Updated Asset Value definition
Updated Asset Value means, with respect to each Collateral Loan as of any date, the value (expressed as a percentage of the Principal Balance) of such Collateral Loan reflected on the books and records of the Equityholder as adjusted pursuant to periodic valuations (to the extent applicable, as required by, and in accordance with, the 1940 Act and any orders of the Securities and Exchange Commission issued to the Equityholder or any of the Equityholder’s Affiliates), to be determined by the members of the Equityholder and reviewed by its auditors; provided that if the Equityholder does not report to the Servicer and the Administrative Agent the results of its updated valuation on any Collateral Loan within forty-five (45) days of the end of each fiscal quarter of the Equityholder (or more frequently to the extent required under the 1940 Act), the “Updated Asset Value” of such Collateral Loan shall be deemed to equal zero until the Equityholder provides such report; provided, in no event shall any Updated Asset Value exceed 100%; provided, further, that any Collateral Loan that is determined to have an Updated Asset Value equal to or greater than 97% shall be deemed to have an Asset Value equal to 100%.
Updated Asset Value means, with respect to each Collateral Asset as of any date, the value, if any, (expressed as a percentage of the Outstanding Balance) of such Collateral Asset reflected on the books and records of the Collateral Manager, as adjusted pursuant to periodic valuations as required by GAAP, the 1940 Act and any orders of the Securities and Exchange Commission issued to the Collateral Manager; provided that if the Collateral Manager does not report to the Borrower and the Administrative Agent the results of its updated valuation on any Collateral Asset in the first Borrowing Base Certificate delivered after the updated value is required to be publicly reported pursuant to the rules of the Securities and Exchange Commission, the “Updated Asset Value” of such Collateral Asset shall be (x) the updated value for such Collateral Asset reflected in the most recent applicable report filed with the Securities and Exchange Commission by the Collateral Manager, as determined in good faith by the Administrative Agent, or (y) if no such updated value for such Collateral Asset is reflected in such report, the value determined by the Administrative Agent in its sole discretion; provided, in no event shall any Updated Asset Value exceed 100%. “Updated Asset Value Determination Date” means, with respect to each Collateral Asset, any date that an Updated Asset Value is determined with respect to such Collateral Asset pursuant to the definition of “Updated Asset Value”. “U.S. Government Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities. “U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.