Definition of Term Facility First Priority Collateral


Term Facility First Priority Collateral means all Term Loan Collateral (other than all ABL Facility First Priority Collateral) and all collateral security and guarantees with respect to any Term Facility First Priority Collateral and all cash, Money, Instruments, Securities, Financial Assets, Deposit Accounts (including any Asset Sale Proceeds Accounts) and other Proceeds directly received as proceeds of any Term Facility First Priority Collateral ("Term Loan Priority Proceeds"); provided, however, no proceeds of Term Loan Priority Proceeds will constitute Term Facility First Priority Collateral unless such proceeds of Term Loan Priority Proceeds would otherwise constitute Term Facility First Priority Collateral; provided that any of the foregoing that consists of identifiable ABL Priority Proceeds shall not be included in Term Facility First Priority Collateral. For the avoidance of doubt, under no circumstances shall any assets excluded from the Term Loan Collateral pursuant to any Term Loan Collateral Documents constitute Term Facility First Priority Collateral.
Sample 1

Examples of Term Facility First Priority Collateral in a sentence

Until the Discharge of Term Priority Claims has occurred, the ABL Agent, on behalf of itself and each ABL Lender, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Term Facility First Priority Collateral, without the prior written consent of the Designated Term Loan Agent.
Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the ABL Agent or the ABL Lenders may have with respect to the ABL Facility First Priority Collateral, or any rights or remedies the Term Loan Agents or the Term Loan Lenders may have with respect to the Term Facility First Priority Collateral.
To the extent that any Capital Stock included in the Collateral is or becomes a Certificated Security, the Grantor shall promptly deliver such certificates evidencing such Pledged Securities to the Collateral Agent (or, prior to the Discharge of Term Priority Claims and with respect to the Term Facility First Priority Collateral, to the Term Collateral Agent, as gratuitous bailee) together with stock powers or indorsements thereof.
Additional Secured Debt shall mean Indebtedness secured by Liens having a priority junior to that of the Liens securing the Obligations on the ABL Facility First Priority Collateral and Liens having a priority that may be senior to that of the Liens securing the Obligations on the Term Facility First Priority Collateral.