First Out Term Loan Facility definition

First Out Term Loan Facility the loans thereunder, the “First Out Term Loans” and the commitments thereunder, the “First-Out Commitments”) converted in accordance with the Proposed Plan to holders of DIP Term Facility Claims; and · $88.2 million of last-out term loans (the “Last Out Term Loan Facility”, the loans thereunder, the “Last Out Term Loans” and the commitments thereunder, the “Last-Out Commitments”) distributed to holders of Term Loan Claims in accordance with the Proposed Plan. As used herein, “Term Loan Facility” means, collectively, the First Out Term Loan Facility and the Last Out Term Loan Facility. “Commitments” means, collectively, the First Out Commitments and the Last Out Commitments. “Term Loans” means, collectively, the First Out Term Loans and the Last Out Term Loans. The First Out Term Loans will be “first out” in right of payment priority and the Last Out Term Loans will be “last out” in right of payment priority (in each case, as between the tranches of Term Loans). The First Out Term Loans and Last Out Term Loans shall be secured on a pari passu basis by the same lien on the Collateral (as defined below). 1 Capitalized terms used but not defined in this Exit Facility Term Sheet have the meanings ascribed to them in the Restructuring Support Agreement, dated as of July 23, 2020 (the “Restructuring Support Agreement”) to which this Exit Facility Term Sheet is attached or the Proposed Plan attached as Exhibit B to the Restructuring Support Agreement.
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First Out Term Loan Facility shall have the meaning assigned to such term in the recitals.
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Examples of First Out Term Loan Facility in a sentence

  • Plan Distributions of Cash shall be funded from the Debtors’ Cash on hand as of the applicable date of such Plan Distribution and from proceeds of the New First Out Term Loan Facility.

  • Casualty Risk of Collateral The Reorganized Debtors will be obligated by the New First Out Term Loan Facility and New Second Out Term Loan Facility to maintain adequate insurance or otherwise insure against hazards as is customarily done by companies having assets of a similar nature in the same or similar localities.

  • Further, the Debtors have not conducted appraisals of any of their assets constituting collateral to determine if the value of the collateral upon foreclosure or liquidation equals or exceeds the amount of the New First Out Term Loan Facility and New Second Out Term Loan Facility or such other obligation secured by the Collateral.

  • Accordingly, it cannot be assured that the remaining proceeds from a sale of the Collateral would be sufficient to repay holders of the securities under the New First Out Term Loan Facility and New Second Out Term Loan Facility all amounts owed under them.

  • Defects in Collateral Securing the New First Out Term Loan Facility and New Second Out Term Loan Facility The indebtedness under the New First Out Term Loan Facility and New Second Out Term Loan Facility will be secured, subject to certain exceptions and permitted liens, on a first-priority basis by security interests in substantially all assets of the Reorganized Debtors (henceforth, the “Collateral”).

  • In the event of a subsequent foreclosure, liquidation, bankruptcy, or similar proceeding, it cannot be assured that the proceeds from any sale or liquidation of the collateral will be sufficient to pay the Reorganized Debtors’ obligations under the New First Out Term Loan Facility and New Second Out Term Loan Facility, in full or at all.

  • On the Effective Date, on a consolidated basis, it is expected that the Reorganized Debtors will have total secured indebtedness of approximately $585 million, which is expected to consist of the New First Out Term Loan Facility, the New Second Out Term Loan Facility and the Exit AR Facility.

  • An inability to generate sufficient cash flow to satisfy their debt obligations or to obtain alternative financing could materially and adversely affect the Reorganized Debtors’ ability to make payments on the New First Out Term Loan Facility and New Second Out Term Loan Facility and their business, financial condition, results of operations, and prospects.

  • The parties acknowledge that as a result of your continued service as a director on the Board, the Equity Awards remain outstanding and will continue to vest in accordance with the existing terms of the applicable award agreements evidencing such Equity Awards and the Company’s Amended and Restated 2004 Equity Incentive Plan (the “Equity Plan”).

  • The Collateral securing the New First Out Term Loan Facility and New Second Out Term Loan Facility may be subject to exceptions, defects, encumbrances, liens, and other imperfections.

Related to First Out Term Loan Facility

  • Initial Term Loan Facility means the Initial Term Loan Commitments and the provisions herein related to the Initial Term Loans.

  • New Term Loan Facility means the facility providing for the Borrowing of New Term Loans.

  • Tranche B Term Loan Facility as defined in the definition of “Facility” in this Section 1.1.

  • Term Loan Facility means the Term Loan Commitments and the provisions herein related to the Term Loans.

  • Incremental Term Loan Facility has the meaning set forth in Section 2.16(a).

  • Existing Term Loan Facility has the meaning specified in Section 2.17(a).

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

  • Initial Term Loan Commitment means the commitment of a Lender to make or otherwise fund an Initial Term Loan and “Initial Term Loan Commitments” means such commitments of all of the Lenders in the aggregate. The amount of each Lender’s Initial Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Initial Term Loan Commitments as of the Closing Date is $200,000,000.

  • Initial Term Loan Lender means a Lender with an Initial Term Loan Commitment or an outstanding Initial Term Loan.

  • Refinancing Term Loan Commitments has the meaning assigned to such term in Section 2.26(a).

  • Additional Term Loan Commitment means any term commitment added pursuant to Sections 2.22, 2.23 and/or 9.02(c)(i).

  • Maximum Term Loan Amount means Forty Million and No/100 Dollars ($40,000,000).

  • Tranche B Term Loan Commitment means, with respect to each Lender, the commitment, if any, of such Lender to make a Tranche B Term Loan to the Borrower hereunder in a principal amount equal to the amount set forth on Schedule 1.01(b) (or in the case of any Continuing Tranche B Term Loan Lender, the amount of its Existing Tranche B Term Loan continued as a Tranche B Term Loans (as specified in its Term Loan Lender Addendum) pursuant to Section 2.01(b)(i).

  • Tranche B Term Loan Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Third Restatement Date is $600,000,000.

  • Other Term Loan Commitments means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.

  • Delayed Draw Term Loan Commitment means the Lender’s obligation to make the Delayed Draw Term Loan to the Borrower pursuant to Section 2.01(a), as such amount may be adjusted from time to time in accordance with this Agreement.

  • Loan Facility means the Revolving Loan Facility, the Transaction Specific Loan Facility or the Transaction Specific Revolving Loan Facility established by Lender in favor of Borrower under the Loan Documents.

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • Tranche C Term Loan Commitment means the commitment of a Lender to make a Tranche C Term Loan to Company pursuant to subsection 2.1A(iii), and "Tranche C Term Loan Commitments" means such commitments of all Lenders in the aggregate.

  • New Term Loan Commitments shall have the meaning provided in Section 2.14(a).

  • Tranche A Term Loan Commitment means the commitment of a Lender to make or otherwise fund the Tranche A Term Loan and “Tranche A Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of the Tranche A Term Loan Commitments as of the Closing Date is $5,000,000.

  • Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of (i) December 31, 2008, (ii) the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 2.1, and (iii) the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 11.1.

  • Aggregate Term Loan Commitment means the combined Term Loan Commitments of the Lenders, which shall initially be in the amount of $90,000,000, as such amount may be adjusted as permitted by this Agreement.

  • Tranche B Term Loan Lender each Lender that has a Tranche B Term Loan Commitment or is the holder of a Tranche B Term Loan.

  • Tranche B Term Loan as defined in Section 2.1.

  • Initial Term Facility means the Initial Term Loan Commitments and the Initial Term Loans made hereunder.