First Out Facility definition

First Out Facility means a Loan that (a) constitutes an Eligible First Lien Obligation, (b) consists of a term loan, (c) includes a First Lien/Last Out Term Obligation under a single credit agreement, (d) is secured on a pari passu basis with the First Lien/Last Out Term Obligation by a perfected, first priority security interest in substantially all of the assets of the related Obligor (subject to Purchase Money Liens and customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents), and (e) in the case of an event of default under the applicable Related Document, will be paid in full before one or more tranches of the related First Lien/Last Out Term Obligation issued by the same Obligor will be paid in accordance with a specified waterfall of payment.
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First Out Facility means that certain Superpriority Secured Debtor-in-Possession Credit Agreement dated as of August 6, 2015 among, inter alios, the Borrower, the subsidiaries party thereto, the lenders party thereto from time to time, the issuing banks party thereto from time to time and the First Out Agent.
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First Out Facility means a Loan that (a) constitutes an Eligible First Lien Obligation, (b)
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Examples of First Out Facility in a sentence

  • If the First Out Facility shall terminate prior to the Consummation Date, the covenants as set forth in Articles V and VI of the First Out Facility shall, from such time of termination (and notwithstanding such termination), remain in effect as negative covenants hereunder as they were in effect immediately prior to such termination.

  • If the First Out Facility shall terminate prior to the Consummation Date, the agreements as set forth in Article VII of the First Out Facility shall, from such time of termination (and notwithstanding such termination), remain in effect as affirmative and negative covenants hereunder as they were in effect immediately prior to such termination.


More Definitions of First Out Facility

First Out Facility means that certain Fifth Amended and Restated Credit Agreement, dated as of the date hereof, among the Borrower, the Parent, the First-Out Agent, the Collateral Agent, the First-Out Lenders party thereto from time to time and the other agents and parties party thereto from time to time, and any permitted refinancing debt thereof.
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Related to First Out Facility

  • Cogeneration facility means a power plant in which the heat or steam is also used for industrial or commercial heating or cooling purposes and that meets Federal Energy Regulatory Commission standards for qualifying facilities under the Public Utility Regulatory Policies Act of 1978 (16

  • Credit Facility shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

  • Term Loan Facilities means the Term Loan A Facility and the Term Loan B Facility.