Second Lien Covenant Lite Loan

Second Lien Covenant Lite Loan. Means a Second Lien Bank Loan with respect to which the underlying instruments do not include any financial covenants or has no financial covenants with which compliance is determined on an ongoing maintenance basis; provided, that for all purposes hereunder, such a Second Lien Bank Loan which either contains a cross-default provision to, or is pari passu with, another loan of the underlying obligor that requires the underlying obligor to comply with either a financial covenant or a Maintenance... Covenant (provided that, for purposes of this proviso, compliance with such financial covenant or Maintenance Covenant shall be required whether or not such other loan is funded) shall be deemed not to be a Second Lien Covenant Lite Loan. View More