DIP Loan Parties definition
Examples of DIP Loan Parties in a sentence
No waiver, modification or amendment of any of the provisions hereof shall be effective unless (i) set forth in writing, signed by, or on behalf of, the DIP Loan Parties, the DIP Agent and the requisite DIP Lenders under the DIP Loan Documents as provided in and consistent with their respective rights under the DIP Loan Documents, and (ii) approved by the Court after notice to parties-in-interest.
The DIP Loan Parties shall update the Initial Approved Budget as necessary but shall not update the Initial Approved Budget less frequently than once every two weeks (each, a “Proposed Budget”).
The DIP Loan Parties shall pay the costs of, or incidental to, any recording or filing of any financing or continuation statements or other assignment documents concerning the DIP Collateral.
The obligation of the DIP Loan Parties to reimburse the Agent, for such amounts pursuant to this Section 5.15, shall survive the termination or non-renewal of this Agreement.
Without limiting the generality of the foregoing, nothing herein shall require the Agent to file financing statements or continuation statements, or be responsible for maintaining the security interests purported to be created as described herein (except for the safe custody of any DIP Collateral in its possession and the accounting for moneys actually received by it hereunder or under the other DIP Loan Documents) and such responsibility shall be solely that of the DIP Loan Parties.
The DIP Loan Parties irrevocably waive any right to seek any modification or extension of this Interim DIP Order without the prior written consent of the DIP Agent and the requisite DIP Lenders under the DIP Loan Documents as provided in and consistent with their respective rights under the DIP Loan Documents, and no such consent shall be implied by any other action, inaction or acquiescence of the DIP Agent or any of the DIP Lenders.
The DIP Loan Parties shall timely pay to the relevant Governmental Authority in accordance with applicable Law or, at the option of the Agent, timely reimburse it for the payment of, any Other Tax.
Upon entry of this Interim Order and to the fullest extent provided by applicable law, the DIP Agent and Prepetition Secured Parties shall be, and shall be deemed to be, without any further action or notice, named as additional insureds and loss payees on each insurance policy maintained by the DIP Loan Parties that in any way relates to the DIP Collateral.
Nothing in this Interim Order shall be construed to constitute a substantive consolidation of any of the Debtors’ estates, it being understood, however, that the DIP Loan Parties shall be jointly and severally liable for the obligations hereunder and in accordance with the terms of this Interim Order.
Nothing in this Interim DIP Order shall authorize the disposition of any assets of the Debtors, their estates, or any other DIP Loan Parties, or proceeds resulting therefrom outside the ordinary course of business, except as permitted herein (subject to any required Court approval).