DIP Account definition

DIP Account means a deposit account in the name of the Administrative Agent, on behalf of the Secured Parties, in which the proceeds of the Term Loans shall be deposited and held and used solely for the purposes permitted hereunder; provided that, until the date the DIP Account is opened with the Administrative Agent, the DIP Account shall be a segregated account held by the Debtors.

DIP Account has the meaning assigned to such term in Section 5.19.

DIP Account means the segregated debtor-in-possession account opened by Sellers solely for the purpose of the sale of the Assets contemplated by this Agreement.

Examples of DIP Account in a sentence

• Upon satisfaction or waiver of the conditions precedent specified in Section 3 and receipt of all requested funds, the Administrative Agent shall make the proceeds of the Loans available to the Borrower on each Funding Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Loans received by the Administrative Agent from the Lenders to be wired to the DIP Account.

• The Credit Parties shall not create, incur, assume or permit to exist any Lien on the DIP Account or any amounts held therein, other than described in Section 6.2(a)(i) and (b)(vii)(B).

• Adequate protection claims which shall be payable from and have recourse to all DIP Collateral (other than proceeds of the DIP Facility, the DIP Account, and all amounts from time to time therein), subject only to the Carve-Out.

• None of the Debtors or the DIP Secured Parties shall object to any Prepetition Secured Party’s credit bidding up to the full amount of the applicable Prepetition Secured Obligation in any sale of any Prepetition Collateral (which shall not constitute the DIP Facility proceeds, the DIP Account or any amounts therein from time to time).

• Notwithstanding anything to the contrary in the Prepetition Loan Documents or otherwise, the proceeds of the DIP Facility, the DIP Account, and any and all amounts from time to time therein shall not be Prepetition Collateral and shall not be subject to the Prepetition Liens.

More Definitions of DIP Account

DIP Account means the segregated, interest-bearing account of the held by FastShip, LLC into which funds up to $1.6 million in total, borrowed from the DIP Lender to fund the prosecution of the IP Litigation, including certain fees and expenses attendant thereto, shall be deposited and maintained.

DIP Account means the Debtor-in-Possession account of Rabbe Farms maintained at U.S. Bank, Account No. -9930.

DIP Account shall have the meaning assigned to such term in Clause 22.14(f).

DIP Account means the Debtor’s Debtor-In-Possession bank account held at Wells Fargo Bank, N.A., with account number ending xx-1230.

DIP Account means an account at a financial institution mutually agreed by Borrower and Lender.

DIP Account means account number maintained at Harris N.A.

DIP Account means the Debtors’ respective Debtor in Possession Bank Accounts, on which