First Out Term Loans definition

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.

First Out Term Loans means “Loans” as defined in the First Out Term Loan Credit Agreement.

First Out Term Loans means (i) the Closing Date First Out Term Loans made pursuant to Section 2.01(a) and (ii) the Incremental First Out Term Loans made pursuant to Section 2.22 Unless the context shall otherwise require, the term “First Out Term Loans” shall include all Classes of First Out Term Loans.

Examples of First Out Term Loans in a sentence

• With respect to the First Out Term Loans, at the Parent Borrower’s election: · ABR (defined in a manner substantially similar to the Prepetition Term Loan Credit Agreement) plus 10.75% per annum in cash or Adjusted LIBO Rate (defined in a manner substantially similar to the Prepetition Term Loan Credit Agreement) plus 11.75% per annum in cash (subject to a 0.00% per annum floor on ABR and a 1.00% per annum floor on the Adjusted LIBO Rate) .

• The Borrower has requested the Lenders to extend credit in the form of (a) First Out Term Loans on the Closing Date, in an aggregate principal amount of $185,000,000 and (b) Last Out Term Loans on the Closing Date, in an aggregate principal amount of $50,000,000.

• The Borrower intends to use the proceeds of the First Out Term Loans and will request the issuance of Letters of Credit only for the purposes specified in Section 5.08.

• In connection with any Incremental Term Loans that constitute part of the same Class as the First Out Term Loans, the Borrower and the Administrative Agent shall be permitted to adjust the rate of prepayment in respect of such Class such that the Term Lenders holding First Out Term Loans comprising part of such Class continue to receive a payment that is not less than the same Dollar amount that such Term Lenders would have received absent the incurrence of such Incremental Term Loans.

• Use commercially reasonable efforts to obtain within forty-five (45) days after the Closing Date and thereafter maintain (1) a public corporate credit rating (but not any specific rating) from S&P and a public corporate family rating (but not any specific rating) from Mxxxx’x, in each case in respect of the Borrower, and (2) a public rating (but not any specific rating) in respect of the First Out Term Loans and Second Out Term Loans from each of S&P and Mxxxx’x.

More Definitions of First Out Term Loans

First Out Term Loans means, at any time, all of the Term A Loans and the Term B Loans held by the First Out Lenders. “Guarantors” means Parent, Holdings, the Borrower and each Subsidiary Guarantor.

First Out Term Loans means the First-Out Term Loans (as defined in the Credit Agreement as in effect on the Issue Date) and any Indebtedness (to the extent equal and ratable in right of payment and security with such First-Out Term Loans) Incurred to Refinance the First-Out Term Loans (to the extent such Refinancing is permitted under this Indenture). The outstanding principal amount of the First-Out Term Loans on the Issue Date in an aggregate initial principal amount of $229,397,988.74.

First Out Term Loans means (i) the term loans deemed to be made by the applicable Term Lenders to the applicable Borrower pursuant to Section 2.01(a) and (ii) any Refinancing Term Loans incurred to Refinance Indebtedness described in clause (i) above or this clause (ii), in each case ranking equally and ratably in right of security and payment with the Indebtedness being refinanced (including as to waterfall and payment priority pursuant to a Permitted First Lien Intercreditor Agreement) solely to the extent permitted by, and subject to the limitations described in, this Agreement and any Permitted First Lien Intercreditor Agreement.

First Out Term Loans means, collectively, (i) the First Out New Money Term Loans made pursuant to Section 2.01(1), (ii) the Initial Exchange First Out Term Loans made pursuant to Section 2.01(2)(i) and (iii) the Subsequent Exchange First Out Term Loans made pursuant to Section 2.16(1)(i)(A).

First Out Term Loans means, as of any time, the portion of the Term Loans held by the First Out Lenders. The aggregate outstanding principal amount of the First Out Term Loans as of the date hereof is set forth on Schedule 1 hereto. For the avoidance of doubt, any First Out Term Loans transferred to any Last Out Lender in any Partial First Out Transfer shall constitute Last Out Term Loans from and after the transfer thereof.

First Out Term Loans means, at any time, all of the Term A Loans and the Term B Loans held by the First Out Lenders.

First Out Term Loans means, collectively, the Delayed Draw Term Loans and the Second Amendment Term Loans.