Last Out Loans definition

Last Out Loans means, collectively, the Initial Term Loans and 2021 Loans.
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Last Out Loans means those “Last Out Loans” as defined in the ABL Credit Agreement.
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Last Out Loans means, with respect to any Credit Facility Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Credit Facility Loan that is the last out tranche; provided that:
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Examples of Last Out Loans in a sentence

  • For the avoidance of doubt, Senior Secured Loans will not include First Lien Last Out Loans.

  • If an Entity other than the Term Loan Lenders is the Winning Bidder, each Holder of an Allowed Last Out DIP Loan Claim (or to the extent the Last Out Loans are not rolled into the Last Out DIP Loans, the Holders of Last Out Loans) shall receive payments in accordance with the waterfall provisions of the DIP ABL Credit Agreement, the DIP Intercreditor Agreement, and the Final DIP Order.

  • The Borrower shall not permit any of the three largest Eligible Loans (measured in terms of the Adjusted Borrowing Value of such Eligible Loan) included in the calculation of the Borrowing Base to be (i) First Lien Last Out Loans, (ii) Second Lien Loans or (iii) Loans for which the related Obligor has Permitted EBITDA of less than $15,000,000.

  • The Sponsor shall cause to be delivered the Last Out Loans Turnover Amount to fund recoveries for the Holders of General Unsecured Claims.

  • The Issuer will invest in a Portfolio of Collateral Obligations consisting, of Secured Senior Obligations, Secured Senior Notes, Corporate Rescue Loans, Unsecured Senior Obligations, Mezzanine Obligations, Second Lien Loans, First Lien Last Out Loans and High Yield Bonds.

  • The definition of Eligible Portfolio Assets shall not include First Lien, Last Out Loans for the purpose of calculating the applicable Sweep Percentage.

  • As of the Petition Date, approximately $8.7 million of the Last Out Loans (as defined in the ABL Facility Credit Documents) under the ABL Facility have been drawn and are outstanding.

  • Subject to the Last Out Loans Turnover, if an Entity other than the Term Loan Lenders is the Winning Bidder, each Holder of an Allowed Last Out DIP Loan Claim (or to the extent the Last Out Loans are not rolled into the Last Out DIP Loans, the Holders of Last Out Loans) shall receive payments in accordance with the waterfall provisions of the DIP ABL Credit Agreement, the DIP Intercreditor Agreement, and the final DIP ABL Order and final DIP Term Loan Order.

  • A Senior Secured Loan that, prior to a default or liquidation with respect to such loan, is entitled to receive payments pari passu with other Senior Secured Loans of the same obligor, but following a default or liquidation becomes fully subordinated to other Senior Secured Loans of the same obligor and is not entitled to any payments until such other Senior Secured Loans are paid in full; provided that First Lien Last Out Loans shall be treated as Second Lien Loans for all purposes hereunder.

  • The Exit ABL Documents shall include provisions necessary to implement the Last Out Loans Turnover.


More Definitions of Last Out Loans

Last Out Loans means the “Loans” as defined in the Last-Out Credit Agreement.
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Last Out Loans means, following the creation of a First Out Tranche pursuant to Section 9.20, all Loans hereunder not comprising First Out Loans.
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Last Out Loans means the loans made by the Last Out Lenders pursuant to the Last Out Loan Commitments and the Last Out Incremental Loans.
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Related to Last Out Loans

  • Last Out Loan means, with respect to any Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Bank Loan that is the last out tranche; provided that:

  • First Lien Last Out Loan Any Collateral Obligation that would be a Senior Secured Loan except that, following a default, such Collateral Obligation becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • First Lien Loans means the “Loans” (or any comparable term) as defined in the First Lien Credit Agreement.

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Bridge Loans means the “Loans” as defined in the Bridge Credit Agreement.

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Revolving Loans as defined in Section 2.4(a).

  • Bank Loans means debt obligations (including, without limitation, term loans, notes, revolving loans, debtor-in-possession financings, the funded and unfunded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge loans and senior subordinated loans) which are generally documented under a loan or credit facility or pursuant to any loan agreement, note purchase agreement or other similar financing arrangement facility, whether or not syndicated.

  • Second Lien Loans means the “Loans” as defined in the Second Lien Credit Agreement and shall, for the avoidance of doubt, include Incremental Second Lien Loans.

  • Swing Loans means collectively and “Swing Loan” shall mean separately all Swing Loans or any Swing Loan made by the Swingline Lender to the Borrower pursuant to Section 2.6.3 [Making Swing Loans].

  • New Revolving Loans as defined in Section 2.25.

  • Lender PMI Loans Mortgage Loans with respect to which the lender rather than the borrower acquired the primary mortgage guaranty insurance and charged the related borrower an interest premium.

  • Senior Loans means the loans and other extensions of credit made by the Senior Lenders to Borrower pursuant to the Senior Credit Agreement.

  • ABL Loans means the “Loans” as defined in the ABL Credit Agreement.

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Revolving Loan Notes means with respect to any Borrower the promissory notes of such Borrower in favor of each Lender evidencing the Revolving Loans made to such Borrower and substantially in the form of Exhibit 2.7(a), as such promissory notes may be amended, modified, supplemented or replaced from time to time.

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Subject Loans has the meaning assigned to such term in Section 2.11(b)(ii).

  • Initial Loans means the Eligible Loans evidenced by the Notes sold on the Closing Date pursuant to the Initial Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • First Lien Term Loans means the “Term Loans” as defined in the First Lien Credit Agreement.

  • 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

  • U.S. Revolving Loans means the revolving loans made to the U.S. Borrowers pursuant to Section 2.1(a)(i), or any amendment to this Agreement entered into pursuant to Section 2.5, 2.6 or 2.7, each Agent Advance made to a U.S. Borrower and each U.S. Swingline Loan.

  • Term A Loans has the meaning specified in Section 2.01(b).

  • Revolving Advances means Advances made other than Letters of Credit.