Examples of Exclusive Collateral in a sentence
Section 3(b) of the Intercreditor Agreement provides, in relevant part, as follows: If the liens of the Lenders on the Exclusive Collateral ...
The First Lien Collateral Agent, for itself and on behalf of the other First Lien Secured Parties, agrees that neither it nor any of them shall request or accept the benefit of any Lien on any Indenture Exclusive Collateral to secure any Obligations under and as defined in the First Lien Loan Documents.
If such sale of Collateral includes both ABL Priority Collateral (other than any ABL Exclusive Collateral) and Term Priority Collateral and the Parties are unable after negotiating in good faith to agree on the allocation of the purchase price between the ABL Priority Collateral and Term Priority Collateral, either Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s determination shall be binding upon the Parties.
Without limiting the generality of the foregoing, the Term Secured Parties shall not be obligated to see to the application of any Proceeds of the ABL Priority Collateral (other than ABL Exclusive Collateral) deposited into any Deposit Account or be answerable in any way for the misapplication thereof.
Therefore, the Noteholders assert that section 3(b) would not require the Noteholders to turn over distributions received by them under a plan, even as a result of the avoidance of the Lenders' lien on the accounts receivable and inventory of Maska U.S., if that distribution does not result from a "sale" of the Exclusive Collateral.
The Lien over the Exclusive Collateral shall be created on an exclusive basis for the benefit of the Holders.
Such use by ABL Agent of the Term Loan Exclusive Collateral shall not be on an exclusive basis.
The Agent, on behalf of itself and the Lenders, agrees that all distributions that the Agent or any Lender receives in any Insolvency Proceeding on account of the Indenture Priority Collateral, the Indenture Exclusive Collateral or Proceeds thereof shall be held in trust by such Person and turned over to the Collateral Agent for application in accordance with Section 4.02 of this Agreement.
For the avoidance of doubt, the Existing Credit Facility Secured Obligations and Tranche 3 Loans shall not benefit from any Lien on the Exclusive Collateral and the Second Priority Debt Obligations shall not be subordinated to any Lien on the Exclusive Collateral securing the Existing Credit Facility Secured Obligations and Tranche 3 Loans.
It is the anticipation of the parties, that until the date upon which the Discharge of ABL Obligations shall have occurred, no Term Secured Party shall acquire or hold any consensual Lien on any assets of any Credit Party securing any Term Obligation (other than any Term Exclusive Collateral) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents.