Examples of Term Loan DIP Facility in a sentence
Notably, substantially all of the Ad Hoc Group of Term Loan Lenders are participating in the Term Loan DIP Facility.
Both the DIP ABL Facility and the Term Loan DIP Facility are being provided by the Debtors’ existing lenders.
As a result, the DIP ABL Facility paid down the claims under the ABL Facility (which, as oversecured claims, would have otherwise accrued interest during the Debtors’ chapter 11 cases) and the Term Loan DIP Facility will be satisfied with new debt and New Equity (as opposed to a cash recovery).
If the Priority Term Loan Claims are not satisfied with the proceeds of the Term Loan DIP Facility, on the Effective Date, the Priority Term Loan Claims shall be Allowed in the aggregate principal amount of $26,594,478, plus accrued and unpaid interest on such principal amount through the Petition Date and any fees and other expenses arising under or in connection with the Priority Term Loan Credit Agreement.
The DIP Facilities’ terms provide for approximately $130 million in aggregate financing, which consists of the $80 million DIP ABL Facility (which will satisfy all outstanding obligations under the Receivables Facility),11 the $50 million Term Loan DIP Facility (which will satisfy all outstanding obligations under the Priority Term Loan Facility), and the consensual use of cash collateral.
As set forth in the Exit Facilities Term Sheets, the ABL Exit Facility and the Term Loan DIP Facility will respectively repay outstanding ABL DIP Claims and Term Loan DIP Claims in full on the Effective Date.
The Debtors have secured a (a) $35 million DIP ABL Facility and (b) $60 million Term Loan DIP Facility, which includes $20 million of new capital.
Capitalized terms used but not defined in this DIP Facility Term Sheet shall have the meanings ascribed to such terms in the RSA or the Restructuring Term Sheet, to which this Term Loan DIP Facility Term Sheet is attached.KE 69495800.6Variance) (each as defined herein), which Approved Budget shall be prepared by Borrower and shall be in form and substance acceptable to the Required Term DIP Lenders, and (iv) to fund the Carve-Out(as defined herein).
As a result, the DIP ABL Facility will pay down the claims under the ABL Facility (which, as oversecured claims, would otherwise accrue interest during the Debtors’ chapter 11 cases) and the Term Loan DIP Facility will be satisfied with new debt and Reorganized HoldCo equity (as opposed to a cash recovery).
Prior to and around the time of his arrest, none of Mr. Brooks’s close contacts— whether family or co-workers—tested positive for COVID-19.