DIP Priority Collateral definition
Examples of DIP Priority Collateral in a sentence
The Borrower shall have the right at any time and from time to time to prepay the Loans in whole or in part, solely to the extent such prepayment is made solely from the DIP Priority Collateral and shall be subject to prior notice in accordance with Section 3.04(b) and the payment of any premium or penalty in accordance with Section 3.04(g).
The Loan Parties hereby covenant, represent and warrant that, upon entry of the DIP Order, the Secured Obligations of the Loan Parties hereunder and under the other Loan Documents and the DIP Order shall have the priority and liens set forth in the DIP Order, subject to the Carve-Out, and subject to the differing lien priorities in respect of the DIP Priority Collateral and the Other DIP Collateral, each as described therein.
For the avoidance of doubt, the Prepetition RBL Secured Parties shall not receive or retain any payments, property or other amounts in respect of the RBL Adequate Protection Claims from the DIP Priority Collateral (including the DIP Proceeds Account) unless and until the Carve Out and all DIP Obligations have indefeasibly been paid in cash in full and all DIP Commitments (as defined herein) have been terminated.
The Debtors shall reasonably cooperate with the DIP Agent in its exercise of rights and remedies authorized under this Interim Order or by order of the Court, whether against DIP Priority Collateral or otherwise (and in any case, consistent with the lien priorities set forth in this Interim Order and the Prepetition Intercreditor Agreement).
Not later than one Business Day following the receipt of any proceeds from a Casualty Event by Holdings or any of its Subsidiaries and, to the with respect to the Debtors, solely to the extent the assets subject to such Casualty Event constitute DIP Priority Collateral (and, subject to the Order and, if applicable, the Leasehold Intercreditor Agreement, proceeds of any other Collateral), the Borrowers shall apply 100% of such proceeds to the Obligations, as provided in Section 2.10(f) below.
Pursuant to 364(d) of the Bankruptcy Code, the Liens granted to the US Collateral Agent or the US Administrative Agent shall be senior to (A) Indenture Liens on DIP Priority Collateral and (B) Indenture Adequate Protection Liens on DIP Priority Collateral and Liens of the Permitted Leasehold Facility on any Collateral (other than Leasehold Priority Collateral).
The Funded Reserve Account will be funded first from the [DIP Proceeds Account], then from the DIP Priority Collateral.
The prohibition provided for in this Section 6.02 specifically includes, without limitation, any effort by any Debtor, any Committee or any other party in interest in any Chapter 11 Case to prime or create pari passu to any Liens or interests of the Secured Parties on the DIP Priority Collateral.
Notwithstanding the foregoing, Liens permitted by clause (c) above shall at all times be junior and subordinate to the Liens on (a) with respect to the Debtors, the DIP Priority Collateral under the Loan Documents and the Order and (b) with respect to Canadian Loan Parties, the Collateral of the Canadian Loan Parties under the Loan Documents.
For the avoidance of doubt, the Prepetition Term Loan Secured Parties shall not receive or retain any payments, property or other amounts in respect of the Term Loan Adequate Protection Claims from the DIP Priority Collateral unless and until the Carve Out and the DIP Obligations (other than contingent indemnification obligations as to which no claim has been asserted), have indefeasibly been paid in cash in full and all DIP Commitments have been terminated.