Term Intercreditor Agreement Clause Samples
A Term Intercreditor Agreement is a contractual arrangement that sets out the rights and priorities of different creditors in relation to a borrower's obligations, particularly when multiple lenders are involved. This agreement typically outlines how payments, collateral, and enforcement actions are to be handled among senior and junior creditors, ensuring that each party understands their position in the event of default or insolvency. Its core practical function is to prevent disputes between creditors by clearly allocating payment priorities and enforcement rights, thereby providing predictability and reducing the risk of litigation.
Term Intercreditor Agreement. Notwithstanding anything herein to the contrary, the Liens granted to the Administrative Agent under this Security Agreement and the exercise of the rights and remedies of the Administrative Agent hereunder and under any other Collateral Document are subject to the provisions of the Term Intercreditor Agreement. In the event of any conflict between the terms of the Term Intercreditor Agreement and this Security Agreement or any other Collateral Document (other than the ABL Intercreditor Agreement), the terms of the Term Intercreditor Agreement shall govern and control.
Term Intercreditor Agreement. The Lenders party hereto, by their respective signatures below, hereby approve the form of Term Intercreditor Agreement attached as Exhibit B hereto and authorize and instruct the Administrative Agent to enter into the Term Intercreditor Agreement on the Fifth Amendment Effective Date.
Term Intercreditor Agreement. Each Bank hereby authorizes and ratifies the execution and delivery by the Agent, on behalf of such Bank, of the Term Intercreditor Agreement, together with all amendments to and waivers of the provisions of such Agreement that the Agent (in its reasonable judgment) considers necessary or appropriate, and such Bank hereby agrees to be bound by the terms and conditions thereof.
Term Intercreditor Agreement. Vitol and the New Super Senior Exit Loan Agent will enter into a customary intercreditor agreement (the “RCF-Term Intercreditor Agreement”) in favor of the RCF Facilities on terms similar to the Existing RCF-Term Intercreditor Agreement and DIP period intercreditor agreement in favor of the Existing RCF Facility, Existing SOA, and Existing SSA.
Term Intercreditor Agreement. Each Lender hereby (a) agrees that this Agreement and the other Loan Documents, and the rights and remedies of the Agent and the Lenders hereunder and thereunder, are subject to the terms of the Term Intercreditor Agreement (and to the extent any term of this Agreement or any other Loan Document conflicts or is inconsistent with the terms thereof, the terms of the Term Intercreditor Agreement shall control), (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Term Intercreditor Agreement, and (c) hereby authorizes and instructs the Agent to enter into the Term Intercreditor Agreement.
Term Intercreditor Agreement. It is hereby agreed that any of the Term Secured Parties (as among themselves) may enter into intercreditor agreements or similar arrangements (including without limitation the Term Intercreditor Agreement dated as of the date hereof between the Term Collateral Agent and the Notes Collateral Agent) governing the rights, benefits and privileges as among the Term Secured Parties in respect of the Collateral, this Agreement and the other Term Documents, including as to application of proceeds of the Collateral, control of the Collateral and waivers, modifications and releases with respect to the Collateral, in each case so long as the terms thereof do not violate or conflict with the provisions of this Agreement (each, as such agreement or arrangement may be amended, supplemented, restated or otherwise modified from time to time, a “Term Intercreditor Agreement”). In the event that any Term Intercreditor Agreement exists, the provisions thereof shall not, as between any of the ABL Secured Parties, on the one hand, and the any of the Term Secured Parties, on the other hand, be (or be construed to be) an amendment, modification or other change to this Agreement and the provisions of this Agreement shall remain in full force and effect in accordance with the terms hereof (as such provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms hereof).