Unitranche Loan definition

Unitranche Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights of other lenders following an event of default (such portion, a “second out” portion). The Borrower’s investment in the second out portion shall be treated as a Unitranche Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under the Facility.
Unitranche Loan means the “last-out” portion of a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights (the “first-out” portion) of other lenders with respect to such lenders’ right to receive distributions of collateral proceeds following an event of default (such portion, a “last-out” portion). An Obligor’s investment in the last-out portion shall be treated as a Unitranche Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under this Agreement.
Unitranche Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to debt subordination and superpriority rights of other lenders following an event of default (such portion, a “last out” portion); provided that, the aggregate principal amount of the “last out” portion of such Bank Loan is at least 50% of the aggregate principal amount of any “first out” portion of such Bank Loan; provided, further, that the underlying obligor with respect to such Bank Loan shall have a ratio of first lien debt (including the “first out” portion of such Bank Loan, but excluding the “last out” portion of such Bank Loan) to EBITDA that does not exceed 3.25 to 1.00 and a ratio of aggregate first lien debt (including both the “first out” portion and the “last out” portion of such Bank Loan) to EBITDA that does not exceed 5.25 to 1.00. An Obligor’s investment in (i) the “last out” portion of a Unitranche Loan shall be treated as a Unitranche Loan; (ii) the “first out” portion of a Unitranche Loan shall be treated as a First Lien Bank Loan; and (iii) any “last out” portion of a Unitranche Loan that does not meet the foregoing first lien debt to EBITDA criteria set forth in this definition shall be treated as a Second Lien Bank Loan, in each case, for purposes of determining the applicable Advance Rate for such Portfolio Investment under this Agreement.

Examples of Unitranche Loan in a sentence

  • The facility is a combined EUR 30m 6 years Senior Secured Unitranche Loan and a short term EUR 10m Credit Facility, which was subsequently amended to a short term EUR 8m Credit Facility.

  • The figures above are based on quarterly cashflows and Net Asset Values from 30 September 2012 to 31 March 2019 for Partners Group investments made after 31 December 2011 in First Lien Loan investments, Second Lien Loan and Unitranche Loan investments and Mezzanine Loan investments.

  • If the Anchor Members desire to cause a Specified JV to acquire such Wind-Down Buyout Loan, then the Anchor Members shall have the initial right (but not the obligation), subject to the terms of the governance documents for such Specified JV, to cause such Specified JV to acquire such Wind-Down Buyout Loan at a price equal to the Unitranche Loan Fair Market Value thereof in accordance with the terms of this Section 3.7(c).

  • If the Anchor Member that is, or is an Affiliate of, the “Primary Sourcing Party” does not make such an offer, then the other Anchor Members shall have the right to acquire a ratable interest (equal to each such Anchor Member’s Aggregate Percentage Interest, determined without regard to the Class A Percentage Interests or Class B Percentage Interests of each Anchor Member not making an offer therefor) in such Unitranche Loan or the specified portion thereof on the terms so set forth.

  • If no Anchor Member offers to acquire such Unitranche Loan on the terms so set forth, the Company may proceed to sell, assign or otherwise dispose of such Unitranche Loan on such terms to any other Person, so long as such sale, assignment or other disposition is consummated no more than thirty (30) Business Days after the delivery of the initial notice thereof to the Anchor Members.


More Definitions of Unitranche Loan

Unitranche Loan. Any Loan that (i) is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting collateral for the Loan, subject to expressly permitted Liens, including any “permitted liens” as defined in the applicable Underlying Instruments for such Loan or such comparable definition if “permitted liens” is not defined therein, (ii) provides that the payment obligation of the Obligor on such Loan is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (iii) for which no other Indebtedness of the Obligor exists or is outstanding.
Unitranche Loan means any Loan Asset (a) that is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Related Collateral for such Loan Asset, subject to expressly permitted Liens, including any “permitted liens” as defined in the Underlying Instrument for such Loan Asset or such comparable definition if “permitted liens” is not defined therein and (b) that provides that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, all other indebtedness of such Obligor; provided that any Loan Asset that would otherwise constitute a First Lien Loan but for clause (e) of the definition thereof shall constitute a First Lien Loan and any Loan Asset that would satisfy the definition of both “Unitranche Loan” and “First Lien Loan” shall constitute a First Lien Loan.
Unitranche Loan means any commercial loan that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Official Body), and (iii) the Collateral Manager determines in good faith that the value of the collateral for such loan or the enterprise value securing the loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral.
Unitranche Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights of other lenders following an event of default (such portion, a “second out” portion); provided, however, that such second out portion shall not be treated as a Unitranche Loan (and instead shall be treated as a Second Lien Bank Loan) at such times as the aggregate drawn principal amount of such second out portion constitutes less than 75% of the combined aggregate drawn principal amount of (i) such second out portion and (ii) the portion of such Bank Loan in which such other lenders hold such superpriority rights. As and at the times provided in the foregoing sentence, the Borrower’s investment in the second out portion shall be treated as a Unitranche Loan or Second Lien Bank Loan, as applicable, for purposes of determining the applicable Advance Rate for such Portfolio Investment.
Unitranche Loan means any Loan Asset (a) that is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Related Collateral for such Loan Asset, subject to expressly permitted Liens, including any “permitted liens” as defined in the Underlying Instrument for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, (b) that provides that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor, and (c) for which no other Indebtedness of the Obligor secured by a Lien on the Related Collateral exists or is outstanding; provided that any Loan Asset that would otherwise constitute a First Lien Loan but for clause (e) of the definition thereof shall constitute a Unitranche Loan.
Unitranche Loan means a secured loan or secured bond (i) that is not (and cannot by its terms become) subordinated in right of payment by its terms to unsecured indebtedness of the Obligor for borrowed money (other than with respect to liquidation, trade claims, capitalized leases or other similar obligations) and the lien of which is not subordinated to any other secured obligation of the Obligor secured by all or a portion of the collateral securing such secured loan; (ii) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Related Property for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Asset Documents for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary; (iii) has a Loan-to-Value Ratio equal to or greater than 55% as of the date such Loan Asset is initially included in the Collateral or with respect to which the Obligor Net Leverage Ratio is equal to or greater than 4.0 to 1.0; and (iv) that is not secured solely or primarily by the common stock or other equity interests of its Obligor or any of its affiliates.
Unitranche Loan means any Loan (1)(a) that is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for such Loan, subject to expressly permitted Liens, including any “permitted liens” as defined in the Underlying Instrument for such Loan or such comparable definition if “permitted liens” is not defined therein and (b) that provides that the payment obligation of the Obligor on such Loan is either senior to, or pari passu with, all other Indebtedness of such Obligor or (2) that would constitute a First Lien Loan but for clause (e) of the definition thereof.