FLLO Loan means any Loan Asset that would constitute a First Lien Loan (without regard to clause (f) of the definition thereof) except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after one or more tranches of first lien loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement.
FLLO Loan means any interest in a loan, including any assignment of or participation in or other interest in a loan, that satisfies the definition of "Senior Secured Loan" except that, at any time after an event of default under the related underlying instruments, such interest will be paid after one or more tranches of Senior Secured Loans issued by the related obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the related underlying instruments, an agreement among lenders or other applicable agreement. For the avoidance of doubt, any FLLO Loan identified as such on the related Notice of Acquisition and approved by the Administrative Agent shall not be reclassified by the Administrative Agent after the related Trade Date.
FLLO Loan means any Loan that satisfies all of the requirements set forth in the definition of “First Lien Loan” (without regard to clause (e) of the definition thereof) except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided that the ratio of the outstanding principal balance of the “first out” position to the EBITDA of the Obligor is less than or equal to 2:00:1.00 as of the Addition Date; provided, further, that any Loan that otherwise satisfies the requirements of this definition other than the immediately preceding proviso shall constitute a Second Lien Loan for purposes of the Advance Rate but not for purposes of the Concentration Limitations.
More Definitions of FLLO Loan
FLLO Loan or “Second Lien Loan”, as applicable to such Eligible Loan Asset)) on any of the Underlying Collateral securing such Eligible Loan Asset, (b) increases the commitment amount of any loan senior to or pari passu with such Eligible Loan Asset other than any increase permitted by the related Underlying Instruments as of the Addition Cut-Off Date for such Eligible Loan Asset or (c) the Obligor thereof incurs any additional Indebtedness which was not in place as of the Addition Cut-Off Date which is senior to or pari passu with such Eligible Loan Asset (except as permitted (including an expressly permitted “basket” or “headroom” permission subject to lender consent) under (x) the applicable Underlying Instruments existing on the Addition Cut-Off Date for such Eligible Loan Asset, and (y) under the definition of “First Lien Loan”, “Unitranche Loan”, “FLLO Loan” or “Second Lien Loan”, as applicable to such Eligible Loan Asset);
FLLO Loan means any interest in a loan, including any assignment of or participation in or other interest in a loan, that satisfies the definition of "Senior Secured Loan" except that, at any time after an event of default under the related underlying instruments, such interest will be paid after one or more tranches of Senior Secured Loans issued by the related obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the related underlying instruments, an agreement among lenders or other applicable agreement. For the avoidance of doubt, any FLLO Loan identified as such on the related Notice of Acquisition and approved by the Administrative Agent shall not be reclassified by the Administrative Agent after the related Trade Date.
FLLO Loan means any Loan Asset that satisfies all of the requirements set forth in the definition of “First Lien Loan” except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided, that a Loan Asset shall not be a FLLO Loan as a result of being subordinate to a super senior Revolving Loan and the ratio of the lower of (1) the committed amount or (2) if at any time the borrowing base for the last twelve (12) months is available, then the average borrowing base for the last twelve (12) months, of such super senior Revolving Loan to the EBITDA of the Obligor is less than or equal to 1.00:1.00 as of the Cut-Off Date, if such Loan Asset is designated as a First Lien Loan or Unitranche Loan in the sole discretion of the Administrative Agent pursuant to the proviso in the definition of “First Lien Loan” or “Unitranche Loan”. For clarity, Asset Based Loans shall not be considered to be FLLO Loans for any purpose hereunder.
FLLO Loan means any Loan Asset that satisfies all of the requirements set forth in the definition of “First Lien Loan” except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided that the ratio of the outstanding principal balance of the “first out” position to the EBITDA of the Obligor is less than or equal to 1.50:1.00; provided, further, that any Loan Asset that otherwise satisfies the requirements of this definition other than the immediately preceding proviso shall constitute a Second Lien Loan for purposes of the Advance Rate but not for purposes of the Concentration Limitations.
FLLO Loan means any Loan Asset that satisfies all of the requirements set forth in the definition of “First Lien Loan” (without regard to clause (e) of the definition thereof) except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided that any Loan that would otherwise be a FLLO Loan hereunder but for which the Senior Leverage Ratio as of the Cut-Off Date is less than 1.00:1.00 shall be deemed to be a First Lien Loan for all purposes hereunder.
FLLO Loan means any Loan Asset that satisfies all of the requirements set forth in the definition of “First Lien Loan” (without regard toclause (e) of the definition thereof) except that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after one or more tranches of First Lien Loans issued by the Obligor have been paid in full in accordance with a specified waterfall or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement; provided that any Loan that would otherwise be a FLLO Loan hereunder but for which the Senior Leverage Ratio as of the Cut-Off Date is less than 1.00:1.00 shall be deemed to be a First Lien Loan for all purposes hereunder.