Definition of Term Loan B Intercreditor Agreement

  1. Term Loan B Intercreditor Agreement means an intercreditor agreement by and between Agent, the Term Loan B Agent and/or the Term Loan B Lenders (as the case may be), the Credit Parties and the other parties thereto (if any), in form and substance, and on terms and conditions, reasonably acceptable to the Agent and the Required Lenders, as amended, restated, supplemented, or otherwise modified from time to time; provided that (i) the priority of the Liens (if any) securing the obligations under the Term Loan B Documents shall be subject in all respects to the Liens securing the Obligations except that such Liens securing the obligations under the Term Loan B Documents may have priority over the Liens securing the Obligations solely with respect to the Second Priority Collateral (it being understood that the Agent shall retain a Lien on such Second Priority Collateral, subject only to the Liens under the Term Loan B Documents and the Supplemental L/C Facility Documents), all on terms and conditions reasonably acceptable to the Agent and the Required Lenders and (ii) the Agent and Lenders shall be granted (x) an irrevocable, non-exclusive, royalty free, worldwide license to use, assign, license or sublicense all Second Priority Collateral for purposes of enabling the Agent and the Lenders to administer, and exercise any rights and remedies with respect to, the Collateral and (y) access rights, in scope and pursuant to access agreements reasonably satisfactory to the Agent and the Required Lenders, to all Second Priority Collateral of the Credit Parties for purposes of enabling the Agent and the Lenders to administer, and exercise any rights and remedies with respect to, the Collateral, in each case, on terms and conditions reasonably acceptable to Agent and the Required Lenders.

Examples of Term Loan B Intercreditor Agreement in a sentence

  1. In the event of any conflict or inconsistency between the provisions of this Agreement and the Term Loan B Intercreditor Agreement, the provisions of the Term Loan B Intercreditor Agreement shall control.

Definition of Term Loan B Intercreditor Agreement in Credit Agreement

Term Loan B Intercreditor Agreement means an intercreditor agreement by and between Agent, the Term Loan B Agent and/or the Term Loan B Lenders (as the case may be), the Credit Parties and the other parties thereto (if any), in form and substance, and on terms and conditions, reasonably acceptable to the Agent and the Required Lenders, as amended, restated, supplemented, or otherwise modified from time to time; provided that (i) the priority of the Liens (if any) securing the obligations under the Term Loan B Documents shall be subject in all respects to the Liens securing the Obligations except that such Liens securing the obligations under the Term Loan B Documents may have priority over the Liens securing the Obligations solely with respect to the Second Priority Collateral (it being understood that the Agent shall retain a Lien on such Second Priority Collateral, subject only to the Liens under the Term Loan B Documents and the Supplemental L/C Facility Documents), all on terms and conditions reasonably acceptable to the Agent and the Required Lenders and (ii) the Agent and Lenders shall be granted (x) an irrevocable, non-exclusive, royalty free, worldwide license to use, assign, license or sublicense all Second Priority Collateral for purposes of enabling the Agent and the Lenders to administer, and exercise any rights and remedies with respect to, the Collateral and (y) access rights, in scope and pursuant to access agreements reasonably satisfactory to the Agent and the Required Lenders, to all Second Priority Collateral of the Credit Parties for purposes of enabling the Agent and the Lenders to administer, and exercise any rights and remedies with respect to, the Collateral, in each case, on terms and conditions reasonably acceptable to Agent and the Required Lenders.