Term Priority Obligations definition
Examples of Term Priority Obligations in a sentence
The undersigned hereby agrees, for the enforceable benefit of all existing and future ABL Facility Secured Parties and all existing and future Term Loan Secured Parties that the undersigned is [(and the [ABL Facility Secured Parties][Term Loan Secured Parties][Additional Term Priority Obligations Secured Parties] represented by it are)]4 bound by the terms, conditions and provisions of the Intercreditor Agreement to the extent set forth therein.
Notwithstanding the foregoing, neither the Borrower nor any other Grantor shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights, obligations, interests or privileges are directly affected (including any amendment to the Grantors’ ability to cause Additional Term Priority Obligations to constitute Term Loan Obligations as the Borrower and/or any other Grantor may designate).
Furthermore, at all times prior to the Discharge of Term Priority Obligations, Administrative Agent is authorized by the parties hereto to effect transfers of such Term Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to such Collateral) to the Term Collateral Agent in accordance with the Intercreditor Agreement.
Furthermore, at all times prior to the Discharge of Term Priority Obligations, Agent is authorized by the parties hereto to effect transfers of such Term Priority Collateral at any time in its possession (and any “control” or similar agreements with respect to such Collateral) to any Term Collateral Agent in accordance with the Intercreditor Agreement.