Term Loan Proceeds. The proceeds of all Term Loans (other than proceeds to be disbursed on the applicable Borrowing Date in accordance with the Budget (subject to Permitted Budget Variances) or for Specified Disbursements then due and payable) shall be deposited in the Borrower DIP Facilities Blocked Account and disbursed in accordance with Section 2.02(i); provided that with respect to the proceeds of the Initial Term Loans made pursuant to Section 2.01(a), (i) $28,000,000 thereof shall be deposited into the Borrower DIP Facilities Blocked Account (which amount shall be permitted to be withdrawn by the Borrower on May 2, 2016 (or a later date selected by the Borrower, subject to Section 4.04) for use in accordance with the Budget (subject to Permitted Budget Variances) or for Specified Disbursements) and (ii) the balance thereof shall be made available to the Borrower for use in accordance with the Budget (subject to Permitted Budget Variances) or for Specified Disbursements.
Appears in 2 contracts
Sources: Senior Secured Debtor in Possession Credit Agreement (Sunedison, Inc.), Senior Secured Debtor in Possession Credit Agreement (Sunedison, Inc.)