Examples of Term Facility Collateral in a sentence
Except as expressly provided herein, no deposits that constitute Term Facility Collateral (or the identifiable cash proceeds thereof) will be made to the Collection Accounts.
The Obligations hereunder will be secured by a perfected first priority security interest in the Term Facility Collateral and a perfected second priority security interest in the Revolving Facility Collateral owned by the Loan Parties.
In addition to the Loans to be provided hereunder, on or prior to the Funding Date, the Borrower and certain of its Subsidiaries will enter into the Revolving Facility, which will be secured by a perfected first priority security interest in, among other items, the Revolving Facility Collateral and a perfected second priority security interest in the Term Facility Collateral.
The parties hereto acknowledge and agree that it is their intention that the Revolving Facility Collateral and the Term Facility Collateral be identical.
Facility Administrative Agent, Term Facility Collateral Agent and the other parties thereto (the “Escrow Agreement”), and, upon such funding, the Company hereby confirms the commitments of the parties to the First Restated Commitment Letter to provide the “Term Facility” (as such term is defined in the First Restated Commitment Letter) have been satisfied and terminated.
Reference is made to the Second Amended and Restated Lien Subordination and Intercreditor Agreement dated as of January 30, 2014, among UBS AG, Stamford Branch, as Revolving Facility Collateral Agent (as defined therein); Credit Suisse AG, as Term Facility Collateral Agent (as defined therein); Ply Gem Industries, Inc.; Ply Gem Holdings Inc.; and the other subsidiaries of Ply Gem Industries, Inc.
The Guarantees will be senior obligations of each Guarantor, secured by first priority liens on the Term Facility Collateral of such Guarantor and, unless the New Working Capital Facility is a securitization facility, second priority liens on the New Working Capital Facility Collateral of such Guarantor.
Each Loan Party shall be the sole account holder of each DDA (other than an Excluded Account) and shall not allow any other Person (other than the Administrative Agent, the Collateral Agent or, subject to the ABL Intercreditor Agreement, the Term Facility Collateral Agent) to have control over or a Lien on a DDA (other than an Excluded Account) or any property deposited therein.
Moreover, if a notice party, including without limitation, the Committee, objects to the alleged Event of Default or Cash Collateral Termination Event within the notice period, then the Debtors’ right to use the DIP Facility and Prepetition Term Facility Collateral should remain in effect pending a final adjudication by the Court of such objection.
Ranking: The Term Loan Facility will be a senior obligation of the Borrower, secured by first priority liens on the Term Facility Collateral of the Borrower and, unless the New Working Capital Facility is a securitization facility, second priority liens on the New Working Capital Facility Collateral of the Borrower.