DIP Term Lenders definition
Examples of DIP Term Lenders in a sentence
Information/Reporting Covenants Usual and customary for debtor-in-possession financings of this type and substantially consistent with the reporting and information covenants under the Senior DIP Credit Agreement, including, without limitation, delivery and approval by the Required DIP Term Lenders of initial and updated DIP budgets and delivery of variance reports in respect thereof.
Voting Amendments and waivers of the DIP Term Facility will require the approval of DIP Term Lenders holding more than 50% of the outstanding Junior DIP Commitments and DIP Term Loans (the “Required DIP Term Lenders”), subject to customary exceptions for certain provisions which shall require the consent of each affected DIP Term Lender or all DIP Term Lenders and customary protections for the DIP Term Facility Agent.
The DIP ABL Agent and the DIP ABL Lenders shall be entitled to manage and supervise their loans and extensions of credit under any DIP ABL Credit Agreement and any of the other DIP ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the DIP Term Agent or any of the DIP Term Lenders have in the Collateral, except as otherwise expressly set forth in this Agreement.
Each DIP ABL Borrower, each DIP ABL Guarantor, the DIP Term Borrower and each DIP Term Guarantor hereby acknowledges that it has received a copy of this Amendment and consents hereto, agrees to recognize all rights granted hereby (and under the Intercreditor Agreement, as amended) to the DIP ABL Agent, the DIP ABL Lenders, the DIP Term Agent, and the DIP Term Lenders and will not do any act or perform any obligation which is not in accordance with the agreements set forth in this Agreement.
The DIP ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the DIP Term Agent, the DIP Term Lenders, or any other Person.