Term Loan Priority Accounts means any Deposit Accounts or Securities Accounts that are intended to solely contain Proceeds of the Term Priority Collateral (it being understood that any property in such Deposit Accounts or Securities Accounts which is not Proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such Deposit Account or Securities Account).
Term Loan Priority Accounts means the Asset Sale Proceeds Pledged Account and any Deposit Accounts, Securities Accounts or Commodity Accounts, in each case that are intended to solely contain Term Priority Collateral or identifiable proceeds of the Term Priority Collateral (it being understood that any property in such Deposit Accounts, Securities Accounts or Commodities Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such Deposit Account, Securities Account or Commodity Account).
Term Loan Priority Accounts means the Asset Sale Proceeds Pledged Account and any bank accounts, Deposit Accounts, Securities Accounts, Futures Accounts or Commodity Accounts, in each case that are intended to solely contain Term Priority Collateral or identifiable proceeds of the Term Priority Collateral (it being understood that any property in such bank accounts, Deposit Accounts, Securities Accounts, Futures Accounts or Commodities Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such bank accounts, Deposit Account, Securities Account, Futures Accounts or Commodity Account).
Examples of Term Loan Priority Accounts in a sentence
In addition, unless and until the Discharge of ABL Obligations occurs, the Term Agent and the Term Lenders each hereby consents to the application, prior to the issuance of a notice of Exercise of Secured Creditor Remedies by the Term Agent, of cash or other proceeds of Collateral, deposited under control agreements (other than any cash held in Term Loan Priority Accounts) to the repayment of ABL Obligations pursuant to the ABL Documents (subject to reborrowing as permitted in the ABL Credit Agreement).
In addition, unless and until the Discharge of the ABL Obligations occurs, the Term Agent and the other Term Secured Parties each consents to the application, prior to the delivery of a Term Cash Proceeds Notice to the ABL Agent, of cash or other proceeds of Collateral deposited under control agreements (other than any cash held in Term Loan Priority Accounts) to the repayment of the ABL Obligations pursuant to the ABL Documents.
Notwithstanding anything to the contrary contained in this Agreement, any Term Document or any ABL Document, each Loan Party and the Term Agent, for itself and on behalf of the Term Secured Parties, agrees that only Term Priority Collateral or proceeds of the Term Priority Collateral shall be deposited in the Term Loan Priority Accounts.
More Definitions of Term Loan Priority Accounts
Term Loan Priority Accounts means any Asset Sale Term Priority Collateral Proceeds Pledged Account and any Deposit Accounts, Securities Accounts or Commodity Accounts, in each case that are intended to solely contain Term Priority Collateral or identifiable proceeds of the Term Priority Collateral (it being understood that any property in such Deposit Accounts, Securities Accounts or Commodities Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in the Asset Sale Term Priority Collateral Proceeds Pledged Account or any such Deposit Account, Securities Account or Commodity Account).
Term Loan Priority Accounts shall have the meaning set forth in the ABL/Term Intercreditor Agreement.
Term Loan Priority Accounts means any and all Deposit Accounts (including the “Collateral Account” as defined in the Reimbursement Agreement), Securities Accounts and Commodities Accounts that are intended solely to contain Term Loan Priority Collateral or Term Loan Priority Proceeds.
Term Loan Priority Accounts has the meaning given such term in the Intercreditor Agreement.
Term Loan Priority Accounts means the Asset Sale Proceeds Pledged Account and any Deposit Accounts, Securities Accounts or Commodity Accounts, in each case that are intended to solely contain Term Priority Collateral or identifiable proceeds of the Term Priority Collateral (it being understood that any property in any of such Asset Sale Proceeds Pledged Account, Deposit Accounts, Securities Accounts or Commodity Accounts which is not Term Priority Collateral or identifiable proceeds of Term Priority Collateral shall not be Term Priority Collateral solely by virtue of being on deposit in any such Asset Sale Proceeds Pledged Account, Deposit Account, Securities Account or Commodity Account).
Term Loan Priority Accounts means (a) the Qualified Reinvestment Proceeds Blocked Account (as defined in the Term Loan Agreement, as in effect on the date hereof), which is subject to a control agreement in favor of, and subject to the first priority lien of, the Term Loan Representative, and which account is intended to solely contain Qualified Reinvestment Proceeds (as defined in the Term Loan Agreement, as in effect on the date hereof), and (b) any other Deposit Account or Securities Account established after the date hereof, which is subject to a control agreement in favor of, and subject to the first priority lien of, the Term Loan Representative, and which account is intended to solely contain Term Loan Priority Collateral or identifiable proceeds of the Term Loan Priority Collateral; provided, however, any cash, Investment Property or other funds deposited in any such Term Loan Priority Account that do not constitute identifiable proceeds of the Term Loan Priority Collateral or Qualified Reinvestment Proceeds (as defined in the Term Loan Agreement, as in effect on the date hereof) shall be ABL Priority Collateral (notwithstanding the deposit therein) and shall be transferred to a Deposit Account or Securities Account constituting ABL Priority Collateral reasonably promptly after the Term Loan Agent or any Loan Party obtains knowledge thereof.
Term Loan Priority Accounts means the “Term Loan Priority Accounts” as defined in the Term Loan Intercreditor Agreement (Xxxxx).