First Lien First Out Loan definition
First Lien First Out Loan means one or more tranches of First Lien Loans issued by an Obligor under the same Related Documents as a First Lien Last Out Loan that at any time prior to and/or after an event of default under the Related Documents, will be paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement before such First Lien Last Out Loan is paid.
First Lien First Out Loan has the meaning specified in Section 2.01(a).
First Lien First Out Loan means one or more tranches of First Lien Loans issued by an Obligor under the same Related Documents as a First Lien Last Out Loan that at any time prior to and/or after an event of default under the Related Documents, will be paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement before such First Lien Last Out Loan is paid. “First Lien Last Out Loan” means a Collateral Loan that would be a First Lien Loan but for the fact that at any time prior to and/or after an event of default under the Related Documents, such Collateral Loan will be paid after any First Lien First Out Loan issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement or the Obligor has a Working Capital Revolver that is at any time prior to and/or after an event of default, senior to such Collateral Loan in payment priority or in lien priority with respect to all collateral securing such Collateral Loan; provided that if (x) the First Out Leverage, excluding Working Capital Revolver capacity from clause (x) of the definition of First Out Leverage, of such Collateral Loan is less than 0.50:1.00 of leverage of the Obligor thereof, as determined by the Servicer in accordance with the Servicing Standard and (y) the First Out Leverage of such Collateral Loan is less than 1.50:1.00, as determined by the Servicer in accordance with the Servicing Standard, then such Collateral Loan will constitute a First Lien Loan; provided, further, that from time to time, the Administrative Agent may propose certain additional terms or conditions for any individual Collateral Loan to constitute a First Lien Loan pursuant to the immediately preceding proviso, and in the event that such Collateral Loan does not satisfy such additional terms or conditions, such Collateral Loan shall not constitute a First Lien Loan (and if the Administrative Agent imposes any additional term or condition and such term or condition is not satisfied, such Collateral Loan will be deemed a rejection of an Approval Request).
More Definitions of First Lien First Out Loan
First Lien First Out Loan means one or more tranches of First Lien Loans issued by an Obligor under the same Related Documents as a First Lien Last Out Loan that at any time prior to and/or after an event of default under the Related Documents, will be paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement before such First Lien Last Out Loan is paid. “First Lien Last Out Loan” means a Collateral Loan that would be a First Lien Loan but for the fact that at any time prior to and/or after an event of default under the Related Documents, such Collateral Loan will be paid after one or more tranches of First Lien First Out Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement; provided that (x) if the First Out Leverage of such Collateral Loan of an Obligor having its principal place of business and/or incorporation and/or headquarters in the United States or Canada is less than 0.25:1.00 or (y) if the First Out Leverage of such Collateral Loan of an Obligor having its principal place of business and/or incorporation and/or headquarters in an Eligible Country (other than the United States or Canada) is less than 1.25:1.00, in each case as determined by the Servicer in accordance with the Servicing Standard for the most recently ended Relevant Test Period for which financial statements have been delivered to the Borrower prior to the related Trade Date, then such Collateral Loan shall not constitute a First Lien Last Out Loan (and will constitute a First Lien Loan); provided, further, that, the Administrative Agent may propose certain additional terms or conditions for any individual Collateral Loan to constitute a First Lien Loan pursuant to the immediately preceding proviso prior to approving such Collateral Loan, and in the event that such Collateral Loan does not satisfy such additional terms or conditions, such Collateral Loan shall not constitute a First Lien Loan (and if the Administrative Agent imposes any additional term or condition and such term or condition is not satisfied, such Collateral Loan shall be deemed a rejection of an Approval Request). “First Lien Loan” means any Collateral Loan (for purposes of this definition, a “loan”) that meets the following criteria: (a) is not (and is not ...
First Lien First Out Loan means one or more tranches of First Lien Loans issued by an Obligor under the same Related Documents as a First Lien Last Out Loan that at any time prior to and/or after an event of default under the Related Documents, will be paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement before such First Lien Last Out Loan is paid. “First Lien Last Out Loan” means a Collateral Loan that would be a First Lien Loan but for the fact that at any time prior to and/or after an event of default under the Related Documents, such Collateral Loan will be paid after any First Lien First Out Loan issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Related Documents, an agreement among lenders or other applicable agreement or the Obligor has a Working Capital Revolver that is at any time prior to and/or after an event of default, senior to such Collateral Loan in payment priority or in lien priority with respect to all collateral securing such Collateral Loan; provided that if (x) the First Out Leverage, excluding Working Capital Revolver capacity from clause (x) of the definition of First Out Leverage, of such Collateral Loan is less than 0.50:1.00 of leverage of the Obligor thereof, as determined by the Servicer in accordance with the Servicing Standard and (y) the First Out Leverage of such Collateral Loan is less than 1.50:1.00, as determined by the Servicer in accordance with the Servicing Standard, then such Collateral Loan will constitute a First Lien Loan; provided, further, that from time to time, the Administrative Agent may propose certain additional terms or conditions for any individual Collateral Loan to constitute a First Lien Loan pursuant to the immediately preceding proviso, and in the event that such Collateral Loan does not satisfy such additional terms or conditions, such Collateral Loan shall not constitute a First Lien Loan (and if the Administrative Agent imposes any additional term or condition and such term or condition is not satisfied, such Collateral Loan will be deemed a rejection of an Approval Request). “First Lien Loan” means any Collateral Loan (for purposes of this definition, a “loan”) that meets the following criteria: (a) is not (and is not expressly permitted by its terms to become) subordinate to any obligation of the relevant Obl...