Last Out Loans definition

Last Out Loans means those “Last Out Loans” as defined in the ABL Credit Agreement.
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Last Out Loans means, collectively, the Initial Term Loans and 2021 Loans.
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Last Out Loans means, with respect to any Credit Facility Loan that is a term loan structured in a first out tranche and a last out tranche (with the first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such Credit Facility Loan that is the last out tranche; provided that:
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Examples of Last Out Loans in a sentence

  • The Borrower shall not permit any of the three largest Eligible Loans (measured in terms of the Adjusted Borrowing Value of such Eligible Loan) included in the calculation of the Borrowing Base to be (i) First Lien Last Out Loans, (ii) Second Lien Loans or (iii) Loans for which the related Obligor has Permitted EBITDA of less than $15,000,000.

  • The definition of Eligible Portfolio Assets shall not include First Lien, Last Out Loans for the purpose of calculating the applicable Sweep Percentage.

  • Such Borrower has all requisite corporate or limited liability company power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its obligations under, this Amendment and the Revolving Credit Agreement (as amended by this Amendment, the “Amended Revolving Credit Agreement”), including the borrowing of the Last Out Loans.

  • At any time there are fewer than thirty (30) Eligible Loans included in the Borrowing Base, the three (3) largest Eligible Loans included in the Borrowing Base shall not be any combination of the following: (x) First Lien Last Out Loans, (y) Second Lien Loans and/or (z) Eligible Loans relating to Obligors with EBITDA of less than $10,000,000.

  • To induce the ABL Lenders to enter into the Second Amendment and consent to the making of the Last Out Loans referred to therein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the Subordinated Creditors has agreed to subordinate the Subordinated Indebtedness (as hereinafter defined) to the ABL Obligations (as hereinafter defined), all in the manner and to the extent hereinafter provided.

  • The terms applicable to such Last Out Loans shall be set forth in the Revolving Credit Agreement after giving effect to this Amendment (it being understood that the conditions in Section 8.2 of the Revolving Credit Agreement shall not apply to the borrowing of the Last Out Loans).

  • The execution and delivery of this Amendment, the performance of this Amendment and the Amended Revolving Credit Agreement and the borrowing of the Last Out Loans have been duly authorized by all necessary corporate or limited liability company action, as applicable, on the part of such Borrower.

  • The Borrower shall not permit any of the three largest Eligible Loans (measured in terms of the Adjusted Borrowing Value of such Eligible Loan) included in the calculation of the Borrowing Base to be (i) First Lien Last Out Loans, (ii) Second Lien Loans or (iii) Loans for which the related Obligor has EBITDA of less than $15,000,000.

  • The aggregate principal amount of Last Out Incremental Loans made hereunder shall not exceed (together with the aggregate principal amount of Last Out Loans made on the Second Amendment Effective Date, but excluding interest paid in kind and capitalized on the Last Out Loans) $25,000,000.

  • So long as no Revolving Credit Loan is outstanding, Borrowers may, at their option from time to time upon not less than 3 days prior written notice to Agent, prepay all or a portion of the Incremental Last Out Loan, provided that the amount of any such prepayment is at least $5,000,000 and in integral multiples of $1,000,000 in excess thereof, and that such prepayments are made ratably with respect to all Incremental Last Out Loans.


More Definitions of Last Out Loans

Last Out Loans means the loans made by the Last Out Lenders pursuant to the Last Out Loan Commitments and the Last Out Incremental Loans.
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Related to Last Out Loans

  • First Lien Last Out Loan means a loan that, prior to an event of default under the applicable Related Contract, is entitled to receive payments pari passu with other senior secured loans of the same Obligor, but following an event of default under the applicable Related Contract, such Collateral Loan becomes fully subordinated to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are paid in full.

  • Tranche A Loans means the Loans made pursuant to the Tranche A Commitment.

  • First Lien Loans means the loans made under the First Lien Credit Agreement.

  • Tranche B Loans means loans made pursuant to Section 2.1(a)(ii).

  • Bridge Loans means the Loans (as defined in the Bridge Credit Agreement).

  • Committed Loans means loans made pursuant to Section 2.1(a).

  • Term Loan Advances are each defined in Section 2.1.1(a).

  • Revolving Loans shall have the meaning assigned to such term in Section 2.1(a).

  • Bank Loans means debt obligations (including term loans, notes, revolving loans, debtor-in-possession financings, the funded and unfunded portion of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans and senior subordinated loans) which are generally under a loan or credit facility (whether or not syndicated) or note purchase agreement.

  • Second Lien Loans means “Loans” under and as defined in the Second Lien Credit Agreement.

  • Swing Loans each is defined in Section 1.7 hereof.

  • New Revolving Loans as defined in Section 2.25.

  • Senior Loans means the loans and other extensions of credit made by the Senior Lenders to Borrower pursuant to the Senior Credit Agreement.

  • ABL Loans means the “Loans” as defined in the ABL Credit Agreement.

  • Revolving Facility Loans shall include the Other Revolving Loans.

  • Revolving Loan Notes means the promissory notes of the Borrower provided pursuant to Section 2.1(e) in favor of any of the Revolving Lenders evidencing the Revolving Loan provided by any such Revolving Lender pursuant to Section 2.1(a), individually or collectively, as appropriate, as such promissory notes may be amended, modified, extended, restated, replaced, or supplemented from time to time.

  • Canadian Loans means, individually and collectively as the context may require, the Canadian Revolving Loans, the Canadian Swingline Loans, the Canadian Overadvances and the Canadian Protective Advances.

  • Initial Loans means the Eligible Loans evidenced by the Notes sold on the Closing Date pursuant to the Initial Purchase Agreement and related documentation, together with any guaranties and other rights relating thereto including, without limitation, Interest Subsidy Payments and Special Allowance Payments.

  • First Lien Term Loans means the “Term Loans” (or any comparable term) as defined in the First Lien Credit Agreement.

  • Revolving Loan Facility means the credit facility or portion thereof established by Lender in favor of Borrower for the purpose of providing working capital in the form of loans and/or Letters of Credit to finance the manufacture, production or purchase and subsequent export sale of Items pursuant to Loan Documents under which Credit Accommodations may be made and repaid on a continuous basis based solely on credit availability on the Export-Related Borrowing Base during the term of such credit facility

  • U.S. Revolving Loans has the meaning set forth in Section 2.1(a).

  • Term A Loans has the meaning specified in Section 2.01(b).

  • Revolving Advances means Advances made other than Letters of Credit.

  • First Lien Loan A Mortgage Loan secured by a first lien Mortgage on the related Mortgaged Property.

  • Loans means the loans made by the Lenders to the Borrower pursuant to this Agreement.