Term Facility Collateral definition

Term Facility Collateral means all tangible and intangible assets of the Loan Parties (other than any assets comprising Revolving Facility Collateral), including, without limitation, real property, equipment, Intellectual Property, Equity Interests of their direct Subsidiaries (including 100% of the non-Voting Stock of their respective Foreign Subsidiaries and no more than (to the extent the pledge of any greater percentage would result in material adverse tax consequences to the Loan Parties) 65% of the Voting Stock of their respective Foreign Subsidiaries that are CFCs and entities that are treated as partnerships or disregarded entities for United States federal income tax purposes and whose assets are solely capital stock of CFCs) and other investment property.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Term Facility Collateral means all assets and properties subject to Liens created by the Term Facility Security Documents to secure the Term Facility Obligations.

Term Facility Collateral shall prior to the Funding Date, have the meaning assigned to the term “Non-ABL Collateral” in the form of Intercreditor Agreement attached as Exhibit D hereto, and after the Funding Date, have the meaning assigned to the term “Non-ABL Collateral” in the Intercreditor Agreement.

Examples of Term Facility Collateral in a sentence

• Each Loan Party shall be the sole account holder of each DDA (other than an Excluded Account) and shall not allow any other Person (other than the Administrative Agent, the Collateral Agent or, subject to the ABL Intercreditor Agreement, the Term Facility Collateral Agent) to have control over or a Lien on a DDA (other than an Excluded Account) or any property deposited therein.

• The Obligations hereunder will be secured by a perfected first priority security interest in the Term Facility Collateral and a perfected second priority security interest in the Revolving Facility Collateral owned by the Loan Parties.

• In addition to the Loans to be provided hereunder, on or prior to the Funding Date, the Borrower and certain of its Subsidiaries will enter into the Revolving Facility, which will be secured by a perfected first priority security interest in, among other items, the Revolving Facility Collateral and a perfected second priority security interest in the Term Facility Collateral.

• Except as expressly provided herein, no deposits that constitute Term Facility Collateral (or the identifiable cash proceeds thereof) will be made to the Collection Accounts.

• Reference is made to the Second Amended and Restated Lien Subordination and Intercreditor Agreement dated as of January 30, 2014, among UBS AG, Stamford Branch, as Revolving Facility Collateral Agent (as defined therein); Credit Suisse AG, as Term Facility Collateral Agent (as defined therein); Ply Gem Industries, Inc.; Ply Gem Holdings Inc.; and the other subsidiaries of Ply Gem Industries, Inc.

• Without limiting the rights granted in this Section 4.3(a), the Revolver Secured Parties and the Revolver Agent shall cooperate with the Term Secured Parties and/or the Term Agent in connection with any efforts made by the Term Secured Parties and/or the Term Agent to sell the Term Facility Collateral.

• Upon the receipt of (x) the contents of such Loan Party Concentration Accounts and (y) such accounting, the Administrative Agent agrees to promptly remit to the Collateral Agent such proceeds of Term Facility Collateral received by the Administrative Agent for application in accordance with the Intercreditor Agreement.

• In addition to the foregoing, during the continuance of a Cash Control Trigger Event, the Loan Parties shall, upon the request of the Administrative Agent, provide such Agent with an accounting of the contents of the Concentration Accounts, which shall identify, to the extent practicable, any proceeds from Term Facility Collateral which were deposited into any Loan Party Concentration Account and swept to the Agent Concentration Account.

• The parties hereto acknowledge and agree that it is their intention that the Revolving Facility Collateral and the Term Facility Collateral be identical.

• Each Lender (i) hereby consents to the subordination of the Liens on the Term Facility Collateral securing the Obligations on the terms set forth in the Intercreditor Agreement, (ii) hereby agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (iii) hereby authorizes and instructs the Administrative Agents to enter into the Intercreditor Agreement and to subject the Liens on the Collateral securing the Obligations to the provisions thereof.

More Definitions of Term Facility Collateral

Term Facility Collateral means all Collateral of the US Loan Parties other than the Revolving Credit Facility Collateral; provided that the Term Facility Collateral and the Revolving Credit Facility Collateral of the US Loan Parties shall include the proceeds of Avoidance Actions on an equal and ratable basis.

Term Facility Collateral has the meaning specified in the Intercreditor Agreement.

Term Facility Collateral all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any Term Facility Secured Party as security for any Term Facility Obligation.

Term Facility Collateral means the Collateral set forth on Schedule VIII.

Term Facility Collateral means all Property of any Grantor, whether real, personal or mixed, now or at any time hereafter subject to Liens securing any Term Facility Obligations.