Lien Priority. There is a material impairment in the perfection or priority of Bank’s security interest in the Collateral;

Lien Priority. Any Lien created hereunder or by any other Loan Document shall at any time fail to constitute a valid and perfected Lien on any of the Collateral purported to be secured thereby, subject to no prior or equal Lien, other than Permitted Liens; or

Lien Searches. With respect to the property owned or leased by each Borrower and Guarantor of Payment, and any other property securing the Obligations, the Borrowers shall have caused to be delivered to the Administrative Agent # the results of Uniform Commercial Code lien searches, satisfactory to the Administrative Agent and the Lenders, # the results of federal and state tax lien and judicial lien searches and pending litigation and bankruptcy searches, in each case satisfactory to the Administrative Agent and the Lenders, and # Uniform Commercial Code termination statements reflecting termination of (or, if agreed to by the Administration Agent, amendments of) all U.C.C. Financing Statements previously filed by any Person and not expressly permitted pursuant to [Section 5.9] hereof.

Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each of the jurisdictions where assets of the Borrower and Holdings are located, and such search shall reveal no liens on any of the assets of the Borrower or Holdings except for liens permitted by Section 7.3 or discharged or to be discharged on or prior to the Funding Date pursuant to documentation satisfactory to the Administrative Agent.

Lien Searches. The Collateral Agent shall have received customary lien and judgment searches requested by it at least 30 calendar days prior to the Closing Date.

such Loan is a First Lien Loan, First Lien Last Out Loan, or a Second Lien Loan; provided Second Lien Loans acquired by the Borrower after the Effective Date (other than Loans acquired in connection with the Atlantis Acquisition) will not be deemed Eligible Loans from and after the Effective Date until the Borrowing Base Conversion Date;

Deposit Account Control Agreement, dated as of March 29, 2016, by and among Michaels Stores, Inc., Aaron Brothers, Inc., Wells Fargo Bank, National Association, as the First Lien Agent, Deutsche Bank AG New York Branch, as the Second Lien Agent, and Wells Fargo Bank, National Association.

“Collateral Loan” means a Senior Secured Loan, a First Lien/Last Out Loan or a Second Lien Loan (in each case whether originated by or assigned or contributed to the Borrower) or a Participation Interest in any Senior Secured Loan, First Lien/Last Out Loan or Second Lien Loan that as of the date of acquisition or origination by, or contribution to, the Borrower meets each of the following criteria:

75%, # that is a First Lien Loan that is not a Broadly Syndicated Loan, 70%, # that is a Second Lien Loan, 40%, or # that is not a First Lien Loan or Second Lien Loan, 40% (or any other percentage set forth in the related Approval Notice by the Facility Agent in its sole discretion) and # during the Post-Pricing Period, the Maximum Portfolio Advance Rate.

The Bank, Acceptance Loan Company, Inc. and FUSB Reinsurance, Inc. are the only direct or indirect Subsidiaries of the Company. Each Subsidiary of the Company other than the Bank either has been duly organized and is validly existing as a corporation or limited liability company, or, in the case of the Bank, has been duly chartered and is validly existing as an Alabama chartered bank, in each case in good standing under the laws of the jurisdiction of its incorporation, has corporate power and authority to own, lease and operate its properties and to conduct its business and is duly qualified as a foreign corporation to transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good standing would not reasonably be expected to result in a Material Adverse Effect. All of the issued and outstanding shares of capital stock or other equity interests in each Subsidiary of the Company have been duly authorized and validly issued, are fully paid and non-assessable and are owned by the Company, directly or through Subsidiaries of the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim; none of the outstanding shares of capital stock of, or other Equity Interests in, any Subsidiary of the Company were issued in violation of the preemptive or similar rights of any security holder of such Subsidiary of the Company or any other entity.