First Out Excess Factor definition

First Out Excess Factor means, with respect to any First Lien Last Out Loan, a percentage equal to (i) the product of (A) 1.50 and (B) the amount calculated pursuant to clause (y) of the definition of “First Out Leverage,” divided by (ii) the amount calculated pursuant to clause (x) of the definition of “First Out Leverage.”

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First Out Excess Factor means, with respect to any First Lien Last Out Loan, a percentage equal to (i) the product of (A) 1.50 and (B) the amount calculated pursuant to clause (y) of the definition of “First Out Leverage,” divided by (ii) the amount calculated pursuant to clause (x) of the definition of “First Out Leverage.” USActive 53852035.1153852035.14.docx -27-