Term Loan / DIP Facility Sample Clauses

Term Loan / DIP Facility. Use of Cash Collateral The Financing Commitment Parties will provide a $75 million Term Loan on the terms set forth in the term sheets governing the Term Loan and the other terms to be agreed by the holders of at least 66 and 2/3% of the aggregate principal amount of Secured Notes obligated under the RSA, and which must include at least two unaffiliated members of the Secured Notes Ad Hoc Group (the “Required Consenting Noteholders”) and the Company. The DIP Facility shall be a senior secured superpriority new money debtor-in-possession financing facility on terms as set forth in the DIP Term Sheet and other Financing Facility Documents of $75 million. The lenders under the Term Loan and the holders of the Secured Notes shall each receive the following adequate protection (all as more fully set forth in the interim and final orders authorizing the Debtors’ use of prepetition collateral (the “Adequate Protection Orders”)): • Adequate protection claims to the extent of any diminution in value of such parties’ existing collateral that is property of the estates; • Adequate protection liens on • unencumbered property of the Debtors, • on a senior basis, the collateral securing the Term Loan and Secured Notes that is property of the estates, and • on a junior basis, collateral subject to any other valid and properly perfected liens, including the collateral securing the Macquarie Financing Facility and the PKAir Financing Facility, but not the Lombard Financing Facility, in each case that is property of the estates; • Payment of interest at the rate specified in the Term Loan and the non-default rate specified in the Secured Notes; • Payment of the reasonable and documented fees and expenses of the Secured Notes Advisors (consisting of ▇▇▇▇▇ ▇▇▇▇ & ▇▇▇▇▇▇▇▇, PJT Partners, ▇▇▇▇▇▇ & ▇▇▇▇▇, LLP, aviation counsel and special and local counsel in all relevant jurisdictions); • Ongoing reporting under the Term Loan and Secured Notes; • The following “Adequate Protection Milestones”: (i) the filing of a chapter 11 plan in form and substance satisfactory to the Debtors, the “Required Lenders” (as defined in the Financing Facility Documents) under the Term Loan (the “Required Term Loan Lenders”) and at least 66 and 2/3% of the aggregate principal amount of Secured Notes (including at least two unaffiliated holders thereof) (the “Required Secured Noteholders”) (an “Acceptable Chapter 11 Plan”), and a disclosure statement related thereto, on or before August 1, 2019;