First Out Term Loans definition

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).

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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.

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) .

• Such repayments of Term Loans shall be allocated pro rata to the First Out Term Loans then outstanding and the Last Out Term Loans then outstanding (in each case, other than Other Term Loans and Extended Term Loans).

• Amounts paid or prepaid in respect of First Out Term Loans may not be reborrowed.

• Notwithstanding anything herein to the contrary, no voluntary prepayments of Second Out Term Loans shall be permitted if any First Out Term Loans are then outstanding, and no prepayments of Third Out Term Loans (if any) shall be permitted if any First Out Term Loans and/or Second Out Term Loans are then outstanding.

• The obligations under the DIP Credit Agreement and the Pre-Petition Credit Agreement shall have been repaid (or deemed repaid) on the Closing Date, including the conversion of DIP Roll Up Loans and the DIP New Money Loans (in each case, as defined in the DIP Credit Agreement) into First Out Term Loans under the First Out Term Loan Credit Agreement.

More Definitions of First Out Term Loans

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 has the meaning set forth in the preamble.

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 (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.

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.