Bifurcated First Lien Term Loan means a Collateral Loan that (a) constitutes an Eligible First Lien Obligation and (b) that is a stand-alone term loan that:
Bifurcated First Lien Term Loan means a Collateral Loan that (a) constitutes an Eligible First Lien Obligation and (b) that is a stand-alone term loan that: (i) is delivered in connection with a related Cross-Defaulted ABL Loan; (ii) is secured by a valid first priority perfected security interest or Lien in, to or on substantially all of the Obligor’s assets other than the ABL Collateral that is secured under the related Cross-Defaulted ABL Loan, subject to Purchase Money Liens and customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents; provided that such permitted Liens do not directly secure indebtedness for borrowed money; (iii) may be cross secured to the Cross-Defaulted ABL Loan by a valid second priority perfected security interest or Lien in, to or on substantially all of the Obligor’s ABL Collateral subject to customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents; provided that such permitted Liens do not directly secure indebtedness for borrowed money; (iv) is cross defaulted to the related Cross-Defaulted ABL Loan and is subject to an intercreditor agreement or another agreement amongst the lenders to such Obligor (including, without limitation, the lenders under the related Cross-Defaulted ABL Loan) containing customary intercreditor provisions that are reasonably satisfactory to the Borrower and the Collateral Manager (in accordance with the Collateral Management Standard); and