Examples of Operating Lenders in a sentence
While the Operating Lenders are given senior priority to the Operating Lenders’ Collateral, as that term is defined in the Agreement, the Term Lenders are similarly given senior priority to the Term Lenders’ Collateral, also defined in the Agreement.
With respect to each Borrower, the rights of the applicable Term Lender and Operating Lenders, respectively, in and to the collateral securing the loans made by each of the applicable Term Lender and Operating Lenders to such Borrower shall be determined in accordance with this Section.
Each Term Lender hereby agrees that in the case of clause (i) above, it shall not make the proposed loan to the applicable Borrower until both it and Operating Lenders have executed a Certificate with respect to such Borrower.
Notwithstanding anything else herein to the contrary, Term Lenders and Operating Lenders may agree in the case of certain kinds of special purpose collateral (e.g., wineries, potato storage facilities, greenhouses, etc.) that this agreement or designated portions hereof shall not apply in such situations.
For existing crops, the Agreement provides that the Operating Lenders generally have senior priority.
Operating Lenders have made, or intends to make, a loan (each, an “Operating Loan”) to each Borrower identified in a Certificate, which is or will be secured by, among other collateral, a security interest in favor of Operating Lenders in the Crops, Inventory and Farm Supplies and other collateral owned by the applicable Debtor or similar person identified in the Operating Lenders’ loan documents, and the products and proceeds thereof.
Operating Lenders hereby agree that in the case of clause (ii) above, it shall not make the proposed loan to the applicable Borrower until both it and the applicable Term Lender have completed and executed a Certificate with respect to such Borrower.
Upon the occurrence of a foreclosure, the Operating Lenders are granted a non-exclusive right to enter and use the land to cultivate and/or harvest the existing crops to ensure a return on their senior priority lien.
Notwithstanding any other provision of the Documents to the contrary, the Operating Lenders, the Fronting Lenders, the Agent and the Lenders shall not be liable to any of the Borrowers for any consequential, indirect, punitive or exemplary damages with respect to action taken or omitted to be taken by any of them under or in respect of any Letter of Credit.
Operating Lender's senior lien is not sufficient for Operating Lender to realize on its liens.