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 has the meaning specified in Section 2.1(d).
Examples of FILO Loan in a sentence
The proceeds of each FILO Loan may be applied to any use permitted under Section 6.11 and, for the avoidance of doubt, may be used to prepay Credit Extensions under the Revolving Credit Facility.
In no event shall FILO Lenders have any obligation to honor a request for a FILO Loan if the sum of the unpaid balance of FILO Loans outstanding at such time (including the requested Loan) plus the unpaid balance of Revolver Loans outstanding at such time would exceed the Aggregate Borrowing Base.
The FILO Loans may be repaid and reborrowed as provided herein; provided that prior to repaying any FILO Loan, all outstanding Revolver Loans shall have been repaid in full.
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).
The proceeds of such Revolver Loan (or FILO Loan) may be disbursed directly to the disbursement account.
More Definitions of FILO Loan
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 a Loan made pursuant to Section 2.01(b).
FILO Loan means a loan made pursuant to Section 2.1.1(b) and any Overadvance Loan made by any Lender in its capacity as a FILO Lender.
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 means a commercial loan (or participation interest therein) 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 Underlying Instruments 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; provided that, only a true first out/last out with a definitive intercreditor agreement shall constitute a FILO Loan for purposes of calculating the Excess Concentration Amount pursuant to clause (a) of the definition thereof.
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 origination or acquisition by the Borrower 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 any Loan that would otherwise be a FILO Loan hereunder but has, on any date of determination, (a) a Leverage Multiple that attaches less than 1.25x of leverage of such Obligor, as reasonably determined by the Facility Agent, and (b) all such obligations that are senior to such Loan is less than an amount equal to the product of (i) 25% multiplied by (ii) the aggregate principal amount of senior tranches of such credit facility (including any such revolving tranche or senior tranche as well as the “first lien” tranche acquired by the Borrower) shall be deemed to be a First Lien Loan for all purposes hereunder; provided that if such Loan has a Leverage Multiple that attaches greater than 2.5x of leverage of such Obligor, such Loan shall be deemed to be a Second Lien Loan for all purposes hereunder.