Definition of Term Loan Collateral Account

  1. Term Loan Collateral Account means the deposit account or other account maintained by the Administrative Agent (and subject to the first priority security interest of the Administrative Agent for the benefit of the Lenders) pursuant to Section 2.03(f) into which Net Cash Proceeds from sales of Term Priority Collateral and other amounts held by the Administrative Agent pursuant to this Agreement shall be deposited pending final application of such proceeds in accordance with the terms of this Agreement. The Term Loan Collateral Account shall be under the sole dominion and control of the Administrative Agent.

Examples of Term Loan Collateral Account in a sentence

  1. Each Loan Party shall cause all Proceeds of the Term Loan Priority Collateral to be deposited in a Term Loan Collateral Account and not commingle them with Proceeds of the ABL Priority Collateral.
  2. Public Offering; Term Loan Collateral Account; Public Offering Over-Allotment.

Definition of Term Loan Collateral Account in Term Loan Credit Agreement

Term Loan Collateral Account means the deposit account or other account maintained by the Administrative Agent (and subject to the first priority security interest of the Administrative Agent for the benefit of the Lenders) pursuant to Section 2.03(f) into which Net Cash Proceeds from sales of Term Priority Collateral and other amounts held by the Administrative Agent pursuant to this Agreement shall be deposited pending final application of such proceeds in accordance with the terms of this Agreement. The Term Loan Collateral Account shall be under the sole dominion and control of the Administrative Agent.