Examples of DIP ABL Lender in a sentence
No priority or right of the DIP ABL Agent or any DIP ABL Lender shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any DIP ABL Borrower, any DIP ABL Guarantor, the DIP Term Borrower, any DIP Term Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the DIP ABL Documents, regardless of any knowledge thereof which the DIP ABL Agent or any DIP ABL Lender may have.
Except as expressly set forth in this Agreement, each of the DIP Term Agent, each DIP Term Lender, the DIP ABL Agent, and each DIP ABL Lender shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies; provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this Agreement, including Section 4.1 hereof.
In exercising remedies, whether as a secured creditor or otherwise, the DIP ABL Agent shall have no obligation or liability to the DIP Term Agent or to any DIP Term Lender, and the DIP Term Agent shall have no obligation or liability to the DIP ABL Agent or any DIP ABL Lender, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement.
If the Borrower fails to reimburse any L/C Disbursement when due, then the Administrative Agent shall promptly notify the applicable Issuing Bank and each other DIP ABL Lender of the applicable L/C Disbursement, the payment then due from the Borrower in respect thereof and, in the case of a DIP ABL Lender, such Lender’s DIP ABL Facility Percentage thereof.
Promptly following receipt of such notice, each DIP ABL Lender shall pay to the Administrative Agent in Dollars its DIP ABL Facility Percentage of the payment then due from the Borrower in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the DIP ABL Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the DIP ABL Lenders.
The DIP Term Agent, for and on behalf of itself and the DIP Term Secured Parties, agrees that no payment to the DIP ABL Agent or any DIP ABL Lender pursuant to the provisions of this Agreement shall entitle the DIP Term Agent or any DIP Term Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of DIP ABL Obligations shall have occurred.
Any payment made by a DIP ABL Lender pursuant to this paragraph to reimburse an Issuing Bank for any L/C Disbursement (other than the funding of an ABR Revolving Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such L/C Disbursement.
The DIP Term Agent, for and on behalf of itself and the DIP Term Lenders, agrees that no payment to the DIP ABL Agent or any DIP ABL Lender pursuant to the provisions of this Agreement shall entitle the DIP Term Agent or any DIP Term Lender to exercise any rights of subrogation in respect thereof until the Discharge of DIP ABL Obligations shall have occurred.
Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any DIP ABL Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account of such DIP ABL Lender to the extent of such payment.