Definition of Term Loan First Lien Collateral


Term Loan First Lien Collateral means all Collateral, other than the ABL First Lien Collateral; provided that, for the avoidance of doubt, none of the Term Loan Exclusive Real Property shall constitute "Term Loan First Lien Collateral."
Sample 1

Examples of Term Loan First Lien Collateral in a sentence

To the extent that an insured loss covers or applies to assets or property, some of which constitute Revolving Facility First Lien Collateral and some of which constitute Term Loan First Lien Collateral, then the Revolving Facility Agent and the Term Loan Agent will work jointly and in good faith to collect, adjust or settle under the relevant insurance policy.
Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the Term Loan Security Agent or the other Term Loan Secured Parties may have with respect to the Term Loan First Lien Collateral.
To the extent that an insured loss covers or constitutes both ABL First Lien Collateral and Term Loan First Lien Collateral, then the ABL Agent and each Pari Term Loan Debt Agent will work jointly and in good faith to collect, adjust or settle (subject to the rights of the Grantors under the ABL Debt Documents and the Pari Term Loan Debt Documents) under the relevant insurance policy.
If the new Revolving Facility Obligations under the new Revolving Facility Documents are secured by assets of the Grantors of the type constituting Term Loan First Lien Collateral that do not also secure the Term Loan Obligations, then the Term Loan Obligations shall be secured at such time by a First Priority Lien on such assets to the same extent provided in the Term Loan Security Documents with respect to the other Term Loan First Lien Collateral.
Grantors, the Representatives, the Secured Parties and all other parties hereto agree that only proceeds of the Term Loan First Lien Collateral may be deposited in the Collateral Proceeds Account and agree to take all other actions necessary to give effect to the intent of this Section 3.02(b).