Postpetition Lender definition

Postpetition Lender. AgStar Financial Services, PCA Guarantor: U.S. BioEnergy Corporation, a Delaware corporation, as Debtor in Possession in Bankruptcy Case No. 08-12612 (BLS), District of Delaware Postpetition Revolving Credit Facility: A revolving credit facility (the “Postpetition Loan”) to be made available to the Borrower, pursuant to the terms of this Term Sheet and the Interim Order in an amount not to exceed $3,000,000.00 as the Interim Facility and, from and after entry of the Final Order, $5,000,000.00 as the aggregate Postpetition Loan, pursuant to the terms of this Term Sheet, the Final Order and the Postpetition Financing Documents (the “Postpetition Commitment”). Advances under the Postpetition Loan are subject to Postpetition Loan Availability until the Postpetition Loan Maturity Date. Amounts borrowed under the Postpetition Loan may be borrowed, repaid, and reborrowed by the Borrower prior to the Postpetition Loan Maturity Date. Closing Date: November 3, 2008 Purpose: Upon entry of the Interim Order and acceptance of this Term Sheet, the Postpetition Lender shall make available to the Borrower the Interim Facility in an amount up to $3,000,000.00 for the Borrower’s working capital needs as itemized in the DIP Budget attached hereto as Exhibit A, subject to the terms and conditions in the Interim Order, and this Term Sheet; provided, however, that nothing herein or in the Interim Order shall bind the Postpetition Lender to any Plan incorporating the terms set forth in this Term Sheet or the Postpetition Financing Documents, without the prior express written consent of the Postpetition Lender. Upon entry of the Final Order on or before December 10, 2008 approving the Postpetition Financing Documents, each of which must be acceptable to the Postpetition Lender and satisfaction of the conditions precedent to closing set forth therein, the Postpetition Lender shall make available to the Borrower Debtor In Possession financing in an aggregate amount up to $5,000,000.00 for the Borrower’s working capital needs as itemized in the DIP Budget attached to the Final Order, subject to the terms and conditions in the Final Order, this Term Sheet, and the Postpetition Financing Documents; provided, however, that nothing herein or in the Final Order shall bind the Postpetition Lender to any Plan incorporating the terms set forth in this Term Sheet or the Postpetition Financing Documents, without the prior express written consent of the Postpetition Lender.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Postpetition Lender. AgStar Financial Services, PCA Guarantor: U.S. BioEnergy Corporation, a Delaware corporation, as Debtor in Possession in Bankruptcy Case No. 08-12612 (BLS), District of Delaware.

Postpetition Lender has the meaning specified in the preamble.

Examples of Postpetition Lender in a sentence

• Borrower shall pay to Postpetition Lender on the Closing Date a fee equal to one percent (1.0%) of the aggregate Postpetition Loan Commitment.

• Postpetition Lender is authorized to advance from the Postpetition Loan an amount equal to such Commitment Fee.

• Postpetition Lender is authorized to advance from the Postpetition Loan an amount equal to such fees.

• Postpetition Lender is authorized to advance from the Postpetition Loan an amount equal to such Administration Fee.

• Counsel for the Postpetition Lender shall submit summaries of their invoices (generally describing work performed but excluding detailed time entries) to the U.S. Trustee and counsel for the Committee at the same time their invoices are submitted to the Postpetition Lender.

• The Borrower and the Guarantor shall execute and deliver to the Postpetition Lender all such agreements, financing statements, instruments and other documents as the Postpetition Lender may reasonably request to evidence, confirm, validate or perfect the Liens granted pursuant hereto.

• As security for the Postpetition Obligations, the Postpetition Lender is hereby granted valid, binding, enforceable, first priority and perfected Liens (the “Postpetition Liens”) in the Postpetition Collateral and the Prepetition Collateral.

• In addition to the foregoing Commitment Fee and such other fees required or set forth in this Term Sheet or in the Interim Order, Borrower shall pay to Postpetition Lender on the Closing Date an administration fee equal to one-half of one percent (0.5%) of the aggregate Postpetition Loan Commitment.

• Upon the occurrence of an Event of Default, as defined in this Term Sheet, the Postpetition Lender: • shall be entitled to exercise all of the remedies set forth in the Interim Order; and • the Postpetition Lender shall no longer be obligated to make further Advances to the Borrower under the Postpetition Loan.

• The Borrower shall reimburse the Postpetition Lender for all reasonable costs and expenses, including legal fees, in connection with the negotiation, documentation, execution, syndication and delivery of the Postpetition Loan and the Borrower’s Bankruptcy.

More Definitions of Postpetition Lender

Postpetition Lender means Resurgence Partners, LLC.

Postpetition Lender s Claims” means any and all Allowed Claims in respect of, or in connection with, or arising out of the Postpetition Loan Agreement, the Interim Postpetition Financing Order or the Final Postpetition Financing Order.