Common use of Effectiveness Ratification Clause in Contracts

Effectiveness Ratification. This Acknowledgment shall become effective upon the later of (a) the receipt of this Acknowledgment by the Second Priority Collateral Agent and the Second Priority Claimholders and (b) the Borrowing Date, and from and after the date hereof, the New First Priority Obligations Agent and the Holders shall constitute “First Priority Claimholders” under the Intercreditor Agreement. Any and all references to the “Intercreditor Agreement” in the First Priority Loan Documents and the Second Priority Loan Documents shall mean the Intercreditor Agreement, as modified by this Acknowledgment hereby. Except as modified by this Acknowledgment, the Intercreditor Agreement remains unmodified and in full force and effect and is hereby ratified, approved and confirmed as of the date hereof.