Credit Suisse DIP Facility definition

Credit Suisse DIP Facility means the $1.5 million debtor in possession revolving credit facility (provided in two separate tranches of $1,000,000 and $500,000, respectively), described in the Credit Suisse Term Sheet, subject to approval by the Bankruptcy Court, extended by Credit Suisse to, among other things, enable the Debtors to make certain payments related to the vessels pledged to secure the Existing Credit Suisse Credit Agreement.

Examples of Credit Suisse DIP Facility in a sentence

• In addition to Administrative Expense Claims, Priority Tax Claims, BOA/DVB DIP Facility Claims, Credit Suisse DIP Facility Claims and Professional Compensation Claims, which need not be classified, the Plan designates 521 Classes of Claims and Interests.

• Similarly, Credit Suisse, as prepetition lender under the Existing Credit Suisse Credit Agreement, has consented to the priming of its lien by the lien granted to it as lender under the Credit Suisse DIP Facility, and is provided with a replacement lien with respect to the use of its cash collateral.

• And like the BOA/DVB DIP Facility, the Credit Suisse DIP Facility provides the Debtors with flexibility to convert their obligations thereunder into an exit facility (as governed by the terms of the exit term sheet negotiated with Credit Suisse).

• The treatment of Administrative Expense Claims, Priority Tax Claims, Professional Compensation Claims, BOA/DVB DIP Facility Claims, and Credit Suisse DIP Facility Claims pursuant to Article II of the Plan satisfies the requirements of sections 1129(a)(9)(A), (B), and (C) of the Bankruptcy Code.

• On an interim basis, the Debtors seek to obtain $500,000 under the Credit Suisse DIP Facility.