Term Loan Priority Collateral Account definition

Term Loan Priority Collateral Account means any deposit account established or maintained by an Obligor or the Term Loan Agent or any representative of either of the foregoing for the sole purpose of holding the identifiable Proceeds of any Disposition of Term Loan Priority Collateral that are required to be held in such account or accounts pursuant to the terms of any Term Loan Credit Document as in effect on the date hereof (or any comparable provision of any successor Term Loan Credit Document).
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Term Loan Priority Collateral Account shall have the meaning assigned thereto in the EICF/CION Term Loan Agreement in effect on the Closing Date.
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Term Loan Priority Collateral Account means a Deposit Account subject to the sole dominion and control of the Term Loan Agent which holds solely identifiable proceeds of Term Loan Priority Collateral pending reinvestment or the application thereof to the Term Loan Obligations in accordance with the Term Loan Documents and the Intercreditor Agreement.
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Examples of Term Loan Priority Collateral Account in a sentence

  • Within thirty (30) days following the Closing Date, Borrower and Guarantors shall establish the Term Loan Priority Collateral Account, and deliver to the Agent an executed control agreement in form and substance satisfactory to Agent under which the Agent is the sole and exclusive controlling agent.

  • Credit Parties shall not deposit “Term Loan Priority Collateral” (as defined in the Intercreditor Agreement), or any proceeds thereof, in any account other than the Term Loan Priority Collateral Account.

  • Credit Parties shall not deposit in the Term Loan Priority Collateral Account any monies or any other proceeds of Collateral that constitute “Revolving Loan Priority Collateral” (as defined in the Intercreditor Agreement).

  • During a Trigger Period (Dominion), Obligors shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Term Loan Priority Collateral are made directly to a Term Loan Priority Collateral Account.

  • If, during a Trigger Period (Dominion), any Obligor or Subsidiary receives cash or Payment Items with respect to any Term Loan Priority Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Term Loan Priority Collateral Account.

  • Obligors shall request in writing and otherwise take all necessary steps to ensure that all payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion Account) or, if applicable, the Term Loan Priority Collateral Account.

  • If any Obligor or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account or, if applicable, the Term Loan Priority Collateral Account.

  • Deposit any Cash or Cash Equivalents in the Term Loan Priority Collateral Account unless required by the EICF/CION Term Loan Agreement in effect on the Closing Date without providing Agent prior written notice thereof, which such written notice shall include an accounting, in reasonable detail, of the item sold and/or event that triggered the requirement under the EICF/CION Term Loan Agreement of such Loan Party to make such deposit.

  • Upon the occurrence and during the continuance of an Event of Default, at the request of the Agent, the Obligors shall segregate the proceeds of all Term Loan Priority Collateral and deposit the proceeds of all Term Loan Priority Collateral in the Term Loan Priority Collateral Account.

  • Deposit any Cash or Cash Equivalents in the Term Loan Priority Collateral Account unless required by the EICF/CION Term Loan Agreement in effect on the Closing Date without providing Agent prior written notice thereof, which such written notice shall include an accounting, in reasonable detail, of the item sold ​ ​ and/or event that triggered the requirement under the EICF/CION Term Loan Agreement of such Loan Party to make such deposit.


More Definitions of Term Loan Priority Collateral Account

Term Loan Priority Collateral Account those certain depository accounts or securities accounts of the Obligors subject to a Deposit Account Control Agreement or securities account control agreement in favor of the Agent and the ABL Revolver Agent in which the proceeds of Term Loan Priority Collateral are maintained.
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