Ill Will, rest in peace, yo, I'm out

from Nas – Halftime Lyrics on Rap Genius

Meaning

Nas' deceased childhood friend Willie “Ill Will” Graham, for whom Nas would later name his record label.

Nas has mad love for his deceased pal, he references him multiple times on this album alone and basically named the album after him.

You can find references here and here, just to name a few

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