Last Out Term Loans definition

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.

Last Out Term Loans means the “Loans,” as defined in the Last Out Term Loan Agreement.

Last Out Term Loans means the last-out term loans made by the Lenders under the Last Out Term Loan Facility. “L/C Disbursement” shall mean a payment or disbursement made by an Issuing Bank pursuant to a Letter of Credit. “L/C Participation Fee” shall have the meaning assigned such term in S ection 2.12(b).

Examples of Last Out Term Loans in a sentence

• With respect to the Last Out Term Loans, at the Parent Borrower’s election: · prior to the second anniversary of the Effective Date, ABR plus 2.00% per annum in cash and 8.00% per annum in kind (“PIK”) or Adjusted LIBO Rate plus 2.50% per annum in cash and 8.50% PIK, and thereafter, ABR plus 10.00% per annum in cash or Adjusted LIBO Rate plus 11.00% per annum in cash (in each case subject to a 0.00% per annum floor on ABR and a 1.00% per annum floor on the Adjusted LIBO Rate).

• Last Out Term Loans: The outstanding principal amount of the Last Out Term Loans will be payable on each calendar quarter in equal amounts of 1.00% per annum of the original principal amount of the Last Out Term Loans, with the remaining balance, together with all other amounts owed with respect thereto, payable on the Last Out Maturity Date .

• In no event shall prepayment of Last Out Term Loans be subject to any penalty or premium.

• The Last Out Term Loans may not be prepaid prior to the payment in full in cash of the (x) Revolving Loans and permanent cancellation of the revolving commitments (or, to the extent agreed by the Issuing Bank and Revolving Lenders, cash collateralization of the Letters of Credit) and (y) the Second Out Term Loans.

• 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).

• 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.

• Anything to the contrary contained in the Credit Agreement and the other Loan Documents notwithstanding, the Administrative Agent and the Lenders hereby agree (solely among themselves and without effecting an amendment to the Credit Agreement or any other Loan Document) the Last Out Term Loans shall in no event receive any cash interest payment prior to the date of the TLA/TLB Repayment Event.

More Definitions of Last Out Term Loans

Last Out Term Loans means the last-out term loans made by the Lenders under the Last Out Term Loan Facility.

Last Out Term Loans means, as of any time, the portion of the Term Loans held by the Last Out Lenders. The aggregate outstanding principal amount of the Last 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 acquired by any Last Out Lender in any Partial First Out Transfer shall constitute Last Out Term Loans from and after the acquisition thereof.

Last Out Term Loans means the portion of the Term C Loans held by the Last Out Lenders, including any Incremental Last Out Term Loans. “Lender” has the meaning set forth in the recitals hereof.

Last Out Term Loans. The outstanding principal amount of the Last Out Term Loans will be payable on each calendar quarter in equal amounts of 1.00% per annum of the original principal amount of the Last Out Term Loans, with the remaining balance, together with all other amounts owed with respect thereto, payable on the Last Out Maturity Date .