FILO Loan means a commercial loan that (x) would have constituted a First Lien Loan but for the fact that, at any time prior to and/or after an event of default under the related loan agreement of such loan, will be paid after one or more tranches of First Out Loans issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments and (y) the total size of First Out Loans repayable ahead of the FILO Loan shall be less than 25% of the sum of the sizes of such First Out Loans and such FILO Loan.
FILO Loan means, collectively, the Revolving Credit Loans made by the FILO Lenders pursuant to SECTION 2.01(a)(vi).
FILO Loan means a Loan made pursuant to Section 2.01(b).
Examples of FILO Loan in a sentence
Several of those parties were already under an NDA in connection with the request for proposals regarding the potential FILO Loan.
After further review of the ongoing turnaround initiative efforts, however, the Debtors decided that a FILO Loan would not put the Debtors’ on a value-maximizing long-term path for success without the tools made available in connection with a chapter 11 process (including, most significantly, the ability to reject burdensome domestic and international leases).
Once the Prepetition Revolving Loan and Prepetition FILO Loan are repaid following entry of the Final Order, the DIP Facility will effectively serve as simple replacements of the Prepetition Revolving Loan and Prepetition FILO Loan in the Debtors’ capital structure (provided, however, that the DIP Facility will be secured by the New Loan Party Assets, the Lease Proceeds and the Specified Bankruptcy Recoveries (following entry of the Final Order)).
The FILO Loan is secured by a last-out first-priority securityinterest in and lien on the ABL Collateral and by a last-out second-priority security interest in and lien on the Term Loan Collateral, except that, as between the ABL Loan and the FILO Loan, collateral proceeds are to be applied first to repay the ABL Lenders and, only after the ABL Lenders have been repaid in full, to repay the FILO Lenders.
No consent of any Lender (other than the Lenders participating in the increase or any Incremental FILO Loan) shall be required for any increase in Revolving Commitments or Incremental FILO Loan pursuant to this Section 2.09(b).
More Definitions of FILO Loan
FILO Loan has the meaning specified in Section 2.1(d).
FILO Loan means a Revolving Credit Loan that is borrowed and deemed outstanding as a “FILO Loan” pursuant to Section 2.01(a).
FILO Loan means the extension of credit by the FILO Lenders to the Domestic Borrowers under Article II on the Second Amendment Effective Date in the original principal amount of $17,500,000.
FILO Loan means any Loan that (i) becomes, by its terms, subordinate in right of payment to one or more other obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan (other than any Loan subject to a Permitted Working Capital Lien), in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to (x) Liens permitted under the applicable Underlying Instruments that are reasonable or customary for similar loans, (y) Permitted Working Capital Liens and (z) Liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. For the avoidance of doubt, a Collateral Obligation will not be a FILO Loan if the Facility Agent designates such Collateral Obligation as a First Lien Loan pursuant to the proviso at the end of the definition of such term.
FILO Loan means any Loan that (i) becomes, by its terms, subordinate in right of payment to one or more other obligations of the related Obligor, in each case issued under the same Underlying Instruments as such Loan, in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable Underlying Instruments that are reasonable for similar loans, and liens accorded priority by law in favor of any Official Body), and (iii) the Servicer determines in good faith that the value of the collateral or the enterprise value securing the Loan on or about the time of acquisition equals or exceeds the outstanding principal balance of the Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral; provided that (x) the portion of any FILO Loan with a Leverage Multiple that attaches in excess of 2.5x shall be deemed to be a Second Lien Loan for all purposes hereunder and (y) the portion of any FILO Loan with a Leverage Multiple that attaches below 1.0x shall be deemed to be a First Lien Loan for all purposes hereunder.
FILO Loan pursuant to Section 2.01(a). “First Amendment Effective Date” means August 2, 2019. “Fixed Charge Trigger Period” means the period (a)(i) at any time during the period from the First Amendment Effective Date through OctoberMarch 31, 20192020, commencing on the day when Adjusted Excess Availability is less than $17,500,000 and (ii) at any other time, commencing on the day when Adjusted Excess Availability is less than the greater of (x) $17,500,000 and (y) 10.0% of the Maximum Borrowing Amount and (b) continuing until the day Adjusted Excess Availability exceeds the greater of (x) $17,500,000 and (y) 10.0% of the Maximum Borrowing Amount for thirty (30) consecutive days. “FLSA” means the Fair Labor Standards Act of 1938. “Foreign Activities Laws” has the meaning specified in Section 7.11. “Foreign Lender” means (a) if the applicable Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the applicable Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which such Borrower is resident for tax purposes. “Foreign Subsidiary” means any Subsidiary that is not a Domestic Subsidiary. “FRB” means the Board of Governors of the Federal Reserve System of the United States. “Freight Carrier” shall mean a motor transport, rail, other carrier, owner-operators or independent contractors that provides transportation of property under contracts with other carriers (including the Company and its Subsidiaries), shippers, and receivers and/or brokers of general commodities. “Freight Carrier Document” shall mean any agreement, instrument or other document pursuant to which a Freight Carrier agrees to provide transportation of property on behalf of any other Person. “Freight Payable” shall mean any and all freight or other charges payable to a Freight Carrier in respect of transportation services provided by such Freight Carrier pursuant to a Freight Carrier Document or otherwise. “Fronting Exposure” means, at any time there is a Defaulting Lender that is a Revolving Credit Lender, (a) with respect to the Letter of Credit Issuer, such Defaulting Lender’s Applicable Percentage of 25
FILO Loan means a commercial loan that (x) meets all the characteristics of a First Lien Loan but for the fact that, with respect to clause (i) of the definition of First Lien Loan, such loan may also be (or may also by its terms become) subordinate in right of payment to one or more First Lien Loans of the Obligor (other than Permitted Obligor Indebtedness) where such subordination becomes effective solely upon the occurrence of a default or event of default by the Obligor and (y) as of the related Cut-Off Date, the total Tranche Size of all First Out Loans (other than Permitted Obligor Indebtedness) repayable ahead of the FILO Loan shall be less than 25% of the sum of the total Tranche Sizes of such First Out Loans and such FILO Loan.