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
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.
As provided in the immediately preceding sentence, on the Second Amendment Effective Date $3,846,000 of the proceeds of the Additional Term Loan will be deposited in the Additional Term Loan Collateral Account.
Prior to the Second Amendment Effective Date the Collateral and Documentation Agent shall establish a cash collateral account (the "Additional Term Loan Collateral Account") over which the Collateral and Documentation Agent shall have sole dominion and control and from which the Borrower shall have no right of withdrawal.
The Administrative Agent shall, upon receipt of such sums, (i) credit the Additional Term Loan Collateral Account with $3,846,000 of the proceeds of the Additional Term Loan and (ii) disburse the remaining $8,154,000 of the Additional Term Loan in immediately available funds to the account of DeepTech specified by the Borrower to the Administrative Agent to reimburse DeepTech for the portion of the Expanded Upgrade Costs (as defined below) advanced by it to the Borrower prior to the date hereof.
As of the Term Loan Funding Date, Section 5.1(b) of the Loan Agreement is hereby amended to add a new subsection (b)(iii) as follows: (iii) or the Term Loan Collateral Account.