First Lien Last Out Loan Asset means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to any expressly permitted liens under the applicable covenants in the Loan Agreement for such Loan Asset, including those set forth in “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary, (ii) has a Loan-to-Value Ratio not greater than 65%, and (iii) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the Obligor of such Loan Asset, other than with respect to the liquidation of such Obligor or such Underlying Collateral.
First Lien Last Out Loan Asset means any Loan Asset (other than a First Lien Loan Asset) that (a) is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to (i) any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein and (ii) any Lien securing a working capital facility incurred by the related Obligor for such Loan Asset to the extent such Lien securing such working capital facility on the same Underlying Collateral is prior to, or pari passu with, the Lien securing such Loan Asset and (b) has a Loan-to-Value Ratio not greater than 65%, (c) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor, other than in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings of such Obligor or with respect to such Underlying Collateral and (d) has the same maturity as the first lien loan tranche(s) issued by the same Obligor.
First Lien Last Out Loan Asset means any Loan Asset that (i) is secured by a valid and perfected first priority Lien on all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, so long as such definition is reasonable and customary, (ii) has a Loan-to-Value Ratio not greater than 65%, and (iii) is not by its terms (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed money of the Obligor of such Loan Asset, other than with respect to the liquidation of such Obligor or such Underlying Collateral.
More Definitions of First Lien Last Out Loan Asset
First Lien Last Out Loan Asset means any Loan Asset that would be classified as a First Lien Loan Asset but may, any time prior to and/or after an event of default under the related Loan Agreement by its terms, become subordinate in right of payment to (i) one or more tranches of such First Lien Loan Asset, or (ii) any other obligation of the Obligor of the Loan Asset, in either case in accordance with a specific waterfall of payments or other priority of payments.
First Lien Last Out Loan Asset means any Loan Asset that (a) would constitute a First Lien Loan Asset but that, at any time prior to and/or after an event of default under the related Loan Agreement of such Loan Asset, will be paid after one or more tranches of first lien loans issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments and (b) whereby the ratio of the aggregate commitment amount of such first lien loans to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) is not greater than 1.0x; provided, that the Administrative Agent, in its sole discretion, may change the designation of any First Lien Last Out Loan Asset to a First Lien Loan Asset.
First Lien Last Out Loan Asset means a commercial loan that would constitute a First Lien Loan Asset but that, at any time prior to and/or after an event of default under the related Loan Agreement of such Eligible Loan Asset, will be paid after one or more tranches of First Lien Loan Assets issued by the same Obligor have been paid in full in accordance with a specified waterfall or other priority of payments; provided that the Administrative Agent may, in its sole discretion, designate an Eligible Loan Asset that would otherwise constitute a First Lien Last-Out Loan Asset as a First Lien Loan Asset in the related Approval Notice.
First Lien Last Out Loan Asset means any Loan Asset (other than a First Lien Loan Asset) that (a) is secured by a valid and perfected first priority Lien on substantially all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset, subject to (i) any “permitted liens” as defined in the applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein and (ii) any Lien securing a working capital facility incurred by the related Obligor for such Loan Asset to the extent such Lien securing such working capital facility on the same Underlying Collateral is prior to, or pari passu with, the Lien securing such Loan Asset and (b) provides that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, all other Indebtedness of such Obligor, other than a working capital facility incurred by such Obligor that is senior has a Loan-to-Value Ratio not greater than 65%, (c) is not (and cannot by its terms become) subordinate in right of payment to such Loan Asset.any obligation of the Obligor, other than in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings of such Obligor or with respect to such Underlying Collateral and (d) has the same maturity as the first lien loan tranche(s) issued by the same Obligor. BUSINESS.29976944.129976944.10
First Lien Last Out Loan Asset means a Loan Asset that would be a First Lien Loan Asset but for the fact that, in the case of an event of default under the applicable Loan Agreement, the lenders thereunder will be paid after one or more tranches of first lien loans (inclusive of any revolving loan commitments and delayed draw commitments) funded under such Loan Agreement (for which purposes an Obligor’s obligations in respect of its trade claims, accounts receivables, inventory, capitalized leases or similar obligations shall be deemed not to constitute such first lien loans) issued by the same Obligor have been paid in full in accordance with a specified waterfall of payments.
First Lien Last Out Loan Asset means any Loan Asset (other than a Qualified First Lien Loan) (a) that would constitute a First Lien Loan Asset but that, at any time prior to and/or after an event of default under the related Loan Agreement of such Loan Asset, will be paid after one or more tranches of first lien loans issued by the same Obligor (such first lien loans, the “First Out Tranche”) have been paid in full in accordance with a specified waterfall or other priority of payments and (b) whereby the ratio of the aggregate commitment amount of such First Out Tranche to EBITDA of such Obligor (based on the most recently available quarterly financial statements of such Obligor) is not greater than 2.0x; provided, that the Administrative Agent, in its sole discretion, may change the designation of any First Lien Last Out Loan Asset to a First Lien Loan Asset.
First Lien Last Out Loan Asset means any Loan Asset (other than a First Lien Loan Asset) that