Designated Term Representative definition

Designated Term Representative means “Designated Term Representative” as defined in the ABL/Term Intercreditor Agreement.

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Designated Term Representative means (i) the Term Administrative Agent, until such time as the Discharge of Term Obligations with respect to the Term Credit Agreement has occurred, and (ii) thereafter, the Term Representative designated from time to time by the Term Instructing Group, in a written notice to ABL Agent and the Grantors hereunder, as the “Designated Term Representative” for purposes hereof.

Designated Term Representative means (a) the Term Collateral Agent, until the Discharge of Indenture Obligations and (b) thereafter, the Term Representative designated from time to time by the Majority Term Representatives, in a notice to the ABL Agent and the Issuer hereunder, as the “Designated Term Representative” for purposes hereof; provided however, that after the incurrence of any Additional Term Debt in the form of term loans in a principal amount in excess of the then outstanding principal amount of the Indenture Obligations, the Issuer may, by notice to the Term Collateral Agent, the ABL Agent and all other Representatives of the Additional Term Debt then outstanding, designate the Representative under such Additional Term Debt as the Designated Term Representative.

Examples of Designated Term Representative in a sentence

The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by the ABL Agent and the Designated Term Representative.
In connection with the application of Proceeds pursuant to Section 5.1(a), the Designated Term Representative may sell any non-Cash Proceeds for cash prior to the application of the Proceeds thereof.
The Designated Term Representative also may seek, without objection from the ABL Secured Parties, adequate protection with respect to the Term Secured Parties’ rights in the ABL Priority Collateral in the form of reports, notices, inspection rights, and similar forms of adequate protection to the extent also granted to the ABL Secured Parties in connection with any use of ABL Priority Cash Collateral or ABL Priority DIP Financing.
The Designated Term Representative is hereby authorized to make any such endorsements as agent for ABL Agent or any such other ABL Secured Parties.
ABL Agent, for itself and on behalf of ABL Secured Parties, shall not object to, oppose, support any objection, or take any other action to impede, the rights of any Term Secured Party or Designated Term Representative to make an election under Section 1111(b)(2) of the Bankruptcy Code (or similar Bankruptcy Law) with respect to the Term Priority Collateral.
In exercising rights and remedies with respect to the Term Priority Collateral, the Designated Term Representative and the other Term Secured Parties may enforce the provisions of the Term Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion.
Upon the Discharge of ABL Obligations, the ABL Agent shall deliver promptly to the Designated Term Representative any Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Designated Term Representative to the Term Obligations in such order as specified in the relevant Term Debt Documents.
The ABL Agent, for itself and on behalf of ABL Secured Parties, shall not object to, oppose, support any objection, or take any other action to impede, the rights of any Term Secured Party or Designated Term Representative to make an election under Section 1111(b)(2) of the Bankruptcy Code (or similar Bankruptcy Law).
The ABL Agent is hereby authorized to make any such endorsements as agent for the Designated Term Representative or any such Term Secured Party with respect to the ABL Priority Collateral.
The Designated Term Representative, on behalf of itself and the Term Secured Parties, agrees that no such Person shall provide to ARC or any other Grantor any Term Priority DIP Financing to the extent that the Term Administrative Agent or any Term Secured Party would, in connection with such financing, be granted a Lien on the ABL Priority Collateral senior to or pari passu with the Liens of ABL Agent securing the ABL Obligations.

More Definitions of Designated Term Representative

Designated Term Representative has the meaning given to such term in the ABL Intercreditor Agreement.

Designated Term Representative means the “Designated Senior Priority Representative” (as defined in the First Lien/Second Lien Intercreditor Agreement) which, as of the date hereof, is CS; provided that (x) following the “Discharge of Senior Priority Obligations” (as defined in the First Lien/Second Lien Intercreditor Agreement) and the delivery of written notice thereof by the “Designated Second Priority Representative” (as defined in the First Lien/Second Lien Intercreditor Agreement) to each Representative, the Designated Term Representative shall be the “Designated Second Priority Representative” (as defined in the First Lien/Second Lien Intercreditor Agreement) whose name and contact information shall be set forth in such written notice and (y) following the occurrence of the “Second Priority Enforcement Date” (as defined in the First Lien/Second Lien Credit Agreement) and the delivery of written notice thereof by the “Designated Second Priority Representative” (as defined in the First Lien/Second Lien Intercreditor Agreement) to each Representative, the Designated Term Representative shall be the “Designated Second Priority Representative (as defined in the First Lien/Second Lien Intercreditor Agreement) whose name and contact information shall be sent forth in such written notice. Each Representative may conclusively rely upon any such written notice delivered to it.