Loan Advance Rate definition

Loan Advance Rate means 65% for Eligible First Lien Loans, 55% for Eligible Bifurcated First Lien Loans and 50% for Eligible First Lien Last Out Loans.

Loan Advance Rate means, with respect to any Debt Obligation on any date of determination, (a) if such Debt Obligation is a Specified Debt Obligation on the date of purchase or other acquisition thereof by the Borrower, 70% and (b) otherwise, a percentage specified by the Administrative Agent to the Borrower with respect to such Debt Obligation on or prior to the date on which such Debt Obligation is purchased or otherwise acquired (including pursuant to Section 5.2(b)) by the Borrower; provided that (i) subject to the following clauses, if such Debt Obligation is an Excess Concentration Obligation, then the “Loan Advance Rate” with respect to the Excess Concentration Percentage of such Debt Obligation will be 65%; (ii) subject to the following clause (iii), if a Debt Obligation ceases to be a Specified Debt Obligation or ceases to satisfy the Obligation Criteria, then the “Loan Advance Rate” with respect to such Debt Obligation will be determined from time to time in the sole discretion of the Administrative Agent as specified to the Borrower (but in any event not later than 10 Business Days after the Borrower gives notice of such event to the Administrative Agent); (iii) if a Debt Obligation Bankruptcy Event or Debt Obligation Failure to Pay Event occurs with respect to such Debt Obligation, then, so long as such event is continuing, the “Loan Advance Rate” with respect to such Debt Obligation will be determined from time to time in the sole discretion of the Administrative Agent as specified to the Borrower; and (iv) the Borrower may by notice to the Administrative Agent request that a Debt Obligation that satisfies clause (vi) of the definition of Specified Debt Obligation after the date of purchase or other acquisition by the Borrower shall be treated as a Specified Debt Obligation under clause (a) above.

Loan Advance Rate means, with respect to any Debt Obligation on any date of determination, (a) if such Debt Obligation is a Specified Debt Obligation on such date of determination, 75%, (b) if such Debt Obligation is an Unquoted Debt Obligation on such date of determination, 60% and (c) if such Debt Obligation is neither a Specified Debt Obligation nor an Unquoted Debt Obligation on such date of determination, a percentage specified by the Administrative Agent to the Borrower with respect to such Debt Obligation determined from time to time in the sole discretion of the Administrative Agent as specified to the Borrower (including pursuant to Section 5.2(b)) by the Borrower; provided that:

Examples of Loan Advance Rate in a sentence

• The portion of a First Lien Loan with a Senior Net Leverage Ratio of up to 5.00x shall be assigned the First Lien Loan Advance Rate (as applicable pursuant to the above chart) and the portion above 5.00x shall be assigned an Advance Rate of 45%.

• With respect to CapEx Loan Advances, (A) each individual CapEx Loan advance may not exceed an amount equal to the CapEx Loan Advance Rate multiplied by the amount of the Qualified Capital Expenditures to be paid with the proceeds of such CapEx Loan advance, (B) until the Conversion Date, the CapEx Loans shall be Base Rate Loans and (C) all CapEx Loan advances in the aggregate may not exceed the CapEx Loan Commitment.

• The amount of the Advance requested in the Advance Request shall not exceed: (I) with respect to any Advance, the Development Loan Advance Rate multiplied by the Eligible Costs of the specific Development Assets, as set forth in the Budget to which the Advance Request relates, or (II) together with all prior Advances previously made by Lender to Borrower under the applicable Development Loan, the then applicable Development Loan Amount.

• Committed First Mortgage Loan Advance Rate: 98% of the lesser of (i) ------------------------------------------ the Mortgage Note Amount or (ii) the Committed Purchase Price.

• With respect to each Contributed Swingline Loan, Seller shall pay to Purchaser an amount sufficient to cause the Swingline Advance Amount of such Eligible Swingline Loan to be equal to the related Swingline Loan Advance Rate.

More Definitions of Loan Advance Rate

Loan Advance Rate. With respect to any Loan, the advance rate applicable under ----------------- the related Loan Documents.

Loan Advance Rate means, with respect to any Debt Obligation on any date of determination, a percentage specified by the Administrative Agent to the Borrower with respect to such Debt Obligation on or prior to the date on which such Debt Obligation is purchased or otherwise acquired (including pursuant to Section 5.2(b)(ii)) by the Borrower; provided that (i) subject to the following clauses, if such Debt Obligation is an Excess Concentration Obligation, then the “Loan Advance Rate” with respect to the Excess Concentration Percentage of such Debt Obligation will be 0%; (ii) subject to the following clause (iii), if a Debt Obligation ceases to satisfy the Obligation Criteria or ceases to be a Specified Debt Obligation pursuant to the proviso at the end of the definition thereof, then the “Loan Advance Rate” with respect to such Debt Obligation will be determined from time to time in the sole discretion of the Administrative Agent as specified to the Borrower (but in any event not later than 10 Business Days after the Borrower gives notice of such event to the Administrative Agent); and (iii) if a Debt Obligation Bankruptcy Event or Debt Obligation Failure to Pay Event occurs with respect to such Debt Obligation, then, so long as such event is continuing, the “Loan Advance Rate” with respect to such Debt Obligation will be determined from time to time in the sole discretion of the Administrative Agent as specified to the Borrower.

Loan Advance Rate means, for any Payment Date, with respect to each Loan included in the Collateral as of the related Reference Date, the Loan Advance Rate set forth below opposite the Loan Category assigned to such Loan by the Servicer as of such Reference Date: Loan Category Loan Advance Rate L-1 Loans 72.5 % L-2 Loans 67.5 % L-3 Loans 62.5 % T-1 Loans 57.5 % T-2 Loans 52.5 % T-3 Loans 47.5 %