DIP Priority Collateral definition

DIP Priority Collateral has the meaning assigned to such term in the DIP Order.
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DIP Priority Collateral means any and all DIP Collateral other than First Lien Notes Priority Collateral and Encumbered Collateral.
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DIP Priority Collateral shall have the meaning assigned to such term in Section 2.22.
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Examples of DIP Priority Collateral in a sentence

  • 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.

  • 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).

  • On March 26, 2019, the Bankruptcy Court issued its thorough Allocation Decision and Order, in which, among other things, the Bankruptcy Court allocated $16.8 million of the Sale Proceeds to THL’s Term Priority Defined Collateral and$7.45 million to Polk’s DIP Priority Collateral.

  • 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.

  • He suggested that the defects might have been remedied in December 2009 but not entered in Live 27 as remedied until September 2010.

  • Thus, the Retail/Oaktree Term Lenders want to ensure that the Prepetition Term Loan Parties do not bear the burden of fees and expenses incurred by the estates to preserve, sell or otherwise dispose of the DIP Priority Collateral.

  • ABL Lender’s Pre-Petition Liens, Adequate Protection Liens and claims under section 507(b) of the Bankruptcy Code shall be junior and subordinate to the ABL Lender Carve-Out and the DIP Lender Carve-Out (as to DIP Priority Collateral), but in no event shall ABL Lender be deemed to have subordinated any of its priority claims or liens in an amount that exceeds fifty percent (50%) of the aggregate Carve-Out on any date.

  • The Funded Reserve Account will be funded first from the DIP Proceeds Account and then from the DIP Priority Collateral (but excluding, for the avoidance of doubt, any Cash Collateral constituting ABL Priority Collateral).

  • With respect to the DIP Priority Collateral, all liens, security interests, setoff rights and administrative priority claims at any time granted to or existing in favor of DIP Lender shall at all times (whether during the pendency of these chapter 11 cases, after conversion or dismissal, or otherwise) be senior in priority to all liens, security interests and administrative priority claims at any time granted to or existing in favor of ABL Lender.

  • The Adequate Protection Liens shall be junior in priority only to the Pre-Petition Liens, the US Foods Reserve (defined below), the ABL Lender Carve-Out (defined below), the DIP Lender Carve-Out (defined below) in respect of the DIP Priority Collateral (defined below) and the DIP Lender’s liens in the DIP Priority Collateral.


More Definitions of DIP Priority Collateral

DIP Priority Collateral shall have the meaning assigned to such term in the Interim Order or the Final Order, as applicable.
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DIP Priority Collateral means the portion of the collateral securing the Facility in which the Lenders have a first priority perfected security interest by virtue of the Orders.
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Related to DIP Priority Collateral

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

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

  • Second Priority Collateral means any “Collateral” as defined in any Second Priority Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Second Priority Collateral Document as security for any Second Priority Debt Obligation.

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

  • Priority Collateral means the ABL Priority Collateral or the Term Priority Collateral, as applicable.

  • First Priority Collateral means all assets, whether now owned or hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation.

  • Term Loan Priority Collateral as defined in the Intercreditor Agreement.

  • Second Priority Collateral Documents means the Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second Priority Claims or under which rights or remedies with respect to such Liens are at any time governed.

  • ABL Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any ABL Obligations.

  • Senior Collateral means any “Collateral” as defined in any Credit Agreement Loan Document or any other Senior Debt Document or any other assets of the Borrower or any other Grantor with respect to which a Lien is granted or purported to be granted pursuant to a Senior Collateral Document as security for any Senior Obligations.

  • UCC Collateral is defined in Section 3.03.

  • Equity Collateral shall have the meaning set forth in Section 11.6 hereof.

  • U.S. Collateral means any and all property owned, leased or operated by a Person covered by the U.S. Collateral Documents and any and all other property of any U.S. Loan Party, now existing or hereafter acquired, that may at any time be or become subject to a security interest or Lien in favor of the Administrative Agent to secure the Secured Obligations.

  • First Lien Collateral Documents means the “Security Documents” or “Collateral Documents” or similar term (as defined in the applicable First Lien Loan Documents) and any other agreement, document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or pursuant to which any such Lien is perfected.

  • Senior Collateral Documents means the Guarantee and Pledge Agreement and the other Security Documents, the First Lien Intercreditor Agreement (upon and after the initial execution and delivery thereof by the initial parties thereto) and each of the security agreements and other instruments and documents executed and delivered by Holdings or any Borrower or other Grantor for purposes of providing collateral security for any Senior Obligation.

  • Senior Collateral Agent means Citicorp USA, Inc., in its capacity as Senior Collateral Agent under the Senior Collateral Documents, and its successors.

  • Permitted Priority Liens means Liens permitted under any of the clauses (b), (c), (d), (e), (f) or (i) of Section 9.02.

  • Borrower Collateral means all of Borrower's now owned or hereafter acquired right, title, and interest in and to each of the following:

  • Prepetition Collateral shall refer to (i) all of the Borrower’s personal property upon which a security interest may be granted under the Uniform Commercial Code, (ii) all of the Borrower’s real property, (iii) all of the Borrower’s assets in or upon which a lien or other security interest has otherwise been granted in favor or for the benefit of the Prepetition Agent and the Prepetition Lenders in connection with, pursuant to, or under, the Prepetition Credit Agreement and the other Prepetition Financing Documents, and (iv) any of the Borrower’s assets otherwise held by the Prepetition Agent or any Prepetition Lender or otherwise provided to the Prepetition Agent or any Prepetition Lender as security for the Prepetition Indebtedness, in each case that existed as of the Petition Date or at any time prepetition and, subject to section 552 of the Bankruptcy Code, postpetition proceeds, products, offspring, rents and profits of all of the foregoing.

  • Second Lien Collateral Documents means the “Security Documents” or “Collateral Documents” (as defined in the applicable Second Lien Documents) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or pursuant to which any such Lien is perfected.

  • Second Lien Collateral means all “Collateral”, as defined in any Second Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Second Lien Obligations.

  • ABL Collateral Documents means all “Security Documents” as defined in the Original ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL Credit Agreement, and any other agreement, document or instrument pursuant to which a Lien is granted securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed, in each case as the same may be amended, supplemented, waived or modified from time to time.

  • 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.

  • First Priority Lien Obligations means (i) all Secured Bank Indebtedness, (ii) all other Obligations (not constituting Indebtedness) of the Issuers, Holdings and any of Holdings’ Subsidiaries under the agreements governing Secured Bank Indebtedness and (iii) all other Obligations of the Issuers, Holdings or any of Holdings’ Subsidiaries in respect of Hedging Obligations or Obligations in respect of cash management services in connection with Indebtedness described in clause (i) or Obligations described in clause (ii).

  • First Lien Collateral means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any First Lien Obligations.

  • 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.