DIP Loan Sample Clauses

DIP Loan. In the event that the Debtor reasonably determines that in order to operate the business of the Debtor as debtor-in-possession during the DIP Loan Period (as defined below) that it requires a debtor-in-possession loan pursuant to Section 364 of the Code, Acquirer agrees subject to certain conditions to lend to Debtor pursuant to Section 364(c) such sum as approved by the Bankruptcy Court on appropriate advance written notice and hearing not to exceed $750,000 (the "DIP Loan"), pursuant to a DIP Loan Agreement reasonably acceptable to Acquirer and approved by the Court. Acquirer's commitment to make the DIP Loan will be conditioned upon, among other things, Debtor entry into and the effectiveness of the Definitive Agreements, Acquirer's due diligence examination of Debtor's assets, and entry the Sale Procedures Order. In addition, Acquirer's obligation to make any DIP Loan will be subject to customary lending conditions, including, no event of default under DIP Loan, no senior or parity liens or encumbrances on Debtor's assets, and various other conditions set forth in the DIP Loan Agreement. The DIP Loan Agreement will provide, among other things, that amounts outstanding under the DIP Loan will accrue interest at the rate of 12% simple interest per annum and will be subject to a 1.5% loan fee, and that Acquirer's reasonable expenses incurred in connection with the DIP Loan (including, expenses related to Acquirer's due diligence of Debtor's assets securing the DIP Loan) will be treated as part of the DIP Loan. In addition, the DIP Loan Agreement will contain certain covenants of Debtor relating to the uses of DIP Loan proceeds and the conduct of its business during the DIP Loan Period. The DIP Loan and accrued interest, loan fees and other amounts thereunder will be fully secured by a first lien on the assets of Debtor and will not be subject to challenge, defenses, set-off or counter claims. The DIP Loan and all accrued interest, loan fees and other amounts thereunder shall be deemed an administrative expense pursuant to Section 364(c) (1) and, in addition to which, shall mature and be paid back in full on the earlier of (i) closing of the Transaction, (ii) 25 days after termination of the Transaction, or (iii) the closing of any alternative transaction (the "DIP Loan Period") and, in addition thereto, pursuant to Section 364(c)(1) of the Code a first lien upon the proceeds of the Transaction or such alternative transaction to be paid upon the closing th...
Sample 1
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DIP Loan. In accordance with the Debtors' Final Plan, the Debtors shall have arranged to retire and pay in full, by wire transfer of immediately available funds, all principal of, accrued interest on and fees related to (the "DIP LOAN PURCHASE PRICE"), the Financing Agreement dated February 10, 2004, as approved by the Bankruptcy Court by Order dated February 13, 2004 (the "DIP LOAN FACILITY"). Following the Confirmation Order Date, the Debtors shall pay the DIP Loan Purchase Price by wire transfer of immediately available funds to NAFT, as follows: Chase Bank New York, New York Acct # 140-094-221 For the Benefit of Lehman Broxxxxx, Xxx. NAFT Ventures I LLC 831-05486-18-475 NAFT shall deliver such releases in respect of the Financing Agreement, all in such form and content as shall be reasonably required by Purchaser and its legal counsel.
Sample 1
DIP Loan. Each Lender severally agrees, on the terms and subject to the conditions hereinafter set forth, to make DIP Advances to the Borrower on a Business Day during the period from the Closing Date to the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding such Lender's DIP Specified Percentage of the DIP Availability. Each DIP Advance shall be used solely in accordance with the Approved Budget and no later than five (5) days after the date of such DIP Advance. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow the DIP Advances; provided, however, that at no time shall the sum of all outstanding DIP Advances exceed the DIP Availability or the DIP Commitment. A DIP Advance will be deemed "used" within five (5) days after the date of such DIP Advance if, within such time, the Debtor Entities make payment by way of cash, wire transfer, delivery of a check or any other means, irrespective of whether a check is negotiated within such five (5) day period.
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DIP Loan. Contemporaneously with the execution and delivery of the Original Agreement, the Sellers entered into a debtor-in-possession credit facility with FPS DIP LLC and the other lenders party thereto (including the revolving credit loans and term loans thereunder and as amended from time to time, the "DIP Loan").
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DIP Loan. Notwithstanding anything to the contrary contained in this Article 8, Sellers shall continue to be obligated to repay the DIP Loan in accordance with its terms.
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DIP Loan. DIP Loan" has the meaning set forth in -------- Section 2. 1 (a).
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DIP Loan. The Restructuring may be funded from a DIP Loan received from the Noteholders as DIP Lender, in the amount of up to $50,000 (including the pre- petition Loan of $25,000), provided that such a loan may be made at the sole discretion of the Noteholders and nothing shall require the Noteholders to make such a DIP loan. If made, the DIP Loan shall accrue interest at 12% and be senior and prior to all of pre-petition and post-petition liabilities and shall constitute allowed super-priority liens and claims under Bankruptcy Code section 364 (c), except for quarterly US Trustee fees. The Loan shall mature on the Effective Date of a Plan. As a pre-condition to issuance by the DIP Lender of the DIP Loan, the Debtor and Reorganized Debtor agree to issue to the DIP Lender, with Bankruptcy Court approval, a common stock purchase warrant (the “Warrant”) in a form and substance satisfactory to the DIP Lenders in their sole discretion and exercisable by the DIP Lender at any time after issuance into up to 20% of the outstanding equity interests of the Reorganized Debtor for an exercise price of $0.01 per share. At the time the warrant is issued, the DIP Lender agrees to pay a purchase payable by forgiveness of the DIP Facility.
Sample 1
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DIP Loan. Borrower: The Company. • Guarantors: All material subsidiaries of the Company will provide guarantees (“Plan Guarantees”). Such guarantees shall be pari passu with the pre-petition guarantees held by the Senior Lenders (the “Pre-Petition Guarantees”). • Rate: 0% per annum through 90 days from the Bankruptcy Filing (or for up to an additional 30 day extension under certain circumstances) and 15% per annum from the date that the Company is in default of the DIP Loan. • Final Maturity and Amortization: The DIP Loan will mature on the date that is 90 days from the bankruptcy filing date, with the possibility of a 30 day extension if among other things a hearing on confirming the plan contemplated by this term sheet has been scheduled before the 90th day to occur on or before the 120th day from the bankruptcy filing date. There will be no amortization before such date and, subject to the DIP Loan Conversion (as defined below), the full amount of the DIP Loan shall become due at maturity or upon acceleration. • Security: The DIP Loan will have security interests in, and liens on, the Company’s assets, including the equity interests in CGuern (the “DIP Lien”). • Carve-Out. To ensure certain protections to pay certain chapter 11 expenses, the DIP Lien, Plan Guarantees, and Pre-Petition Guarantees shall be subordinate to a carve-out of defined scope for the Company’s bankruptcy professionals as approved by the Bankruptcy Court and Lender. The carve-out shall be net of any cash retainers held by Professionals. Lender shall deposit the amount budgeted for the carve-out into a separate account maintained by Lender, so that it will be available for payment upon Bankruptcy Court approval of fees and expenses. The amount so deposited shall reduce Availability (defined below). • Covenants/Reps/Wttys: Customary.
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DIP Loan 
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Related to DIP Loan

  • PPP Loan On or about January 24, 2022, the PPP Loan was forgiven in full by the PPP Lender and the U.S. Small Business Administration in accordance with the terms of the PPP Loan, CARES Act, and all other applicable Laws.

  • Revolving Loan Facility On the terms and subject to the conditions of this Agreement, each Revolving Lender severally agrees to advance to the Borrower from time to time during the period beginning on the Effective Date up to, but not including the Termination Date, such loans in Dollars as the Borrower may request under this Section 2.01(b) (individually, a “Revolving Loan”); provided, however, that (i) the sum of (A) the Effective Amount of all Revolving Loans made by such Lender at any time outstanding and (B) such Lender’s Revolving Proportionate Share of the Effective Amount of all L/C Obligations and all Swing Line Loans at any time outstanding shall not exceed such Lender’s Revolving Loan Commitment at such time and (ii) the sum of (A) the Effective Amount of all Revolving Loans made by all of the Revolving Lenders at any time outstanding and (B) the Effective Amount of all L/C Obligations and Swing Line Loans at any time outstanding shall not exceed the Revolving Loan Facility at such time. All Revolving Loans shall be made on a pro rata basis by the Revolving Lenders in accordance with their respective Revolving Proportionate Shares, with each Revolving Loan Borrowing to be comprised of a Revolving Loan by each Revolving Lender equal to such Lender’s Revolving Proportionate Share of such Revolving Loan Borrowing. Except as otherwise provided herein, the Borrower may borrow, repay and reborrow Revolving Loans until the Termination Date in respect of the Revolving Loan Facility.

  • Term Loan The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay the Term Loan in whole or in part together with the applicable Prepayment Premium; provided that (A) such notice must be received by the Administrative Agent not later than 11:00 a.m. (1) three Business Days prior to any date of prepayment of LIBOR Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any such prepayment of LIBOR Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); and (D) any prepayment of the Term Loan shall be applied in the inverse order of maturity with respect to the remaining amortization payments. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. On the date of any voluntary prepayment of any Term Loan pursuant to this Section 2.05(a)(ii), the Borrower shall pay to the Administrative Agent, for the benefit of the Lenders, whether before or after an Event of Default, the applicable Prepayment Premium. Subject to Section 2.15, each such prepayment shall be applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

  • The Loan Facility (a) This Loan Facility is subject to the terms and conditions of the Master Facility Agreement as varied or supplemented by these Facility Specific Terms.

  • Term Loan Advance Subject to Section 2.3(b), the principal amount outstanding under the Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate plus three percent (3.00%), which interest shall be payable monthly.

  • Term Loan Facility Each Lender severally agrees, on the terms and conditions set forth herein, to make Loans to the Borrower during the period from the Closing Date to June 20, 2003, in an aggregate amount not to exceed such Lender's Pro Rata Share of the Term Commitment. The Borrower from time to time may borrow under the Term Loan Facility (and may reborrow any amount theretofore prepaid) until close of business on June 20, 2003, for a term not to exceed 364 days from the date of the Borrowing. Each such loan under the Term Loan Facility (a "Term Loan") shall be in the minimum amount of $10,000,000 and shall become due and payable on the last day of the term selected by the Borrower for such Term Loan (the "Term Loan Maturity Date"), which shall in no event be later than 364 days from the date of such Term Loan. The maximum availability under the Term Loan Facility shall be the amount of the Credit minus the aggregate outstanding principal amount of Revolving Loans and Term Loans made by the Lenders; provided, however, that to the extent the proceeds of a Term Loan are used to repay an outstanding Revolving Loan (or a portion thereof), such Revolving Loan (or portion thereof) shall not be considered part of the aggregate principal amount of outstanding Revolving Loans made by the Lenders for purposes of this sentence (such maximum availability hereafter being referred to as the "Term Loan Availability"). Under no circumstances shall the aggregate outstanding principal amount of Term Loans and Revolving Loans made by the Lenders exceed the Credit, and under no circumstances shall any Lender be obligated (i) to make any Term Loan (nor may the Borrower reborrow any amount heretofore prepaid) after June 20, 2003, or (ii) to make any Term Loan in excess of the Term Loan Availability. Each Term Loan made hereunder shall fully and finally mature and be due and payable in full on the Term Loan Maturity Date specified in the Borrowing Advice for such Term Loan; provided, however, that to the extent the Borrowing Advice for any Term Loan selects an Interest Period that expires before the Term Loan Maturity Date specified in such Borrowing Advice, the Borrower may from time to time select additional interest rate options and Interest Periods (none of which shall extend beyond the Term Loan Maturity Date for such Term Loan) by delivering a Borrowing Advice or Notice of Conversion/Continuation, as applicable.

  • Bridge Loan The proceeds of the Bridge Loan shall be applied by the Company, together with borrowings under the Credit Agreement, to the payment of the Transaction Costs, to pay for the Acquisitions, to consummate the Tender Offer and to repay other outstanding Indebtedness of the Company.

  • Term Loan Note A promissory note made by the Borrower in favor of a Term Loan Lender in the principal face amount equal to such Term Loan Lender’s Term Loan Commitment, in substantially the form of Exhibit B hereto.

  • Term Loan B Subject to the terms and conditions of this Agreement, each Term Loan B Lender, severally and not jointly, will make a term loan to Borrowers in the amount equal to such Term Loan B Lender’s Term Loan B Commitment Percentage of $21,500,000 (the “Term Loan B”). The Term Loan B shall be advanced on the Closing Date and shall be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement: on or before the date that is forty-five (45) days after the last day of each fiscal quarter (each a “True-Up Date”), commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term, Borrowers shall repay the Term Loan B in an amount equal to the greater of (x) $537,500 and (y) the Term Loan B Lenders Pro Rata Share of the lesser of (I) 50% of Excess Cash Flow for the most recently ended prior fiscal quarter for which financial statements were delivered to Agents and (II) 50% of the Maximum True Up Amount (provided that Borrowers shall pay the amount set forth in the foregoing clause (x) no later than the first Business Day following the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term (it being understood and agreed that if the amount calculated pursuant to the foregoing clause (y) for each such period exceeds the amount set forth in the foregoing clause (x), the difference thereof (if any) shall be paid by Borrowers no later than the applicable True-Up Date)), followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses upon expiration of the Term. The Term Loan B shall be evidenced by one or more Term Notes. Term Loan B shall consist of LIBOR Rate Index Loans only.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

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