Eligible First Lien Tranches has the meaning set forth in the definition of “First Lien/Last Out Loan”.
Eligible First Lien Tranches. With respect to a Collateral Obligation, one or more tranches (inclusive of any revolving loan commitments) funded under the applicable Underlying Instrument that, in the case of an event of default under the applicable Underlying Instrument, are treated as first lien loans (for which purposes an Obligor’s obligations thereunder in respect of its trade claims, accounts receivables, inventory, capitalized leases or similar obligations or Senior Revolver Facilities shall be deemed not to constitute such first lien loans).