DIP Lien definition

DIP Lien means any Lien granted under or pursuant to any DIP Collateral Document or the Financing Orders.
Sample 1Sample 2Sample 3
DIP Lien means any Lien granted under or pursuant to this Agreement, any DIP Collateral Document, the other DIP Credit Documents, or any Financing Order.
Sample 1Sample 2
DIP Lien has the meaning specified in the DIP Orders.
Sample 1Sample 2

Examples of DIP Lien in a sentence

  • Pursuant to Bankruptcy Code sections 364(c) and 364(d), the DIP Lien shall be a first priority senior and priming lien on the DIP Collateral (including the Pre-Petition Collateral), subject and junior only to the Carve-Out (defined below).

  • The DIP Lien shall not be subject or subordinate to any Lien that is avoided and that would otherwise be preserved for the benefit of any of the Debtor’s estates under Bankruptcy Code section 551.

  • The DIP Lien is granted to the DIP Agent and the DIP Lender by virtue of the Pre-Petition Loan Documents and the amendments and modifications thereto accomplished by the DIP Financing Documents; provided, however that, for the avoidance of doubt, if the DIP Agent chooses to exercise any of its remedies against any of the DIP Collateral, all proceeds resulting therefrom shall first be applied to Debtor’s obligations under the DIP Facility as a result of the priming DIP Lien.

  • Notwithstanding the foregoing, DIP Collateral shall not include Excluded Property (as defined in DIP Credit Agreement); provided, however, that if and when any assets cease to be Excluded Property, the term “DIP Collateral” shall include such assets and a DIP Lien on and security interest in such assets (including any Proceeds from Excluded Property) shall be deemed granted.

  • Notwithstanding anything in any of the Pre-Petition Loan Documents to the contrary (i) the priority of the DIP Lien and DIP Facility claims and obligations shall be as set forth in this Order and the DIP Financing Documents, and (ii) the terms of this Order and the DIP Financing Documents shall govern the terms and manner of disbursement and application of proceeds of DIP Collateral to the DIP Facility obligations and other Pre-Petition Obligations.

  • The holders of any DIP Lien, Pre-Petition Lien, or Adequate Protection Lien are hereby relieved of any requirement to file proofs of claim in the Debtors’ bankruptcy cases with respect to any such Liens and the claims secured thereby, but any such holder may in its sole and absolute discretion file any such proof of claim.

  • The DIP Lender or its advisors shall have completed a review of the Debtor’s cash management systems and determined that all material amounts of cash and cash equivalents of the Debtor are subject to a DIP Lien in favor of the DIP Lender.

  • The Prepetition Senior Creditor has consented to permit the Prepetition Senior Lien and the DIP Lien to be secured on a pari passu basis under the terms and conditions set forth in this Interim Order and is entitled to receive adequate protection of its interests as more fully described below.

  • Notwithstanding anything in any of the Pre-Petition Loan Documents to the contrary (i) the priority of the DIP Lien and DIP Facility claims and obligations shall be as set forth in this Final Order and the DIP Financing Documents, and (ii) the terms of this Final Order and the DIP Financing Documents shall govern the terms and manner of disbursement and application of proceeds of DIP Collateral to the DIP Facility obligations and other Pre-Petition Obligations.

  • Any Subordinated DIP Lien treated by the Subordinated Exit Facility Treatment that was subordinated or junior to any other Lien in the same Collateral prior to the Effective Date will be subordinate or junior to the extent such other Lien is restructured, otherwise remains in existence following the Effective Date, or is replaced by the Senior Exit Facility, to the same extent following the Effective Date and the restructuring contemplated in the Plan.


More Definitions of DIP Lien

DIP Lien as defined in the DIP Order. “DIP Obligations”: as defined in the DIP Order. “DIP Order”: an order of the Bankruptcy Court entered in the Chapter 11 Cases, after a final hearing under Rule 4001(c)(2) of the Federal Rules of Bankruptcy Procedure, authorizing and approving the DIP Facility and the terms of this Agreement and the other Loan Documents, (a) in form and substance reasonably acceptable to the Required Commitment Parties (it being understood that the proposed order attached as Exhibit A to the Debtors’ Motion Seeking Entry of an Order (I) Authorizing the Debtors to Obtain Debtor-in-Possession Financing and Granting Liens and Superpriority Administrative Claims, and (II) Granting Related Relief [D.I. 1523] is acceptable to the Required Commitment Parties), as the same may be amended, amended and restated, supplemented or otherwise modified from time to time with the consent of the Required Lenders or, (b) with respect to matters described hereunder that require consent from or shall be acceptable or satisfactory to each Lender or each Lender directly and adversely affected thereby pursuant to Section 11.1, each Lender or each Lender directly and adversely affected thereby, pursuant to Section 11.1, as applicable.
Sample 1
DIP Lien has the meaning ascribed to such term in the Interim DIP Order or, upon entry of the Final DIP Order, in the Final DIP Order, as applicable.
Sample 1

Related to DIP Lien

  • Senior Lien means the Liens on the Senior Collateral in favor of the Senior Secured Parties under the Senior Collateral Documents.

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

  • Subject Lien shall have the meaning provided in Section 10.2(a).

  • Prepetition Collateral means the collateral securing the Prepetition BP Secured Claim, including, without limitation, the Posted Collateral.

  • Senior Lender Claims means (a) the principal of all Indebtedness outstanding under one or more of the Senior Lender Documents to the extent not prohibited by the Indenture (as in effect on the date hereof), and (b) all other Obligations not constituting principal of Indebtedness of any Obligor under the Senior Lender Documents, including, without limitation, all claims under the Senior Lender Documents for interest, fees, expense reimbursements, indemnification and other similar claims. Senior Lender Claims shall include all interest accrued or accruing (or which would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the Senior Credit Agreement whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. To the extent any payment with respect to the Senior Lender Claims (whether by or on behalf of any Obligor, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be fraudulent or preferential in any respect, set aside or required to be paid to a debtor in possession, trustee, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had not occurred. Notwithstanding anything to the contrary contained in the first sentence of this definition, any principal Indebtedness (including reimbursement obligations for drawn or undrawn letters of credit) incurred under the Senior Credit Agreement shall constitute a "Senior Lender Claim" (whether or not such Indebtedness is at any time determined not to have been permitted to be incurred under the Indenture), to the extent, after giving effect to such incurrence, the aggregate principal amount of Indebtedness outstanding under the Senior Credit Agreement does not exceed $15,000,000 (less any prior permanent reductions in the Revolving Loan Commitment).

  • Settlement Lien means any Lien relating to any Settlement or Settlement Indebtedness (and may include, for the avoidance of doubt, the grant of a Lien in or other assignment of a Settlement Asset in consideration of a Settlement Payment, Liens securing intraday and overnight overdraft and automated clearing house exposure, and similar Liens).

  • Priority Lien means a first priority Lien (subject in priority only to Permitted Prior Liens) granted in favor of the Collateral Trustee pursuant to a Note Security Document, at any time, upon any property of the Company or any other Grantor to secure Priority Lien Obligations.

  • Second Lien With respect to each Mortgaged Property, the lien of the mortgage, deed of trust or other instrument securing a Mortgage Note which creates a second lien on the Mortgaged Property.

  • Second Priority Debt Documents means the Initial Second Priority Debt Documents and, with respect to any series, issue or class of Second Priority Debt, the promissory notes, indentures, Collateral Documents or other operative agreements evidencing or governing such Indebtedness, including the Second Priority Collateral Documents.

  • Existing Lien shall have the meaning assigned to such term in Section 6.02(c).

  • Junior Lien Indebtedness means any Indebtedness of any Credit Party that is secured by Liens on Collateral that rank junior in priority to the Liens that secure the Obligations.

  • Permitted Lien means the individual and collective reference to the following: (a) Liens for taxes, assessments and other governmental charges or levies not yet due or Liens for taxes, assessments and other governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves (in the good faith judgment of the management of the Company) have been established in accordance with GAAP, (b) Liens imposed by law which were incurred in the ordinary course of the Company’s business, such as carriers’, warehousemen’s and mechanics’ Liens, statutory landlords’ Liens, and other similar Liens arising in the ordinary course of the Company’s business, and which (x) do not individually or in the aggregate materially detract from the value of such property or assets or materially impair the use thereof in the operation of the business of the Company and its consolidated Subsidiaries or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing for the foreseeable future the forfeiture or sale of the property or asset subject to such Lien and (c) Liens incurred in connection with Permitted Indebtedness.

  • First Lien With respect to any second lien Mortgage Loan, the mortgage loan relating to the corresponding Mortgaged Property having a first priority lien.

  • Superpriority Claim means a claim against the Borrower and any Guarantor in any of the Cases which is an administrative expense claim having priority over any or all administrative expenses of the kind specified in Sections 503(b) or 507(b) of the Bankruptcy Code.

  • Notes Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Senior Liens means (a) with respect to the ABL Priority Collateral, all Liens securing the ABL Obligations and (b) with respect to the Term Loan Priority Collateral, all Liens securing the Term Loan Obligations.

  • First Lien Indebtedness means Consolidated Total Indebtedness that is secured by a Lien on the Collateral, except by a Lien that is junior to the Liens on the Collateral securing the First Lien Obligations.

  • ABL Priority Collateral has the meaning set forth in the Intercreditor Agreement.

  • Second Priority Debt Obligations means the Initial Second Priority Debt Obligations and, with respect to any series, issue or class of Second Priority Debt, (a) all principal of, and interest (including, without limitation, any interest which accrues after the commencement of any Bankruptcy Case, whether or not allowed or allowable as a claim in any such proceeding) payable with respect to, such Second Priority Debt, (b) all other amounts payable to the related Second Priority Debt Parties under the related Second Priority Debt Documents and (c) any renewals or extensions of the foregoing.

  • Priority Lien Documents means the Credit Agreement and any other Credit Facility pursuant to which any Priority Lien Debt is incurred and the Priority Lien Security Documents.

  • Second Priority Debt means any Indebtedness of the Borrower or any other Grantor guaranteed by the Guarantors (and not guaranteed by any Subsidiary that is not a Guarantor), including the Initial Second Priority Debt, which Indebtedness and guarantees are secured by the Second Priority Collateral on a pari passu basis (but without regard to control of remedies, other than as provided by the terms of the applicable Second Priority Debt Documents) with any other Second Priority Debt Obligations and the applicable Second Priority Debt Documents which provide that such Indebtedness and guarantees are to be secured by such Second Priority Collateral on a subordinate basis to the Senior Debt Obligations (and which is not secured by Liens on any assets of the Borrower or any other Grantor other than the Second Priority Collateral or which are not included in the Senior Collateral); provided, however, that (i) such Indebtedness is permitted to be incurred, secured and guaranteed on such basis by each Senior Debt Document and Second Priority Debt Document and (ii) except in the case of the Initial Second Priority Debt hereunder, the Representative for the holders of such Indebtedness shall have become party to this Agreement pursuant to, and by satisfying the conditions set forth in, Section 8.09 hereof. Second Priority Debt shall include any Registered Equivalent Notes and Guarantees thereof by the Guarantors issued in exchange therefor.

  • Priority Lien Secured Parties means the holders of Priority Lien Obligations and any Priority Debt Representatives.

  • Priority Lien Security Documents means the Priority Credit Agreement (insofar as the same grants a Lien on the Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by the Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Priority Substitute Credit Facility).

  • Junior Lien Documents means, collectively any indenture, credit agreement or other agreement governing each Series of Junior Lien Debt and the security documents related thereto.

  • Second Priority Lien means the Liens on the Second Priority Collateral in favor of Second Priority Debt Parties under Second Priority Collateral Documents.

  • Senior Lien Obligations means all revenue bonds and other obligations of the RECIPIENT outstanding on the date of execution of this loan agreement (or subsequently issued on a parity therewith, including refunding obligations) or issued after the date of execution of this loan agreement having a claim or lien on the Gross Revenue of the Utility prior and superior to the claim or lien of the loan, subject only to Maintenance and Operation Expense.