FILO Facility Sample Clauses
A FILO (First-In, Last-Out) Facility clause establishes a specific type of loan structure within a credit agreement, where the lender providing the FILO tranche is repaid after other senior lenders but before more junior creditors. In practice, this facility is often used in asset-based lending arrangements, allowing borrowers to access additional liquidity by layering the FILO tranche on top of existing senior debt, typically with different interest rates or repayment terms. The core function of this clause is to provide borrowers with greater flexibility in financing while clearly defining the repayment priority among creditors, thereby managing risk and expectations for all parties involved.
FILO Facility. The Borrowers promise to repay to the Administrative Agent, for the ratable account of each Appropriate Lender under the FILO Facility, the aggregate unpaid principal amount of the FILO Loans of such Lenders on the FILO Maturity Date applicable to the related Class of FILO Loans, or earlier, if otherwise required by the terms hereof.
FILO Facility. (a) Notwithstanding anything to the contrary contained in this Agreement, at any time after the Closing Date, the Company may request a separate “first-in, last out” credit facility provided by lenders holding “first-in, last out” commitments (the “FILO Lenders”) that are subject to a separate “first-in, last out” incremental borrowing base (collectively, the “FILO Credit Facility”); provided that the FILO Credit Facility (A) shall constitute Obligations for all purposes under the Loan Documents (including for the purposes of being secured by the Collateral and being guaranteed by the Loan Parties) so long as the obligations in respect of the FILO Credit Facility are subordinate to the other Obligations (other than any Cash Management Services, Banking Services Obligations and Swap Obligations that constitute Secured Obligations) under Section 2.18(b); (B) shall be on terms and conditions as determined by the Company, MLPFS and the FILO Lenders, subject to the approval of the Administrative Agent (it being understood that (x) such terms and conditions may include, without limitation, FILO Credit Facility-specific borrowing base, advance rate (including seasonal or fluctuating advance rates), eligibility criteria, availability reserves (including reserves implemented against the Borrowing Base with respect to obligations owing to the FILO Lenders), representations, warranties, covenants and Events of Default, interest rates, fees, final maturity date, amortization, mandatory and voluntary prepayment and commitment termination provision as to the FILO Credit Facility and Full Cash Dominion Period, post-Event of Default and enforcement “waterfall” provisions (including modifications to Section 2.18(b) which are not inconsistent with subclause (A) of the first proviso above) and amendment and waiver provisions (including modifications to Section 9.02
(b) to provide for customary or market provisions in favor of the FILO Lenders, which may include voting rights in favor of the FILO Lenders relating to modifications of the Borrowing Base that would affect the FILO Lenders) in respect of or relating to the FILO Credit Facility and other customary or market terms and conditions for asset-based “first in, last out” credit facilities of this nature; provided, however, that, (i) subject to amortization or mandatory FILO Credit Facility reduction terms and conditions, the stated maturity date of the FILO Credit Facility shall not be earlier than the then Latest Maturi...
FILO Facility. Subject to the terms and conditions set forth herein, each FILO Lender severally agrees to make a term loan to the Borrowers (such loans, collectively, “FILO Loans”) on the Eighth Amendment Effective Date in an amount equal to such FILO Lender’s FILO Commitment; provided that, after giving effect to any such FILO Loans, (A) each of the applicable Credit Extension Conditions shall be satisfied and
FILO Facility. Subject to the terms and conditions set forth herein, each FILO Lender severally agrees to make a term loan to the Borrowers (such loans, collectively, “FILO Loans”) on the Eighth Amendment Effective Date in an amount equal to such FILO Lender’s FILO Commitment; provided that, after giving effect to any such FILO Loans, (A) each of the applicable Credit Extension Conditions shall be satisfied and (B) the Total FILO Outstandings shall not exceed the FILO Borrowing Base, except to the extent a FILO Deficiency Reserve has been established in the amount of such excess. Upon each applicable FILO Lender’s making of its portion of the FILO Loan on the Eighth Amendment Effective Date, the FILO Commitment of such FILO Lender shall be terminated.
FILO Facility