DIP Proceeds Account definition
Examples of DIP Proceeds Account in a sentence
The Borrower shall cause the DIP Proceeds Account to at all times be subject to a deposit account control agreement, in form and substance reasonably satisfactory to the Administrative Agent naming the Administrative Agent as the secured party thereunder for the benefit of the Secured Parties unless the DIP Proceeds Account is held with the Administrative Agent.
The Borrower shall not make more than one (1) withdrawal from the DIP Proceeds Account per calendar week, which, except in the case of the initial withdrawal following the entry of the Interim Order, shall occur only on a Monday (or if such Monday is not a Business Day, the following Business Day).
Upon receipt of all requested funds, the Administrative Agent will make such Loans available to the Borrowers by promptly wiring the amounts so received, in like funds, to the DIP Proceeds Account.
The Borrower shall use reasonable efforts to ensure no amounts shall be deposited in the DIP Proceeds Account other than the proceeds of the Term Loans as described above and the proceeds of any investments held in or credited to such account and to the extent any such other amount is deposited in the DIP Proceeds Account, the Borrower shall promptly withdraw such amount from the DIP Proceeds Account.
The Borrower shall provide accounting of the DIP Proceeds Account and proceeds thereof (without duplication of any such disclosure that would be included in the Variance Report) upon reasonable request by the Lenders; provided that such request shall not be made more than once every month for all Lenders and such information shall be delivered to the Administrative Agent to be available to all Lenders.
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.
All withdrawals from the DIP Proceeds Account shall be used solely for the permitted purposes described under Section 5.11.
All withdrawals from the DIP Proceeds Account shall be used solely for the permitted purposes described under Section 9.13 or to make payments on the Term Loans, including withdrawal of proceeds out of the DIP Proceeds Account in anticipation of upcoming payment obligations due within ten (10) Business Days after such withdrawal to another operating account of a Debtor, as determined by the Borrower in good faith.
All proceeds of the Notes shall be deposited into a segregated trust account of the Issuer (the “DIP Proceeds Account”) held with the Administrative Agent and any withdrawals from the DIP Proceeds Account shall be used only in accordance with this Section 6.6 as certified in a Withdrawal Certificate to be delivered to the Administrative Agent at least one (1) Business Day prior to each withdrawal.
As set forth in the Interim DIP/Cash Collateral Order and upon entry thereof, the Debtors shall be authorized and directed to deposit all proceeds of the DIP Loans into a segregated account ending in 0645 at KeyBank (the “DIP Proceeds Account”), which DIP Proceeds Account shall not be subject to or be encumbered by any Prepetition ABL and FILO Liens or Adequate Protection Liens granted to the Prepetition ABL and FILO Agent to secure the Prepetition ABL and FILO Obligations.