Covenant-lite Term Loan B — institutional-format leveraged loan with no maintenance financial covenants, only incurrence-based covenants tested when the borrower takes a specified action (incurring new debt, paying a dividend, making an acquisition). Standard in BSL since c. 2014, historically rare in middle-market direct loans but increasingly common in upper-middle deals as a competitive concession. Often paired with a springing leverage covenant that activates only when revolver utilization exceeds sim 35%.