DIP Lender definition
Examples of DIP Lender in a sentence
The DIP Note, the other DIP Documents, and this Interim DIP Order shall govern the financial and credit accommodations to be provided to the Debtor by the DIP Lender as described herein; provided that in the event of a conflict between the Interim DIP Order and the other DIP Documents, the Interim DIP Order shall control.
The DIP Lender is hereby granted, as and to the extent provided by section 507(b) of the Bankruptcy Code, and all of the DIP Obligations shall constitute, allowed superpriority administrative expense claims in the Chapter 11 Case and any successor case (the “Superpriority Claims”).
The DIP Lender shall have the option, on account of being the holder of the DIP Lender Claim, to exchange a total of up to 100% of the DIP Lender Claim in satisfaction of such amount of its allowed claim for the shares of the issued equity of the reorganized debtor, as set forth in the Plan (the “Subscription Option”).
The Plan Consideration payable to creditors (other than the DIP Lender) and equity holders on the Effective Date (after giving effect to the retirement of the DIP Lender Claim (either by exercise of the Subscription Option or payment or deemed repayment of the portion of the DIP Lender Claim for which the Subscription Claim is not exercised)), will be $5.5 million.
For purposes herein, the “Allowed DIP Lender Claim” means any and all obligations due and owing to the DIP Lender by the Debtor in connection with the DIP Loan.