First Lien Bank Loan definition

First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof.
First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings; provided, however, that, in the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority to a Permitted Prior Working Capital Lien; and further provided that any portion of such a Bank Loan which has a total debt to EBITDA ratio above 4.00x will be deemed to be a Second Lien Bank Loan. For the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan.
First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest (subject to Liens for “ABL” revolvers and customary encumbrances) on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof. For the avoidance of doubt, an Obligor’s investment in the “first-out” portion (as defined in the definition of Unitranche Loan) of a First Lien Bank Loan shall be treated as a First Lien Bank Loan for purposes of determining the applicable Advance Rate for such portion of such Portfolio Investment.

Examples of First Lien Bank Loan in a sentence

For example, a secured bank loan at a holding company, the only assets of which are the shares of a fully capitalized operating company, may constitute Mezzanine Investments but would not ordinarily constitute a First Lien Bank Loan.

Company and (ii) a Bank Loan that is not a First Lien Bank Loan, a Second Lien Bank Loan, a Covenant-Lite Loan, a High Yield Security or a Last Out Loan.

Exhibit 7 provides historical recovery rates for nine categories of corporate debt recoveries from First Lien Bank Loan to Junior Subordinated Bond.o Please see further discussion of Recovery Rate selection in the Appendix.• Our Stress Thesis envisions that underlying leveraged loans will perform like unsecured assets during the next downturn.


More Definitions of First Lien Bank Loan

First Lien Bank Loan has the meaning assigned to such term in Section 5.13.
First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest (subject to any Permitted Prior Working Capital Lien and other customary encumbrances) on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof. For the avoidance of doubt, the “last out” portion of any “last out” Bank Loan shall not constitute a First Lien Bank Loan.
First Lien Bank Loan has the meaning specified in Annex C.
First Lien Bank Loan means a Bank 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 such Bank Loan and (ii) is secured by a valid first priority perfected security interest or lien on specified collateral (such collateral, together with any other pledged assets, having a value as reasonably determined by the Investment Adviser 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 Bank Loan and other pari passu debt) securing the obligor’s obligations under the Bank Loan, which security interest or lien is subject to customary liens; provided that (i) if prior to a default or liquidation with respect to such Bank Loan, such Bank Loan is entitled to receive payments pari passu with other First Lien Bank Loans of the same obligor, but following a default or liquidation becomes fully subordinated to other First Lien Bank Loans of the same obligor and is not entitled to any payments until such other First Lien Bank Loans are paid in full, such Bank Loan will be a Second Lien Bank Loan; and (ii) a Bank Loan that would otherwise be a First Lien Bank Loan shall not be a First Lien Bank Loan if it is secured primarily by stock or other equity or subordinated interests in operating subsidiaries or affiliates of the obligor of such Bank Loan unless the Borrower has provided evidence reasonably satisfactory to the Administrative Agent that the amount of indebtedness permitted to be incurred by such operating subsidiaries or affiliates is de minimis (a “Permitted Stock Secured First Lien Loan”). The value of collateral and other pledged assets for purposes of the foregoing (or for the purposes of the definition of “Second Lien Bank Loan”) may include the ability of such collateral or pledged assets to generate cash flow or other intangibles, but not the enterprise value of the obligor itself.
First Lien Bank Loan means a Bank Loan (a) that is entitled to the benefit of a first lien and first priority perfected security interest on a portion of the assets of a Portfolio Company, (b) for which the Servicer determines in good faith that the value of the collateral securing the Bank Loan on or about the time of origination equals or exceeds the outstanding principal balance of the Bank Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (c) that is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Portfolio Company in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings and (d) that is not (and cannot by its terms become) subject to any payment blockage or standstill provisions. For the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan.
First Lien Bank Loan means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or