Tranche B Collateral Clause Samples
The "Tranche B Collateral" clause defines the specific assets or property that are pledged as security for obligations under a Tranche B loan facility. In practice, this clause outlines which collateral items are dedicated to securing the Tranche B portion of a loan, which may differ from collateral securing other tranches, and can include assets such as receivables, inventory, or equipment. Its core function is to clearly allocate and identify the collateral backing Tranche B loans, thereby protecting lenders by ensuring they have a defined claim on certain assets in the event of borrower default.
Tranche B Collateral. (i) Each Lender agrees that any action taken by the Tranche B Collateral Agent or the Requisite Tranche B Lenders (or, where required by the express terms of this Agreement, a greater proportion of the Lenders) in accordance with the provisions of this Agreement or of the other Loan Documents, and the exercise by the Tranche B Collateral Agent or the Requisite Tranche B Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of the Lenders and other Secured Parties. Without limiting the generality of the foregoing, the Tranche B Collateral Agent shall have the sole and exclusive right and authority to (A) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection herewith and with the Tranche B Collateral Documents in connection with the Tranche B Collateral; (B) execute and deliver each Tranche B Collateral Document and accept delivery of each such agreement delivered by the Borrower or any of its Subsidiaries; (C) act as collateral agent for the Lenders and the other Secured Parties for purposes of the perfection of all security interests and Liens created by such agreements and all other purposes stated therein; PROVIDED, HOWEVER, that the Tranche B Collateral Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for the Tranche B Collateral Agent and the Lenders for purposes of the perfection of all security interests and Liens with respect to the Borrower's and its Subsidiaries' respective deposit accounts maintained with, and cash and Cash Equivalents held by, such Lender; (D) manage, supervise and otherwise deal with the Tranche B Collateral; (E) take such action as is necessary or desirable to maintain the perfection and priority of the security interests and Liens created or purported to be created by the Tranche B Collateral Documents; and (F) except as may be otherwise specifically restricted by the terms hereof or of any other Loan Document, exercise all remedies given to such Collateral Agent, the Lenders and the other Secured Parties with respect to the Tranche B Collateral under the Loan Documents relating thereto, applicable law or otherwise.
(ii) Each of the Lenders hereby directs, in accordance with the terms hereof, the Tranche B Collateral Agent to release (or, in the case of clause (...
Tranche B Collateral. In addition to the Collateral described in Section 2.1, the Interim Mall Obligations are secured by the Tranche B Collateral described in the Disbursement Agreement. The Tranche B Collateral is not "Collateral" for any purpose of this Agreement, no other Credit Party shall have any liens thereon or any security interest therein, and the Interim Mall Lender shall have the right to Exercise Remedies with respect to the Tranche B Collateral at any time, without reference to the Standstill Periods or other conditions provided for in this Agreement with respect to Collateral.