Common use of No Credit Available on More Favorable Terms Clause in Contracts

No Credit Available on More Favorable Terms. The DIP Facilities are the best sources of debtor-in-possession financing available to the Debtors. Given their current financial condition, financing arrangements, and capital structure, the Debtors have been unable to obtain financing from sources other than the DIP Lenders on terms more favorable than those provided under the DIP Facilities and the DIP Loan Documents. The Debtors have been unable to obtain sufficient unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy Code. The Debtors also have been unable to obtain sufficient credit (a) having priority over administrative expenses of the kind specified in sections 503(b), 507(a) and 507(b) of the Bankruptcy Code, (b) secured by a lien on property of the Debtors and their estates that is not otherwise subject to a lien, or (c) secured solely by a junior lien on property of the Debtors and their estates that is subject to a lien. Postpetition financing is not otherwise available without granting each DIP Agent, for the benefit of itself and the respective DIP Secured Parties: (1) the DIP Liens (as defined below) on all DIP Collateral, as set forth herein; (2) the Superpriority DIP Claims (as defined below); and (3) the refinancing of the Prepetition RBL Obligations as set forth herein and the other protections set forth in this Interim Order. After considering all alternatives, the Debtors have properly concluded, in the exercise of their sound business judgment, that the DIP Facilities represent the best financing available to them at this time, and is in the best interests of all of their stakeholders.

No Credit Available on More Favorable Terms. The DIP Facilities are the best sources of debtor-in-possession financing available to the Debtors. Given their current financial condition, financing arrangements, and capital structure, the Debtors have been unable to obtain financing and other financial accommodations from sources other than the DIP Lenders on terms more favorable than those provided under the DIP Facilities Facility and the DIP Loan Documents. The Debtors have been unable to obtain sufficient adequate unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy Code. The Debtors also have been unable to obtain sufficient adequate credit for money borrowed (a) having priority over administrative expenses of the kind specified in sections 503(b), 507(a) ), and 507(b) of the Bankruptcy Code, Code or (b) secured only by a lien on property of the Debtors and their estates that is not otherwise subject to a lien, or (c) secured solely by a junior lien on property of the Debtors and their estates that is subject to a lien. Postpetition financing is not otherwise available without granting each the DIP Agent, for the benefit of itself and the respective DIP Secured Parties: (1) the DIP Liens (as defined below) on all DIP Collateral, as set forth herein; (2) the DIP Superpriority DIP Claims (as defined below); , and (3) the refinancing of the Prepetition RBL Obligations as set forth herein and the other protections set forth in this Interim Order, in each case, as set forth and, as applicable, with the priority and recourse provided for herein. After considering all alternatives, the Debtors have properly concluded, in the exercise of their sound business judgment, that the DIP Facilities represent Facility represents the best financing available to them at this time, and is in the best interests of all of their stakeholders.

No Credit Available on More Favorable Terms. The DIP Facilities are Facility is the best sources source of debtor-in-possession financing available to the Debtors. Given their current financial condition, financing arrangements, and capital structure, the Debtors have been and continue to be unable to obtain financing from sources other than the DIP Lenders Secured Parties on terms more favorable than those provided under the DIP Facilities and the DIP Loan DocumentsFacility. The Debtors have been are unable to obtain sufficient unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy CodeCode as an administrative expense. The Debtors have also have been unable to obtain sufficient credit (a) unsecured credit having priority over that of administrative expenses of the kind specified in sections 503(b), 507(a) ), and 507(b) of the Bankruptcy Code, ; (b) credit secured solely by a lien on property of the Debtors and their estates that is not otherwise subject to a lien, ; or (c) credit secured solely by a junior lien on property of the Debtors and their estates that is subject to a lien. Postpetition financing Financing on a postpetition basis on better terms is not otherwise available without granting each the DIP Agent, for the benefit of itself and the respective other DIP Secured Parties: , (1) perfected security interests in and liens on (each as provided herein) the DIP Liens (as defined below) on all DIP Collateral, as with the priorities set forth herein; (2) the Superpriority DIP Claims (as defined below)superpriority claims; and (3) the refinancing of the Prepetition RBL Obligations as set forth herein and the other protections set forth in this Interim Order. After considering all alternatives, the Debtors have properly concluded, in the exercise of their sound business judgment, that the DIP Facilities represent the best financing available to them at this time, and is in the best interests of all of their stakeholders.

No Credit Available on More Favorable Terms. The DIP Facilities are Facility is the best sources source of debtor-in-possession financing available to the Debtors. Given their current financial condition, financing arrangements, and capital structure, the Debtors have been and continue to be unable to obtain financing from sources other than the DIP Lenders Secured Parties on terms more favorable than those provided under the DIP Facilities and the DIP Loan DocumentsFacility. The Debtors have been are unable to obtain sufficient unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy CodeCode as an administrative expense. The Debtors have also have been unable to obtain sufficient credit (a) unsecured credit having priority over that of administrative expenses of the kind specified in sections 503(b), 507(a) ), and 507(b) of the Bankruptcy Code, ; (b) credit secured solely by a lien on property of the Debtors and their estates that is not otherwise subject to a lien, ; or (c) credit secured solely by a junior lien on property of the Debtors and their estates that is subject to a lien. Postpetition financing Financing on a postpetition basis is not otherwise available without granting each the DIP Agent, for the benefit of itself and the respective DIP Secured Parties: , (1) perfected security interests in and liens on (each as provided herein) the DIP Liens (as defined below) on all DIP Collateral, as with the priorities set forth herein; (2) the Superpriority DIP Claims (as defined below)superpriority claims; and (3) the refinancing of the Prepetition RBL Obligations as set forth herein and the other protections set forth in this Interim Order. After considering all alternativesOrder and without incurring the 507(b) Claims and Adequate Protection Liens (each as defined herein) (the foregoing described in clauses (1) – (3), collectively, the Debtors have properly concluded, in the exercise of their sound business judgment, that the “DIP Facilities represent the best financing available to them at this time, and is in the best interests of all of their stakeholdersProtections”).

No Credit Available on More Favorable Terms. The DIP Facilities are Facility is the best sources source of debtor-in-possession financing reasonably available to the DebtorsDebtors at this time. Given their current financial condition, financing arrangements, and capital structure, the Debtors have been and continue to be unable to obtain financing from sources other than the DIP Lenders on terms more favorable than those provided under the DIP Facilities and the DIP Loan DocumentsFacility. The Debtors have been are unable to obtain sufficient adequate unsecured credit allowable as an administrative expense under section 503(b)(1) of the Bankruptcy CodeCode as an administrative expense. The Debtors have also have been unable to obtain sufficient credit obtain: (a) adequate unsecured credit having priority over that of administrative expenses of the kind specified in sections 503(b), 507(a) ), and 507(b) of the Bankruptcy Code, ; (b) adequate credit secured solely by a lien on property of the Debtors and their estates that is not otherwise subject to a lien, ; or (c) adequate credit secured solely by a junior lien on property of the Debtors and their estates that is subject to a lien. Postpetition financing Financing on a postpetition basis on better terms is not otherwise available without granting each the DIP Agent, for the benefit of itself and the respective DIP Secured Parties: Lenders, (1) perfected security interests in and liens on (each as provided herein) the DIP Liens Collateral (as defined below) on all DIP Collateral), as with the priorities set forth herein; (2) the Superpriority DIP Claims (as defined below)superpriority claims; and (3) the refinancing of the Prepetition RBL Obligations as set forth herein and the other protections set forth in this Interim Order. After considering all alternatives, the Debtors have properly concluded, in the exercise of their sound business judgment, that the DIP Facilities represent the best financing available to them at this time, and is in the best interests of all of their stakeholders.