Common use of DIP Order Clause in Contracts

DIP Order. The DIP Order is, following the entry thereof, effective to create in favor of the Administrative Agent, for the benefit of the Secured Parties, a legal, valid, binding and enforceable perfected first priority priming security interest in the Collateral without the necessity of the execution of mortgages, security agreements, pledge agreements, financing statements or other agreements or documents.

DIP Order. The DIP Order is, following the entry thereof, is effective to create in favor of the Administrative Collateral Agent, for the benefit of the Secured Parties, a legal, valid, binding binding, continuing, enforceable, non-avoidable, and enforceable automatically perfected first priority priming security interest in interests in, and Liens on, the Collateral of the TCEH Debtors and the proceeds and products thereof without the necessity of the execution of mortgages, security agreements, pledge agreements, financing statements or other agreements or documents.