ABL Facility Priority Collateral definition
Examples of ABL Facility Priority Collateral in a sentence
Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of ABL Facility Priority Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC of any applicable jurisdiction and of a secured creditor under any other applicable law.
The 180 day license periods shall be tolled during the pendency of any Insolvency or Liquidation Proceeding of any Grantor pursuant to which the ABL Facility Collateral Agent is effectively stayed from enforcing its rights and remedies with respect to the ABL Facility Priority Collateral.
The Term Loan Collateral Agent, for itself and on behalf of the other Term Loan Secured Parties, waives any claim it may hereafter have against any ABL Facility Secured Party arising out of the election of any ABL Facility Secured Party of the application of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the ABL Facility Priority Collateral in any Insolvency or Liquidation Proceeding.
Notwithstanding the foregoing or anything contained herein or in any other Loan Document to the contrary, it is understood and agreed that to the extent that the Term Loan Agent is satisfied with or agrees to any deliveries in respect of any Collateral (other than ABL Facility Priority Collateral), Agent shall be deemed to be satisfied with such deliveries to the extent substantially the same as those delivered to the Term Loan Agent.
The ABL Facility Collateral Agent further agrees to take all other action reasonably requested by such Person (at the sole cost and expense of the Grantors or such Person) in connection with such Person obtaining a perfected security interest in the Pledged ABL Facility Priority Collateral or as a court of competent jurisdiction may otherwise direct.
The duties or responsibilities of the ABL Facility Collateral Agent under this Section 4.4(e) shall be limited solely to holding the Pledged ABL Facility Priority Collateral as bailee or agent in accordance with this Section 4.4(e).
So long as the Intercreditor Agreement is in effect, a U.S. Domiciled Obligor may satisfy its obligations hereunder and under the other Loan Documents to deliver Collateral that is not ABL Facility Priority Collateral to Agent by delivering such to the Term Loan Agent or its agent, designee or bailee.
If any Obligor receives cash or Payment Items with respect to any Collateral (limited, in the case of U.S. Obligors, to ABL Facility Priority Collateral), it shall hold same in trust for Agent or Security Trustee and promptly (not later than the next Business Day) deposit same into a Dominion Account.
The ABL Representative shall have the sole and exclusive right, as against the Term Loan Representative, to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of ABL Facility Priority Collateral.
Except as otherwise required by this Agreement, the Term Loan Collateral Agent, on behalf of itself and the other Term Loan Secured Parties, agrees that the ABL Facility Secured Parties and the ABL Facility Collateral Agent have no duty to the Term Loan Collateral Agent or the Term Loan Secured Parties in respect of the maintenance or preservation of the ABL Facility Priority Collateral.