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 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.
Amounts paid or prepaid in respect of First Out Term Loans may not be reborrowed.
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).
Upon our emergence from Chapter 11 on August 27, 2020, our exit facility consisting of $110 million of First Out Term Loans and $410 million of Second Out Term Loans were financed in whole by our Class A shareholders.
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.