First Lien Last Out Loan means a Collateral Loan which 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 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.
First Lien Last Out Loan. Any Collateral Obligation that would be a Senior Secured Loan except that, following a default, such Collateral Obligation becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.
First Lien Last Out Loan means a loan that, prior to an event of default under the applicable Related Contract, is entitled to receive payments pari passu with other senior secured loans of the same Obligor, but following an event of default under the applicable Related Contract, such Collateral Loan becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.
Examples of First Lien Last Out Loan in a sentence
First Lien Last Out Loan: Any Collateral Obligation that would be a Senior Secured Loan but for the fact that following a default such Collateral Obligation becomes subordinated to other Senior Secured Loans of the same Obligor and is not entitled to payments until such other Senior Secured Loans are paid in full.
The identity of each Collateral Obligation that is a First Lien Last Out Loan.
Any First Lien Last Out Loan that is subordinated to indebtedness (including any ABL revolvers) that is less than 0.25x of the related Obligor’s EBITDA shall constitute a First Lien Loan and any First Lien Last Out Loan that is subordinated to indebtedness (including any ABL revolvers) that is greater than 0.25x of the related Obligor’s EBITDA but less than 0.50x of the related Obligor’s EBITDA may constitute a First Lien Loan at the discretion of the Administrative Agent.
Specifically, it will contribute to the achievement of the area’s Objective 2.3: “Improve the quality of health care and education”, 2.4: “Accelerate the Demographic transition” and Objective 2.5: “Promote social inclusion”.
If adjusted price is acceptable to BA, Tozzi will be awarded the work.
More Definitions of First Lien Last Out Loan
First Lien Last Out Loan. A Collateral Obligation that is a Senior Secured Loan that, prior to an event of default under the applicable Underlying Instruments, is entitled to receive payments pari passu with other senior secured loans of the same Obligor, but following an event of default under the applicable Underlying Instruments, such Collateral Obligation becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.
First Lien Last Out Loan. Any Loan that is a senior secured loan that, prior to an event of default under the applicable Underlying Instruments, is entitled to receive payments pari passu with other senior secured loans of the same Obligor and secured by the same collateral, but following an event of default under the applicable Underlying Instruments, such Loan becomes fully subordinated to other senior secured loans of the same Obligor and secured by the same collateral and is not entitled to any payments until such other senior secured loans are paid in full.
First Lien Last Out Loan means a senior secured loan that, prior to a default with respect to such loan, is entitled to receive payments pari passu with other senior secured loans of the same obligor, but following a default becomes fully subordinated to other senior secured loans of the same obligor and is not entitled to any payments until such other senior secured loans are paid in full.
First Lien Last Out Loan means a loan that (a) satisfies the requirements set forth in clauses (b), (c) and (d) of the definition of “Senior Secured Loan”, (b) would satisfy the requirement set forth in clause (a) of such definition but for the fact that, following an event of default under the applicable Related Contract, such Collateral Loan becomes fully subordinated to other senior secured loans under the applicable Related Contract and is not entitled to any payments until such other senior secured loans are paid in full, so long as (c) prior to an Event of Default under the applicable Related Contract, such Collateral Loan is entitled to receive payments pari passu with such other senior secured loans.
First Lien Last Out Loan means a Loan that (A) but for clauses (i) and (iii) of the definition of Senior Secured Loan would be a Senior Secured Loan and (B) prior to a default or liquidation with respect such Loan, is entitled to receive payments pari passu with Senior Secured Loans of the same obligor, but following a default or liquidation becomes fully subordinated to Senior Secured Loans of the same obligor and is not entitled to any payments until such other Senior Secured Loans are paid in full.
First Lien Last Out Loan. A Loan which (a) satisfies clause (a) of the definition of First Lien Loan except that such Loan is subordinated in application of proceeds pursuant to a specified priority of payments to other senior secured loans of the same Obligor until such other senior secured loans are paid in full and (b) has not been designated as a First Lien Loan pursuant to clause (b) of the definition of First Lien Loan.
First Lien Last Out Loan means any assignment of, participation interest in or other interest in an Asset that (a) is secured by a first priority perfected security interest or lien in, to or on specified collateral (subject to customary exemptions for permitted liens, including, without limitation, any tax liens) securing the obligor’s obligations under the Asset and (b) may by its terms become subordinate in right of payment to any other obligation of such obligor solely upon the occurrence of a default or event of default with respect to such other obligation.