Examples of Term Creditor in a sentence
In the event the Term Collateral Agent or any Term Creditor becomes a judgment lien creditor in respect of ABL Priority Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subordinated to the Liens securing ABL Obligations on the same basis as the other Liens securing the Term Obligations are so subordinated to the ABL Obligations under this Agreement.
In any Insolvency or Liquidation Proceeding, neither the Term Collateral Agent nor any other Term Creditor shall propose or support any plan of reorganization, plan or arrangement or disclosure statement, or join with or support any third party in doing so, to the extent the terms of such plan or disclosure statement are inconsistent with the terms of this Agreement as to the treatment of ABL Priority Collateral.
No Collateral Agent acting pursuant to this Section 5.6 shall have by reason of the ABL Security Documents, the Term Security Documents, this Agreement or any other document a fiduciary relationship in respect of any other Collateral Agent, any ABL Creditor or any Term Creditor.
The ABL Collateral Agent, on behalf of itself and the ABL Creditors, and each other ABL Creditor (by its acceptance of the benefits of the ABL Documents) and the Term Collateral Agent, on behalf of itself and the Term Creditors, and each other Term Creditor (by its acceptance of the benefits of the Term Loan Document), hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement.
Each Term Creditor, by its acceptance of the benefits of the Term Loan Documents, agrees to be bound by the agreements herein made by it and the Term Collateral Agent, on its behalf.
The Term Collateral Agent, on behalf of itself and the Term Creditors and each other Term Creditor (by its acceptance of the benefits of the Term Loan Documents), each agree that the ABL Creditors and the ABL Collateral Agent have no duty, express or implied, fiduciary or otherwise, to any of them in respect of the maintenance or preservation of the ABL Priority Collateral, the ABL Obligations or otherwise.
The Term Collateral Agent, on behalf of itself and the Term Creditors, and each other Term Creditor (by its acceptance of the benefits of the Term Loan Documents) agree that it will not take or receive any ABL Priority Collateral or any proceeds of ABL Priority Collateral in connection with the exercise of any right or remedy (including, without limitation; setoff) with respect to any ABL Priority Collateral, unless and until the Discharge of ABL Obligations has occurred.
Any amounts received by the Term Collateral Agent or any Term Creditor on account of the Term Obligations from proceeds of ABL Priority Collateral, after the termination of this Agreement (or any prior Discharge of ABL Obligations) shall, in the event of a reinstatement pursuant to this Section 6.5(a), be held in trust for and paid over to the ABL Collateral Agent for the benefit of the ABL Creditors, for application to the reinstated ABL Obligations.
If any Term Creditor is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Borrower or any other Grantor any amount (a “Term Recovery”), then the Term Obligations shall be reinstated to the extent of such Term Recovery and the Term Creditors shall be entitled to a reinstatement of Term Obligations with respect to all such recovered amounts.
Each ABL Creditor, by its acceptance of the benefits of the ABL Loan Documents and each Term Creditor, by its acceptance of the benefits of the Term Loan Documents, agrees to be bound by the agreements made herein.