, regulations and orders or restrictions of, or legally binding agreements with, any Governmental Authority relating to the protection of human health, safety, the environment, natural resources or the use, possession, handling, generation, transportation, treatment, storage, - 17- 34881204v6 110062879
Eligible Second Lien Loan is defined in SCHEDULE 4.1. "ELIGIBLE-SERVICING PORTFOLIO" is defined in SCHEDULE 4.1. "ELIGIBLE-T&I RECEIVABLE" is defined in SCHEDULE 4.1. "ELIGIBLE-UNCOMMITTED-B/C-PAPER LOAN" is defined in SCHEDULE 4.1.
Eligible Second Lien Loan is defined in SCHEDULE 4.1.
Eligible Second Lien Loan means a loan, reimbursement obligation or debt security, including a participation therein (for purposes of this definition, a “loan”) which:
Eligible Second Lien Loan means a Collateral Obligation which (i) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the obligor of such loan, other than, with respect to any valid first priority perfected security interest in specified collateral, with respect to the liquidation of such obligor or such collateral, (ii) is secured by a valid second priority perfected security interest or lien in, to or on specified collateral securing the obligor’s obligations under such loan (whether or not the Issuer and any other lenders are also granted a security interest of a higher or lower priority in additional collateral), (iii) is secured by collateral having a value (determined as set