Definition of Term Loan First Lien Percentage


Term Loan First Lien Percentage means a fraction (expressed as a percentage), the numerator of which is the outstanding principal amount of the Term Loans at such time and the denominator of which is the sum of the outstanding principal amount of the Term Loans at such time plus the outstanding principal amount of all outstanding Pari Passu Lien Indebtedness at such time requiring a prepayment (or an offer to repay) from a specified Asset Disposition.
Sample 1

Examples of Term Loan First Lien Percentage in a sentence

For the avoidance of doubt, the Borrower shall be permitted to apply Net Cash Proceeds from any Asset Disposition or any Insurance and Condemnation Event to repay, prepay redeem, purchase or otherwise acquire the Term Loan First Lien Percentage of the Term Loans and other Pari Passu Lien Indebtedness using the balance of the Net Cash Proceeds at any time without waiting for the end of the reinvestment period and determining Excess Proceeds.