Bankruptcy Covenants definition

Bankruptcy Covenants. Until the DIP Loans are indefeasibly repaid in full in cash, all motions, applications and other documents filed with the Bankruptcy Court by the Company shall be in a form and substance reasonably satisfactory to the Lender. The Company shall covenant to use good faith and diligent efforts to meet the Milestones in accordance with the Borrower’s obligations under Section 4(a)(i) of the Plan Support Agreement to meet the Milestones. Representations and Warranties, Affirmative and Negative Covenants: Customary for transactions of this type and otherwise satisfactory to the Lender. Events of Default: Customary for transactions of this type and otherwise satisfactory to the Lender. Governing Law: New York (except as governed by the Bankruptcy Code). For the avoidance of doubt, the references herein to customary terms or conditions are to such terms or conditons to the extent not inconsistent with the terms and conditions set forth herein, the Plan Sponsor Agreement or Plan Term Sheet. . Weekly Cash Forecast as of February 10, 2017 Actual Actual Actual DIP Period(1): Total Collections 0.03 0.13 0.04 — 0.22 0.03 — — — — 0.03 — — — 0.28 Payroll (0.24 ) (0.15 ) (0.03 ) (0.36 ) — (0.35 ) — (0.35 ) — (0.35 ) — (0.35 ) (0.17 ) (0.17 ) (2.10 ) Expense Reports (0.00 ) (0.00 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.01 ) (0.11 ) Total Payroll & Payroll Related (0.25 ) (0.15 ) (0.07 ) (0.49 ) (0.01 ) (0.48 ) (0.01 ) (0.36 ) (0.01 ) (0.36 ) (0.13 ) (0.36 ) (0.18 ) (0.18 ) (2.57 ) Vendor Payments (0.16 ) (0.09 ) (0.02 ) (1.00 ) (0.11 ) (0.14 ) (0.29 ) (0.10 ) (0.08 ) (0.37 ) (0.15 ) (0.09 ) (0.08 ) (0.13 ) (2.54 ) Total Operating Disbursements (0.41 ) (0.24 ) (0.08 ) (1.49 ) (0.12 ) (0.62 ) (0.30 ) (0.46 ) (0.09 ) (0.72 ) (0.28 ) (0.45 ) (0.27 ) (0.31 ) (5.11 ) Weekly Accrued Professional Fees (0.32 ) (0.19 ) (0.13 ) (0.30 ) (0.09 ) (0.13 ) (0.09 ) (0.24 ) (0.09 ) (0.09 ) (0.14 ) (0.09 ) (0.09 ) (0.09 ) (1.44 ) Total Weekly Disbursements (0.72 ) (0.43 ) (0.21 ) (1.79 ) (0.21 ) (0.75 ) (0.39 ) (0.70 ) (0.18 ) (0.82 ) (0.42 ) (0.54 ) (0.36 ) (0.40 ) (6.55 ) Cumulative Accrued Professional Fees (1.86 ) (2.05 ) (2.19 ) (0.30 ) (0.39 ) (0.52 ) (0.61 ) (0.85 ) (0.94 ) (1.03 ) (1.17 ) (1.26 ) (1.35 ) (1.44 ) (1.44 ) Cash Escrow Account(1) $ — $ — $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 $ 3.29 Pre-DIP Accrued Professional Fees (1.86 ) (2.05 ) (2.19 ) (2.19 ) (2.19 ) (2.19 ) (2.19 ) (2.1...
Sample 1

Related to Bankruptcy Covenants

  • Bankruptcy Coverage $100,000 less (a) any scheduled or permissible reduction in the amount of Bankruptcy Coverage pursuant to the second paragraph of this definition and (b) Bankruptcy Losses allocated to the Certificates. The Bankruptcy Coverage may be reduced upon written confirmation from the Rating Agencies that such reduction will not adversely affect the then current ratings assigned to the Certificates by the Rating Agencies.

  • Bankruptcy Coverage Termination Date The point in time at which the Bankruptcy Loss Coverage Amount is reduced to zero.

  • Bankruptcy Code means the United States Bankruptcy Code, as amended from time to time, any successor statute or rule promulgated thereto.

  • DIP Financing Order means the Final Order (I) Authorizing Debtors (A) to Obtain Post-Petition Financing Pursuant to 11 U.S.C. §§ 105, 361, 362, 364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1) and 364(e), (B) to Utilize Cash Collateral Pursuant to 11 U.S.C. § 363 and (C) to Purchase Certain Assets Pursuant to 11 U.S.C. § 363 and (II) Granting Adequate Protection to Pre-Petition Secured Parties Pursuant To 11 U.S.C. §§ 361, 362, 363 and 364, entered March 1, 2009 (Docket No.1002).

  • U.S. Bankruptcy Code means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

  • Initial Bankruptcy Coverage Amount $100,000.

  • Bankruptcy Case has the meaning assigned to such term in Section 2.05(b).

  • DIP Financing shall have the meaning set forth in Section 6.1(a).

  • Bankruptcy Proceedings has the meaning set forth in clause (b) of paragraph 9 hereof.

  • DIP Financing Liens has the meaning assigned to such term in Section 2.05(b).

  • Bankruptcy Cases has the meaning set forth in the Recitals.

  • Bankruptcy Proceeding means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy Event.

  • Senior Class Debt Representative has the meaning assigned to such term in Section 8.09.

  • DIP means debtor-in-possession.

  • Chapter 11 means Chapter 11 of the Bankruptcy Code.

  • Insolvency or Liquidation Proceeding means, with respect to any Person, any liquidation, dissolution or winding up of such Person, or any bankruptcy, reorganization, insolvency, receivership or similar proceeding with respect to such Person, whether voluntary or involuntary.

  • Flip-In Trigger Date shall have the meaning set forth in Section 11(a)(iii) hereof.

  • Bankruptcy Laws has the meaning specified in Section 10.9.

  • Senior Class Debt Parties has the meaning assigned to such term in Section 8.09.

  • Chapter 11 Case has the meaning set forth in the Recitals.

  • Second Lien Representative means, in the case of any Series of Second Lien Debt, the trustee, agent or representative of the holders of such Series of Second Lien Debt who maintains the transfer register for such Series of Second Lien Debt and is appointed as a Second Lien Representative (for purposes related to the administration of the Security Documents) pursuant to the indenture, credit agreement, loan agreement, note agreement, promissory note or other agreement or instrument evidencing or governing such Series of Second Lien Debt, together with its successors in such capacity; provided that in each case such Person shall have executed a joinder to the Collateral Agency and Intercreditor Agreement.

  • Senior Claims means, (a) with respect to the RBL Priority Collateral, each of the First-Priority Lien Obligations secured by such Collateral and, (b) with respect to the Term/Notes Priority Collateral, each of the Second-Priority Lien Obligations secured by such Collateral.

  • First Lien Claims means, collectively, Claims against the Debtors arising under the Prepetition Term Loan Agreement.

  • Insolvency Proceeding means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

  • CCAA Proceedings means the proceedings commenced by the Applicant under the CCAA as contemplated by the Initial Order;

  • Covenant Trigger Period means the period (a) commencing on the day that (i) an Event of Default occurs or (ii) Availability is less than the greater of (x) 10% of Available Credit and (y) $20,000,000 and (b) continuing until, at all times thereafter for a period of 30 consecutive days during which, (i) no Event of Default exists and (ii) Availability shall have been not less than the greater of (x) 10% of Available Credit and (y) $20,000,000.

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