Second Out Loan definition

Second Out Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights of other lenders following an event of default (such portion, a “second out” portion). An Obligor’s investment in the second out portion shall be treated as a Second Out Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under the Facility.
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Second Out Loan means a Bank Loan that is a First Lien Bank Loan, a portion of which is, in effect, subject to superpriority rights of other lenders following an event of default (such portion, a “second out” portion), for which, as of its Cut-Off Date (a) the “first out” portion does not exceed a net leverage of 3.25 to 1.00 and (b) net total leverage does not exceed 5.25 to 1.00. An Obligor’s investment in the second out portion shall be treated as a Second Out Loan for purposes of determining the applicable Advance Rate for such Portfolio Investment under the Facility.
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Examples of Second Out Loan in a sentence

  • Notwithstanding any rights or remedies available to the other Secured Parties under any of the First Out Loan Documents, Second Out Loan Documents, applicable law or otherwise, until the Term LC Termination Date, no Secured Party other than the Term LC Agent shall, directly or indirectly, exercise any Default Remedy with respect to any Term LC Collateral without the consent of the Term LC Agent.

  • Notwithstanding any rights or remedies available to the other Secured Parties under any of the First Out Loan Documents, Second Out Loan Documents, applicable law or otherwise, until the Bonding LC Termination Date, no Secured Party other than the Bonding LC Agent shall, directly or indirectly, exercise any Default Remedy with respect to any Bonding LC Collateral without the consent of the Bonding LC Agent.

  • Notwithstanding any rights or remedies available to the other Secured Parties under any of the First Out Loan Documents, Second Out Loan Documents, applicable law or otherwise, until the Term Termination Date, no Secured Party other than the Term Agent shall (except as provided in the immediately succeeding clause (ii)), directly or indirectly, exercise any Default Remedy with respect to any Term Collateral without the consent of the Term Agent.

  • Notwithstanding any rights or remedies available to the other Secured Parties under any of the First Out Loan Documents, Second Out Loan Documents, applicable law or otherwise, until the Revolving Termination Date, no Secured Party other than the Revolving Agent shall (except as provided in the immediately succeeding clause (ii)), directly or indirectly, exercise any Default Remedy with respect to any Revolving Collateral without the consent of the Revolving Agent.