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.