Examples of Last Out Lender in a sentence
So long as any ABL Obligation is outstanding, any Subordinated Creditor in its capacity as such and as a Last Out Lender, in each case, shall not commence, or join with any creditor in commencing, any Insolvency Proceeding.
The undersigned Additional Holder has entered into an Assignment and Assumption with a Lender pursuant to Section 9.07 of the Credit Agreement and hereby acknowledges the terms and conditions of the Agreement and agrees to be bound thereby as [a First Out Lender][a Last Out Lender].
Each Assignee that receives an assignment of any of the Last Out Obligations, the Last Out Commitments and the other rights of an assigning Lender from, in each case, a Last Out Lender shall to the extent of such assignment be a Last Out Lender hereunder.
Until the First Out Final Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the Administrative Agent and the First Out Lenders shall have the exclusive right to take and continue any Enforcement Action with respect to the Collateral, without any consultation with or consent of any Last Out Lender.
The provisions of this Note shall be binding upon Borrower and its successors and assigns, and shall inure to the benefit of Last Out Lender and its successors and assigns.
The entries in the Register shall be conclusive in the absence of manifest error, and each Lender may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a First Out Lender or Last Out Lender, as applicable, hereunder for all purposes of the Applicable Documents, notwithstanding notice to the contrary.
If any such amount is not made available to Oak Hill by any Last Out Lender on the Last Out Settlement Date applicable thereto to the extent required by the terms hereof, Oak Hill shall be entitled to recover for its account such amount on demand from such Last Out Lender together with interest thereon at the Defaulting Lender Rate.
In the event that any Last Out Lender becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Out Loan Obligations) to the same extent as the Last Out Loan Obligations are subject to the terms of this Agreement.
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.
No Last Out Lender shall object to or contest, or support any other Person in contesting or objecting to, in any proceeding (including without limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or enforceability of any security interest in the Collateral.