DIP Financing Term Sheet Sample Clauses

DIP Financing Term Sheet. Amount/Facility: Delayed draw non-amortizing term loan debtor-in-possession credit facility (the “DIP Facility”; the loans thereunder, the “DIP Loans”) with availability of $6,100,000.00 to be used only in accordance with the Budget (as defined below) and incremental availability of $1,900,000.00 subject to the prior approval of the Lender (as defined below) in its sole discretion (such approval not to be unreasonably withheld; it being understood and agreed that the Borrower and Lender will use commercially reasonable efforts to consult in good faith and reach agreement prior to the Borrower incurring expenses that are reasonably likely to require use of the incremental availability; and it being further understood and agreed that if Borrower and Lender cannot agree on such expenses requiring use of the incremental availability, such differences will be resolved by the Bankruptcy Court). All available proceeds of the DIP Facility shall be funded into a cash collateral account in the name of the Agent (as defined below) and may be accessed by the Borrower only in accordance with the Budget and with the consent of the Lender on terms and pursuant to documentation acceptable to the Lender. Borrower: Violin Memory, Inc. (the “Borrower”).