Permitted Working Capital Lien definition
Permitted Working Capital Lien has the meaning assigned to such term in the definition of “First Lien Loan”.
Permitted Working Capital Lien has meaning set forth in the definition of "Senior Secured Loan".
Permitted Working Capital Lien means, with respect to an Obligor that is a borrower under a First Lien Loan, a security interest granted to secure a working capital loan for such Obligor in the accounts receivable and/or inventory (and the proceeds thereof) of such Obligor and any of its subsidiaries that are guarantors of such working capital loan; provided, that (i) such First Lien Loan has a junior priority lien on such accounts receivable and/or inventory (and the proceeds thereof), and (ii) such working capital facility is not secured by any other assets of such Obligor and does not benefit from any standstill rights or other similar creditor rights agreements (other than customary rights) with respect to any other assets of such Obligor.
More Definitions of Permitted Working Capital Lien
Permitted Working Capital Lien means, with respect to any Collateral Obligation, a Lien on the applicable Related Property (a) that is first priority under Applicable Law, (b) on specified accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit and investment accounts and (c) that is set forth on the related Approval Notice or otherwise approved by the Facility Agent in writing in its sole discretion.
Permitted Working Capital Lien means a first priority lien (senior to any senior, secured Indebtedness) over any accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts and/or other assets securing any Working Capital Revolver and proceeds of any of the foregoing.
Permitted Working Capital Lien means, with respect to any Loan Asset, a Lien on the applicable Related Collateral (a) that is first priority under Applicable Law, (b) on specified accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit and investment accounts and (c) that (i) is set forth on the related Approval Notice, (ii) is otherwise expressly permitted under the applicable Underlying Instruments existing on the Cut-Off Date for such Eligible Loan Asset or (iii)is otherwise approved by the Administrative Agent in writing in its sole discretion.
Permitted Working Capital Lien means, with respect to an Obligor that is a borrower under a First Lien Loan, a Second Lien Loan or a Mezzanine Loan (collectively “Facility Loans”), a security interest granted to secure a working capital loan for such Obligor in the accounts receivable and/or inventory (and the proceeds thereof) of such Obligor and any of its subsidiaries that are guarantors of such working capital loan; provided, that (i) such Facility Loan has a junior priority lien on such accounts receivable and/or inventory (and the proceeds thereof), and (ii) such working capital facility is not secured by any other assets of such Obligor and does not benefit from any standstill rights or other similar creditor rights agreements (other than customary rights) with respect to any other assets of such Obligor. “Person” means an individual, partnership, corporation (including a statutory trust), limited liability company, joint stock company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision thereof) or other entity. “PIK Loan” means a Loan to an Obligor, which provides for a portion of the interest that accrues thereon to be added to the principal amount of such Loan for some period of the time prior to such Loan requiring the cash payment of interest on a monthly or quarterly basis. “Portfolio Rate” means on any day, with respect to any Settlement Period, the annualized percentage equivalent of a fraction, the numerator of which is equal to all Interest Collections for such Settlement Period, and the denominator of which is equal to the average Advances Outstanding during such Settlement Period. “Portfolio Yield” means on any day, the excess, if any, of (a) the Portfolio Rate on such day over (b) the Interest Rate on such day. “Post-Termination Revolver Loan Fundings” means an advance by the Lenders, made on or following the Revolver Loan Funding Date, which may be used for the sole purpose of funding advances requested by Obligors under the Revolver Loans. “Prime Rate” means the rate publicly announced by KeyBank from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by KeyBank in connection with extensions of credit to debtors. “Principal Collections” means any and all amounts received in respect of any principal due and payable under any Transferred Loan from or on behalf of...
Permitted Working Capital Lien means, with respect to any Loan, a Lien on the applicable Underlying Collateral (a) that is first priority under Applicable Law on (i) specified accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit and investment accounts or (ii) substantially all assets, and (b) that (i) is set forth on the related Approval Notice, (ii) is otherwise expressly permitted under the applicable Underlying Instruments existing on the Addition Cut Off Date for such Eligible Loan Asset or (iii) is otherwise approved by the Administrative Agent in writing in its sole discretion.
Permitted Working Capital Lien means a lien securing a revolving lending facility on a superpriority basis by any assets of the related obligor, or on a first lien basis solely by all or a portion of the current assets of the related obligor, it being understood that such revolving lending facility may be secured on a junior lien basis by other assets of the related obligor; provided that any such revolving lending facility that is secured on a superpriority basis by substantially all assets of the underlying obligor shall not exceed 1.25x of EBITDA of the underlying obligor and its consolidated subsidiaries (as determined by the Manager in good faith as of the date of acquisition of such Fund Asset by the Company).
Permitted Working Capital Lien means, with respect to any Loan Asset, a Lien on the applicable Related Collateral (a) that is prior in right to such Loan Asset, (b) that secures Indebtedness and unfunded commitments under the related facility (the "working capital facility") not in excess of 20% of the sum of (i) the outstanding principal balance and unfunded commitments of such working capital facility, plus (i) the Outstanding Balance of such Loan Asset, plus (z) the outstanding principal balance of any other debt for borrowed money incurred by such obligor that is pari passu with such Loan Asset and (c) that is set forth on the related Approval Notice or otherwise approved by the Administrative Agent in writing in its sole discretion.