First Lien Exposure definition

First Lien Exposure means, at any time, the sum of (i) the Total Utilization of the Revolving Loan Commitments plus (ii) the total liabilities of the Company and its Subsidiaries under all Lender Hedge Agreements determined on a “m▇▇▇ to market” basis, provided that for the purpose of calculating First Lien Exposure, the amount of such liabilities under this clause (ii) shall not be less than zero.
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First Lien Exposure means, at any time, the sum of (i) the outstanding amount of First Lien Obligations and (ii) any undrawn commitment under the First Lien Credit Agreement.
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Examples of First Lien Exposure in a sentence

  • Company shall immediately prepay first the Swing Line Loans, second the other Revolving Loans (including collateralization of Bankers’ Acceptances), and third, collateralize Letters of Credit, to the extent necessary so that (A) the Total Utilization of Revolving Loan Commitments shall not at any time exceed the Revolving Loan Commitments then in effect, and (B) the First Lien Exposure shall not at any time exceed the Borrowing Base then in effect.

  • Anything contained in this Agreement to the contrary notwithstanding, the Revolving Loans and the Revolving Loan Commitments shall be subject to the limitation that (i) in no event shall the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan Commitments then in effect and (ii) in no event shall the First Lien Exposure exceed the Borrowing Base then in effect.

  • Anything contained in this Agreement to the contrary notwithstanding, the Swing Line Loans and the Swing Line Loan Subcommitment shall be subject to the limitation that (i) in no event shall the Total Utilization of Revolving Loan Commitments at any time exceed the Revolving Loan Commitments then in effect and (ii) in no event shall the First Lien Exposure exceed the Borrowing Base then in effect.