An installation tool (40) that is used to install a bundling member, such as a metal tie or strap, around a bundle of objects. The installation tool has a tool body (42), a front handle (120) and an adjustable rear handle (260). The front handle is positioned within the tool body and the rear handle is pivotally connected to the tool body. The front handle includes a tensioning mechanism with a ratchet mechanism (162) that tensions the bundling member around the bundle of objects to a predetermined tension setting. The front handle also includes a lockout mechanism (220) that overrides the predetermined tension setting of the tension mechanism to enable the bundling member to be tensioned to a desired tension setting.