First Out Loan means any First Lien Loan that, in any bankruptcy, reorganization, arrangement, insolvency, moratorium, post-event of default scenario or liquidation proceedings, is senior in right of payment to (and documented under the same Underlying Instruments as) a FILO Loan to the same Obligor.
First Out Loan means a Loan that (a) constitutes an Eligible Loan which is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the occurrence of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment; provided, however, that if (i) the Borrower holds 100% of the interests in both the First Out Loan and related Last Out Loan of an Obligor, or (ii) 100% of the interests in both the First Out Loan and the related Last Out Loan of an Obligor are held by the Borrower and its Affiliates, in accordance with that certain exemptive order granted by the SEC to the Originator in July 2012 to the extent that such order remains applicable to Originator and its Affiliates, then in either case, both Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied.
First Out Loan means a Loan that (a) constitutes an Eligible Loan which is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in a substantial portion of the assets of the related Obligor, and (c) following the occurrence of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment; provided, however, that if (i) the Borrower holds both the First Out Loan and related Last Out Loan of an Obligor, or (ii) the Borrower holds a First Out Loan of an Obligor and an Affiliate of Borrower holds the related Last Out Loan, then in either case, both Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied.
Examples of First Out Loan in a sentence
After the receipt of such Closing Fee, the Agent shall pay to each of the First Out Lenders an amount equal to 1% of the First Out Loan made by it, and shall pay to each of the Last Out Lenders an amount equal to 1% of the Last Out Loan made by it.
Following the payment in full of all Obligations in respect of the First Out Loan, each scheduled payment of principal shall be paid to the Last Out Lenders until paid in full.
If a Triggering Event has occurred and is continuing, on the date of receipt of each scheduled payment of principal on account of the Loans (pursuant to Section 2.07 of the Credit Agreement or otherwise) that is received by the Agent, the Agent shall pay all such amounts, first, to the First Out Lenders for application to the First Out Loan, until paid in full, and second, to the Last Out Lenders until paid in full.
There were no further changes to the quantum or terms of the existing First Out Loan as a result of this transaction.
More Definitions of First Out Loan
First Out Loan means a Loan that (a) constitutes an Eligible Loan which is a First Lien Loan, (b) is secured on a pari passu basis with a Last Out Loan by a perfected, first priority security interest in all or substantially all of the assets of the related Obligor, and (c) following the occurrence of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment.
First Out Loan means a Loan that (a) constitutes an Eligible Loan which is a First Lien Loan, (b) is secured on apari passu basis with a Last Out Loan by a perfected, first priority security interest in a substantial portion of the assets of the related Obligor, and (c) following the occurrence of a specified event or trigger under the applicable Loan Documents, will be paid in full prior to the payment of any portion of the related Last Out Loan issued by the same Obligor, in accordance with a specified priority of payment; provided, however, that if (i) the Borrower holds both the First Out Loan and related Last Out Loan of an Obligor, or (ii) the Borrower holds a First Out Loan of an Obligor and an Affiliate of Borrower holds the related Last Out Loan, then in either case, both Loans will be considered to be First Lien Loans provided all other requirements of this definition are satisfied.
First Out Loan means that portion of the Loan made by the First Out Lenders on the date hereof, in the aggregate original principal amount of$125,000,000.
First Out Loan means the Initial First-Out Loan and any Additional First-Out Loan.