Intercreditor Terms Sample Clauses

Intercreditor Terms. As between the Lenders, any distribution under paragraph 5 shall be made proportionately based upon the remaining principal amount (plus accrued and unpaid interest) to each as to the total amount then owed to the Lenders as a whole. The rights of each Lender hereunder are pari passu to the rights of the other Lenders hereunder. Any recovery hereunder shall be shared ratably among the Lenders according to the then remaining principal amount owed to each (plus accrued and unpaid interest) as to the total amount then owed to the Lenders as a whole. [THIS SPACE INTENTIONALLY LEFT BLANK]

Intercreditor Terms. The following provisions are solely for the purpose of defining the relative rights of subordinated Lender, on the one hand, and the senior creditors under the Credit Facilities permitted under the Loan Agreement (the “Senior Lenders”), on the other hand, and shall not be deemed to create any rights or priorities in favor of any other Person, including, without limitation, any Loan Party. The failure of any Loan Party to make any payment to any subordinated Lender due to the operation of these provisions shall not be construed as prohibiting the occurrence of a Default under the Loan Agreement. a. Credit Facility (not to exceed the maximum permitted pursuant to Section 5.3(b) of the Loan Agreement) shall have a first priority perfected security interest in the collateral described above and the liens securing the Credit Facility will be senior to the liens securing the Loan. No secured party shall contest the priority, validity or enforceability of any lien held by or on behalf of any other secured party. b. Loans shall be subordinate to prior payment in full of any Credit Facility and shall be subordinate to the Credit Facility in liquidation or dissolution. c. 180 day standstill on Loan payments upon payment default or right to acceleration under Credit Facility (the “Standstill Period”). d. Lender will not seek to or exercise remedies in respect of the collateral described above until after the end of the Standstill Period and in no event if the collateral agent for the Credit Agreement is diligently pursuing remedies with respect to the collateral. Lender shall otherwise have all rights and remedies as an unsecured creditor that is subordinate to the Credit Facilities. e. The collateral agent for the Credit Facility shall have the right to exercise all remedies in respect of the collateral and Lender shall not object to or hinder remedies being exercised by the collateral agent for the Credit Agreement. f. Lender shall not receive collateral or any proceeds of collateral in violation of the priorities described above. g. Any payments made to Lender in violation of subordination and collateral priority provisions described above shall be paid over to the lenders under the Credit Facility and no subrogation rights will be available to the Lender until the Credit Facility is paid in full. h. Customary notice provisions among Borrower, Lender and lenders under the Credit Facility. i. Following an event of default of the Credit Facility, Lender shall have t...

Intercreditor Terms. As between the Lenders, any distribution under paragraph 5 shall be made proportionately based upon the remaining principal amount (plus accrued and unpaid interest) to each as to the total amount then owed to the Lenders as a whole. The rights of each Lender hereunder are pari passu to the rights of the other Lenders hereunder. Any recovery hereunder shall be shared ratably among the Lenders according to the then remaining principal amount owed to each (plus accrued and unpaid interest) as to the total amount then owed to the Lenders as a whole. ▇▇▇▇▇ ▇. ▇▇▇▇▇ is deemed a Lender hereunder in connection with the Obligations described on Schedule A hereto.

Intercreditor Terms. Anything herein to the contrary notwithstanding, the Liens and Security Interest securing the Secured Obligations, the exercise of any right or remedy with respect thereto, and certain of the rights of the Secured Parties are subject to the provisions of the Intercreditor Agreement dated as of October 4, 2017 (as amended, restated, supplemented, or otherwise modified from time to time, the “ABL Intercreditor Agreement”), by and between W▇▇▇▇ Fargo Bank, National Association, as ABL Agent, and M▇▇▇▇▇ S▇▇▇▇▇▇ Senior Funding, Inc., as Term Loan Agent. In the event of any conflict between the terms of the ABL Intercreditor Agreement and this Agreement, the terms of the ABL Intercreditor Agreement shall govern and control.

Intercreditor Terms. Liens and other security interests securing obligations and under indebtedness evidenced by the Note shall be expressly subject to and subordinate to the liens and other security interests securing the obligations under the ABL Facility Documents and the Term Facility Documents (each as defined in the Debt Commitment Letter) and related guarantees and obligations, including obligations under secured hedging and cash management arrangements (the foregoing, collectively, the “First Lien Facilities”).

Intercreditor Terms