DIP Loan Sample Clauses

DIP Loan. In the event that the Debtor reasonably determines that in order to operate the business of the Debtor as debtor-in-possession during the DIP Loan Period (as defined below) that it requires a debtor-in-possession loan pursuant to Section 364 of the Code, Acquirer agrees subject to certain conditions to lend to Debtor pursuant to Section 364(c) such sum as approved by the Bankruptcy Court on appropriate advance written notice and hearing not to exceed $750,000 (the "DIP Loan"), pursuant to a DIP Loan Agreement reasonably acceptable to Acquirer and approved by the Court. Acquirer's commitment to make the DIP Loan will be conditioned upon, among other things, Debtor entry into and the effectiveness of the Definitive Agreements, Acquirer's due diligence examination of Debtor's assets, and entry the Sale Procedures Order. In addition, Acquirer's obligation to make any DIP Loan will be subject to customary lending conditions, including, no event of default under DIP Loan, no senior or parity liens or encumbrances on Debtor's assets, and various other conditions set forth in the DIP Loan Agreement. The DIP Loan Agreement will provide, among other things, that amounts outstanding under the DIP Loan will accrue interest at the rate of 12% simple interest per annum and will be subject to a 1.5% loan fee, and that Acquirer's reasonable expenses incurred in connection with the DIP Loan (including, expenses related to Acquirer's due diligence of Debtor's assets securing the DIP Loan) will be treated as part of the DIP Loan. In addition, the DIP Loan Agreement will contain certain covenants of Debtor relating to the uses of DIP Loan proceeds and the conduct of its business during the DIP Loan Period. The DIP Loan and accrued interest, loan fees and other amounts thereunder will be fully secured by a first lien on the assets of Debtor and will not be subject to challenge, defenses, set-off or counter claims. The DIP Loan and all accrued interest, loan fees and other amounts thereunder shall be deemed an administrative expense pursuant to Section 364(c) (1) and, in addition to which, shall mature and be paid back in full on the earlier of (i) closing of the Transaction, (ii) 25 days after termination of the Transaction, or (iii) the closing of any alternative transaction (the "DIP Loan Period") and, in addition thereto, pursuant to Section 364(c)(1) of the Code a first lien upon the proceeds of the Transaction or such alternative transaction to be paid upon the closing th...
Sample 1
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DIP Loan. Borrower: The Company. • Guarantors: All material subsidiaries of the Company will provide guarantees (“Plan Guarantees”). Such guarantees shall be pari passu with the pre-petition guarantees held by the Senior Lenders (the “Pre-Petition Guarantees”). • Rate: 0% per annum through 90 days from the Bankruptcy Filing (or for up to an additional 30 day extension under certain circumstances) and 15% per annum from the date that the Company is in default of the DIP Loan. • Final Maturity and Amortization: The DIP Loan will mature on the date that is 90 days from the bankruptcy filing date, with the possibility of a 30 day extension if among other things a hearing on confirming the plan contemplated by this term sheet has been scheduled before the 90th day to occur on or before the 120th day from the bankruptcy filing date. There will be no amortization before such date and, subject to the DIP Loan Conversion (as defined below), the full amount of the DIP Loan shall become due at maturity or upon acceleration. • Security: The DIP Loan will have security interests in, and liens on, the Company’s assets, including the equity interests in CGuern (the “DIP Lien”). • Carve-Out. To ensure certain protections to pay certain chapter 11 expenses, the DIP Lien, Plan Guarantees, and Pre-Petition Guarantees shall be subordinate to a carve-out of defined scope for the Company’s bankruptcy professionals as approved by the Bankruptcy Court and Lender. The carve-out shall be net of any cash retainers held by Professionals. Lender shall deposit the amount budgeted for the carve-out into a separate account maintained by Lender, so that it will be available for payment upon Bankruptcy Court approval of fees and expenses. The amount so deposited shall reduce Availability (defined below). • Covenants/Reps/Wttys: Customary.
Sample 1
DIP Loan. The Restructuring may be funded from a DIP Loan received from the Noteholders as DIP Lender, in the amount of up to $50,000 (including the pre- petition Loan of $25,000), provided that such a loan may be made at the sole discretion of the Noteholders and nothing shall require the Noteholders to make such a DIP loan. If made, the DIP Loan shall accrue interest at 12% and be senior and prior to all of pre-petition and post-petition liabilities and shall constitute allowed super-priority liens and claims under Bankruptcy Code section 364 (c), except for quarterly US Trustee fees. The Loan shall mature on the Effective Date of a Plan. As a pre-condition to issuance by the DIP Lender of the DIP Loan, the Debtor and Reorganized Debtor agree to issue to the DIP Lender, with Bankruptcy Court approval, a common stock purchase warrant (the “Warrant”) in a form and substance satisfactory to the DIP Lenders in their sole discretion and exercisable by the DIP Lender at any time after issuance into up to 20% of the outstanding equity interests of the Reorganized Debtor for an exercise price of $0.01 per share. At the time the warrant is issued, the DIP Lender agrees to pay a purchase payable by forgiveness of the DIP Facility.
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DIP Loan. Notwithstanding anything to the contrary contained in this Article 8, Sellers shall continue to be obligated to repay the DIP Loan in accordance with its terms.
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DIP Loan. Each Lender severally agrees, on the terms and subject to the conditions hereinafter set forth, to make DIP Advances to the Borrower on a Business Day during the period from the Closing Date to the Maturity Date, in an aggregate principal amount not to exceed at any time outstanding such Lender's DIP Specified Percentage of the DIP Availability. Each DIP Advance shall be used solely in accordance with the Approved Budget and no later than five (5) days after the date of such DIP Advance. Subject to the terms and conditions of this Agreement, the Borrower may borrow, repay and reborrow the DIP Advances; provided, however, that at no time shall the sum of all outstanding DIP Advances exceed the DIP Availability or the DIP Commitment. A DIP Advance will be deemed "used" within five (5) days after the date of such DIP Advance if, within such time, the Debtor Entities make payment by way of cash, wire transfer, delivery of a check or any other means, irrespective of whether a check is negotiated within such five (5) day period.
Sample 1
DIP Loan. Contemporaneously with the execution and delivery of the Original Agreement, the Sellers entered into a debtor-in-possession credit facility with FPS DIP LLC and the other lenders party thereto (including the revolving credit loans and term loans thereunder and as amended from time to time, the "DIP Loan").
Sample 1
DIP Loan. DIP Loan" has the meaning set forth in -------- Section 2. 1 (a).
Sample 1
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DIP Loan. In accordance with the Debtors' Final Plan, the Debtors shall have arranged to retire and pay in full, by wire transfer of immediately available funds, all principal of, accrued interest on and fees related to (the "DIP LOAN PURCHASE PRICE"), the Financing Agreement dated February 10, 2004, as approved by the Bankruptcy Court by Order dated February 13, 2004 (the "DIP LOAN FACILITY"). Following the Confirmation Order Date, the Debtors shall pay the DIP Loan Purchase Price by wire transfer of immediately available funds to NAFT, as follows: Chase Bank New York, New York Acct # 140-094-221 For the Benefit of Lehman Broxxxxx, Xxx. NAFT Ventures I LLC 831-05486-18-475 NAFT shall deliver such releases in respect of the Financing Agreement, all in such form and content as shall be reasonably required by Purchaser and its legal counsel.
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DIP Loan 
Sample 1

Related to DIP Loan

  • Term Loan Subject to the terms and conditions set forth herein, each Lender severally agrees to make its portion of a term loan (the “Term Loan”) to the Borrower in Dollars on the Closing Date in an amount not to exceed such Lender’s Term Loan Commitment. Amounts repaid on the Term Loan may not be reborrowed. The Term Loan may consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein, provided, however, all Borrowings made on the Closing Date shall be made as Base Rate Loans.

  • Term Loan Facility Each Lender severally agrees, on the terms and conditions set forth herein, to make Loans to the Borrower during the period from the Closing Date to June 8, 2012, in an aggregate amount not to exceed such Lender’s Pro Rata Share of the Term Commitment. The Borrower from time to time may borrow under the Term Loan Facility (and may reborrow any amount theretofore prepaid) until close of business on June 8, 2012, for a term not to exceed 364 days from the date of the Borrowing. Each such loan under the Term Loan Facility (a “Term Loan”) shall be in the minimum amount of $10,000,000 and shall become due and payable on the last day of the term selected by the Borrower for such Term Loan (the “Term Loan Maturity Date”), which shall in no event be later than 364 days from the date of such Term Loan. The maximum availability under the Term Loan Facility shall be the amount of the Credit minus the aggregate outstanding principal amount of Revolving Loans and Term Loans made by the Lenders; provided, however, that to the extent the proceeds of a Term Loan are used to repay an outstanding Revolving Loan (or a portion thereof), such Revolving Loan (or portion thereof) shall not be considered part of the aggregate principal amount of outstanding Revolving Loans made by the Lenders for purposes of this sentence (such maximum availability hereafter being referred to as the “Term Loan Availability”). Under no circumstances shall the aggregate outstanding principal amount of Term Loans and Revolving Loans made by the Lenders exceed the Credit, and under no circumstances shall any Lender be obligated (i) to make any Term Loan (nor may the Borrower reborrow any amount heretofore prepaid) after June 8, 2012, or (ii) to make any Term Loan in excess of the Term Loan Availability. Each Term Loan made hereunder shall fully and finally mature and be due and payable in full on the Term Loan Maturity Date specified in the Borrowing Advice for such Term Loan; provided, however, that to the extent the Borrowing Advice for any Term Loan selects an Interest Period that expires before the Term Loan Maturity Date specified in such Borrowing Advice, the Borrower may from time to time select additional interest rate options and Interest Periods (none of which shall extend beyond the Term Loan Maturity Date for such Term Loan) by delivering a Borrowing Advice or Notice of Conversion/Continuation, as applicable.

  • Bridge Loan Upon the execution and delivery of the Merger Agreement by the parties thereto and subject to the terms and conditions contained herein, Lender hereby agrees to make the Loan to Borrower, and Borrower agrees to issue and sell to Lender, the Note in the principal amount of $2,000,000.00. All principal and accrued interest on the Note shall be due and payable upon the Maturity Date (as defined in the Note).

  • Term Loan B Subject to the terms and conditions of this Agreement, each Term Loan B Lender, severally and not jointly, will make a term loan to Borrowers in the amount equal to such Term Loan B Lender’s Term Loan B Commitment Percentage of $21,500,000 (the “Term Loan B”). The Term Loan B shall be advanced on the Closing Date and shall be, with respect to principal, payable as follows, subject to acceleration upon the occurrence of an Event of Default under this Agreement or termination of this Agreement: on or before the date that is forty-five (45) days after the last day of each fiscal quarter (each a “True-Up Date”), commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term, Borrowers shall repay the Term Loan B in an amount equal to the greater of (x) $537,500 and (y) the Term Loan B Lenders Pro Rata Share of the lesser of (I) 50% of Excess Cash Flow for the most recently ended prior fiscal quarter for which financial statements were delivered to Agents and (II) 50% of the Maximum True Up Amount (provided that Borrowers shall pay the amount set forth in the foregoing clause (x) no later than the first Business Day following the last day of each fiscal quarter, commencing with the fiscal quarter ending March 31, 2017 and continuing thereafter through and including the last such date occurring immediately prior to the end of the Term (it being understood and agreed that if the amount calculated pursuant to the foregoing clause (y) for each such period exceeds the amount set forth in the foregoing clause (x), the difference thereof (if any) shall be paid by Borrowers no later than the applicable True-Up Date)), followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses upon expiration of the Term. The Term Loan B shall be evidenced by one or more Term Notes. Term Loan B shall consist of LIBOR Rate Index Loans only.

  • Term Loan Advances Subject to Section 2.3(b), the principal amount outstanding for each Term Loan Advance shall accrue interest at a floating per annum rate equal to the Prime Rate, plus three-quarters of one percent (0.75%), which interest shall be payable monthly in accordance with Section 2.1.2(b) above and Section 2.3(d) below.

  • Loan 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions set forth or referred to in this Agreement, the amount of one hundred million Dollars ($100,000,000), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”).

  • Term Loan A Subject to the terms and conditions set forth herein, the Lenders will make advances of their respective Term Loan A Commitment Percentages of a term loan (the “Term Loan A”) in an amount not to exceed the Term Loan A Commitment, which Term Loan A will be disbursed to the Borrower in Dollars in a single advance on the Closing Date. The Term Loan A may consist of Base Rate Loans, Adjusted LIBOR Rate Loans, or a combination thereof, as the Borrower may request. Amounts repaid on the Term Loan A may not be reborrowed.

  • Existing Loan Seller represents and warrants that the Existing Loan is the only indebtedness secured by the Property and that the information contained on Exhibit H is true, correct and complete. Neither Seller nor any guarantor is in default or breach of any provisions of the documents evidencing the Existing Loan and no event or circumstance has occurred or exists which but for the passage of time would be a default under the Existing Loan. At Closing, Buyer shall assume the Existing Loan and Buyer shall pay all administrative fees, assumption fees and underwriting costs, if any, charged by the Existing Lender in connection with said assumption. Seller shall cooperate with Buyer in Buyer’s efforts related to the assumption of the Existing Loan including executing such applications, certificates and other documents required by the Lender and providing any information required by the Lender in connection with the assumption of the Existing Loan. Seller shall be responsible for the costs of its attorneys, and Buyer shall be responsible for the costs of its attorneys. In addition, Buyer shall be responsible for the cost, if any, of Existing Lender’s attorneys, related to the assumption of the Existing Loan.

  • Loan Facility Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions hereinafter set forth, the Lenders shall, ratably in accordance with their respective Commitments, severally and not jointly, make Loans to the Borrower from time to time during the period from the Closing Date to the Termination Date. Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:

  • Revolving Loan Notes The Revolving Loans made by the Lenders to a Borrower shall be evidenced, upon request by any Lender, by a promissory note of such Borrower payable to each Lender in substantially the form of Exhibit 2.7(a) hereto (the “Revolving Loan Notes”) and in a principal amount equal to the amount of such Lender’s Commitment Percentage of the Revolving Loan Commitment as originally in effect.

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