First Out Priority Obligations definition
Examples of First Out Priority Obligations in a sentence
Each Last Out Lender shall be obligated to purchase the First Out Priority Obligations in accordance with its respective Last Out Pro Rata Share.
If any Last Out Lender elects to credit bid all or any portion of the Last Out Obligations, such credit bid shall only be valid and permitted under this Agreement and pursued by the Administrative Agent if (A) the Required First Out Lenders shall have consented to such credit bid or (B) the cash proceeds of such credit bid shall result in Payment in Full of the First Out Priority Obligations on the initial closing date of such disposition.
In the event all Last Out Holders are Electing Last Out Holders, each such Electing Last Out Holder shall be entitled to purchase an amount of the First Out Priority Obligations equal to the product of (A) the aggregate amount of all outstanding First Out Priority Obligations and (B) such Electing Last Out Holder’s Last Out Pro Rata Share.
In the event less than all Last Out Holders are Electing Last Out Holders, the Electing Last Out Holders shall be entitled to purchase the First Out Priority Obligations in accordance with the proportion of the Last Out Obligations held by each Electing Last Out Holder bears to the Last Out Obligations of all Electing Last Out Holders (or such amount as is agreed by all Electing Last Out Holders).
From and after January 15, 2025, the Put Option may be exercised by a written notice from the Administrative Agent (at the written direction of the First Out Lenders) to the Last Out Representative (a “Put Option Notice”), and the Last Out Lenders shall be obligated to pay the purchase price for the First Out Priority Obligations within five (5) Business days after the delivery of the Put Option Notice.