Second Out Term Loans definition

Second Out Term Loans means a first lien senior secured second-out non-amortizing fully-drawn term loan in the principal amount of an individual Second Out Term Lender’s RBL Claim, which term loan shall (a) mature seven (7) years after the Effective Date, (b) accrue interest at the LIBO rate plus 3.00% pursuant to a three-month interest period, (C) be repaid in an amount sufficient to repay all then-remaining indebtedness in respect of such Second Out Term Loans seven (7) years after the Effective Date, and otherwise be on terms and conditions consistent with the Restructuring Support Agreement and acceptable to the Required Consenting RBL Lenders.

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

Second Out Term Loans means any Term Loans outstanding on the Issue Date other than the First-Out Term Loans.

Examples of Second Out Term Loans in a sentence

• As provided in Section 2.5(a), and subject to the terms hereof, the Borrowers may elect that all or any part of the Second Out Term Loans be outstanding as Base Rate Loans or Eurodollar Loans.

• For the avoidance of doubt, the Second Out Term Loans constitute a restructuring of the Prepetition Loans and no cash will be funded by any Second Out Term Lender with respect to any Second Out Term Loans.

• The Debtors expect, and the discussion below assumes, that the RBL Claims Exchange will be treated as a taxable exchange of the RBL Claims for (i) cash (the All Lender Portion and, if applicable, the Exit Facility Revolving Lender Portion) and (ii) the applicable Exit Facility Loans (i.e., the Exit Facility Revolving Loans or the Second Out Term Loans).

• 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.

• Each of the parties hereto hereby agrees that the Administrative Agent may, in consultation with the Borrowers, take any and all action as may be reasonably necessary to ensure that all Incremental Priority Term Loans or Incremental Second Out Term Loans which are not separate tranches, when originally made, are included in each Borrowing of outstanding Priority Term Loans or Second Out Term Loans, as applicable, on a pro rata basis.

• Voluntary prepayments of Second Out Term Loans shall be permitted in whole or in part without premium or penalty (but subject to payment of applicable breakage costs, if any) provided that, any such prepayment does not cause liquidity on a pro forma basis, after giving effect to such payment, to be less than $15.0 million, there is no default or event of default and no Borrowing Base Deficiency exists.

• Each principal payment on the Second Out Term Loans shall be applied to the Lenders holding the Second Out Term Loans pro rata based upon their Second Out Term Loan Percentages.

• Notwithstanding the foregoing, if the Borrower shall have made any payment of the principal amount of Second Out Term Loans other than pursuant to Section 3.01(b)(ii), the amount of such principal paid shall be applied as a credit against the immediately succeeding payments of the Second Out Term Loans required by this Section 3.01(b) in direct order of maturity.

• Maturity Date: The maturity date for the Revolving Credit Facility shall be the date which is the earlier of (a) May 31, 2024 and (b) forty (40) months after the Closing Date (such earlier date, the “Revolving Maturity Date”) and the maturity date for the Second Out Term Loans shall be the date that is one year and 91 days following the Revolving Maturity Date (the “Second Out Maturity Date”).

• 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.

More Definitions of Second Out Term Loans

Second Out Term Loans means (i) the term loans made by the applicable Term Lenders to the applicable Borrower pursuant to Section 2.01(b), (ii) any Incremental Term Loans in the form of additional Second-Out Term Loans made by the applicable Incremental Term Lenders to the applicable Borrower pursuant to Section 2.01(c) and (iii) any Refinancing Term Loans incurred to Refinance Indebtedness described in clause (i) or clause (ii) above or this clause (iii), 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.

Second Out Term Loans has the meaning assigned to such term in Section 2.01(b).

Second Out Term Loans has the meaning set forth in the Proposed Plan.