Term Priority Collateral definition

Term Priority Collateral has the meaning set forth in the Intercreditor Agreement.

Term Priority Collateral shall have the meaning assigned to such term in the ABL Intercreditor Agreement.

Term Priority Collateral means “Term Loan Priority Collateral” as defined in the Intercreditor Agreement.

Examples of Term Priority Collateral in a sentence

• If any insurance claim includes both ABL Priority Collateral and Term Priority Collateral, the insurer will not settle such claim separately with respect to ABL Priority Collateral and Term Priority Collateral, and if the Parties are unable after negotiating in good faith to agree on the settlement for such claim, either Party may apply to a court of competent jurisdiction to make a determination as to the settlement of such claim, and the court’s determination shall be binding upon the Parties.

• Until the Discharge of Term Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Term Priority Collateral without the Term Agent’s express written consent.

• In addition, the ABL Agent shall, at its own cost and expense, perform, or cause to be performed, normal reasonable maintenance on those Term Priority Collateral used or occupied by the ABL Agent or the Receiver during the period of such use or occupation.

• Without limiting the generality of the foregoing, the ABL Secured Parties shall not be obligated to see to the application of any Proceeds of the Term Priority Collateral deposited into any Deposit Account or be answerable in any way for the misapplication thereof.

• During the Manufacturing Liquidation Period, the ABL Agent or any Receiver, as applicable, shall have access to and use and occupancy of each Credit Party’s manufacturing facilities and other Term Priority Collateral located therein to the extent necessary to convert raw materials, to complete the manufacturing of work in process, and to package, ship, sell, liquidate or otherwise dispose of Inventory.

More Definitions of Term Priority Collateral

Term Priority Collateral means all Collateral other than ABL Priority Collateral.

Term Priority Collateral means all Collateral consisting of the following (including for the avoidance of doubt, any such assets that, but for the application of Section 552 of the Bankruptcy Code (or any similar provision of any foreign Debtor Relief Laws) would be Term Priority Collateral):

Term Priority Collateral means all Collateral other than Revolver Priority Collateral.

Term Priority Collateral has the meaning assigned to the term “Fixed Asset Priority Collateral” in the ABL Intercreditor Agreement.

Term Priority Collateral means (i) equipment and fixtures; (ii) real estate assets; (iii) intellectual property; (iv) equity interests in all direct and indirect Subsidiaries of the Company; (v) all intercompany debt owed to the Company or any other Grantor; (vi) all other assets of any Grantor, whether real, personal or mixed not constituting ABL Priority Collateral; (vii) to the extent evidencing, governing, securing or otherwise reasonably related to any of the foregoing, all documents, general intangibles, instruments, commercial tort claims, letters of credit, letter of credit rights and supporting obligations; provided, however, that to the extent any of the foregoing also evidence, govern, secure or otherwise reasonably relate to any ABL Priority Collateral only that portion that evidences, governs, secures or primarily relates to Term Priority Collateral shall constitute Term Priority Collateral; (viii) all books records and documents related to the foregoing (including databases, customer lists and other records, whether tangible or electronic, which contain any information relating to any of the foregoing); and (ix) all proceeds and products of any or all of the foregoing in whatever form received, including proceeds of business interruption and other insurance and claims against third parties.

Term Priority Collateral means:

Term Priority Collateral means “Non-Intercreditor Collateral” as defined in the ABL Intercreditor Agreement.