Last Out Loans definition

Last Out Loans means, collectively, the Initial Term Loans and 2021 Loans.

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Last Out Loans means those “Last Out Loans” as defined in the ABL Credit Agreement.

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:

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 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 definition of Eligible Portfolio Assets shall not include First Lien, Last Out Loans for the purpose of calculating the applicable Sweep Percentage.
Concurrently with the effectiveness of this Amendment, the Last Out Loans shall be funded directly to the Cash Collateral Account.
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.
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.
Upon the making of such Last Out Incremental Loan(s), the Agent shall increase the outstanding Last Out Loans for the account of each Last Out Lender making a Last Out Incremental Loan by the amount of such Last Out Incremental Loan.
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).
For the avoidance of doubt, Senior Secured Loans will not include First Lien 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.

Last Out Loans means, following the creation of a First Out Tranche pursuant to Section 9.20, all Loans hereunder not comprising First Out Loans.

Last Out Loans means the “Loans” as defined in the Last-Out Credit Agreement.