Last Out Term Loan definition

Last Out Term Loan means the first lien last out term loan issued or deemed issued pursuant to the Plan, (a) the terms of which do not provide for any scheduled repayment, mandatory repayment or sinking fund obligation prior to the latest of (i) the 365th day after the Commitment Termination Date and (ii) the scheduled maturity date of the Last Out Notes, other than customary offers to purchase upon a change of control, asset sale or casualty or condemnation event and customary acceleration rights following an event of default, (b) the covenants, events of default, guarantees, collateral requirements, and other terms of which (other than interest rate, fees, funding discounts and redemption or prepayment premiums and other pricing terms determined by the Borrowers to be “market” rates, fees, discounts, and other premiums at the time of issuance or incurrence of any such term loan), taken as a whole, are not more restrictive or burdensome than those set forth in the credit agreement governing the Credit Facility and the other Credit Documents and do not contain any financial ratio that is more restrictive in respect of the corresponding ratio in the Credit Facility or that is not contained in the Credit Facility, (c) in respect of which no Subsidiary of the Company (other than the Borrowers and Guarantors) is an obligor, (d) the terms of which do not restrict the ability of the Borrowers or any of their Restricted Subsidiaries from amending, modifying, restating, or otherwise supplementing the credit agreement governing the Credit Facility or the other Credit Documents, except as permitted by the First Out/Last Out Intercreditor Agreement or another applicable intercreditor agreement in form and substance satisfactory to the Administrative Agent, (e) the terms of which do not restrict the ability of the Company or any of its Subsidiaries to guarantee the Obligations or to pledge assets as collateral security for the Obligations, (f) the terms of which do not prohibit the repayment or prepayment of the Loans, and (g) which are subject to the First Out/Last Out Intercreditor Agreement or another intercreditor agreement in form and substance satisfactory to the Administrative Agent.

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Last Out Term Loan has the meaning specified therefor in Section 2.2 of the Agreement.

Last Out Term Loan means the Last Out Term Loan C tranche under the First Lien Term Loan Agreement in the aggregate principal amount of $125 million plus any interest thereon paid-in-kind.

Examples of Last Out Term Loan in a sentence

Each Loan Party and each Last-Out Term Lender agree and acknowledge that the Loan Parties shall not exercise their option to make cash payments of interest in respect of the Last Out Term Loan at any time during the Availability Modification Period.
The Collateral (as defined below) will be created under, and governed by, the same collateral documents as the Last Out Term Loan, the Last Out Notes, and (if any) the Last Out Incremental Debt, subject to any local law requirements.
Notwithstanding any other provision of this covenant, (i) the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values, and (ii) the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to the Last Out Term Loan Agreement shall not exceed the Last Out Facility Cap Amount.
Each Last Out Term Note shall represent the obligation of Borrower to pay the applicable Last Out Term Lender’s Last Out Term Loan Commitment, together with interest thereon as prescribed in Section 1.5.
The Administrative Agent, acting for this purpose as a non-fiduciary agent of each Lender, shall maintain at one of its offices in the United States a register (the “Register”) for the recordation of the names and addresses of the Lenders, and the commitments of, and principal amount and interest of, the First Out Term Loan and Last Out Term Loan pursuant to the terms hereof from time to time.
Each Loan Party and each Last-Out Term Lender agree and acknowledge that the Loan Parties shall not exercise their option to make cash payments of interest in respect of the Last Out Term Loan at any time during the Guaranty Period.
The Last Out Term Loan Facility shall mature on the date falling 42 months after the Closing Date.
In addition, to the extent any mandatory repayment, mandatory redemption, or offer to purchase is required under the Last Out Term Loan, Last Out Notes, or Last Out Incremental Debt, such requirement must be subject to (a) the prior payment of amounts payable under the Credit Facility in respect of such event and the credit agreement governing the Credit Facility will include a corresponding mandatory prepayment and (b) the covenant described in clause (4) of “Negative Covenants” below.
The Revolving Credit Facility and the Last Out Term Loan Facility shall not be subject to amortization.
Duly executed originals of a letter of direction from Borrower addressed to Agent, on behalf of itself and Lenders, with respect to the disbursement on the Closing Date of the proceeds of the Term Loan, the Last Out Term Loan and the initial Revolving Credit Advance.

More Definitions of Last Out Term Loan

Last Out Term Loan has the meaning ascribed to it in Section 1.1(c)(i).

Last Out Term Loan means the term loans deemed made by the Lenders to the Borrower pursuant to clause (i) of Section 2.01(b).