Examples of DIP Amendment in a sentence
For the avoidance of doubt, the Debtors must receive written consent as to any Material DIP Amendment prior to filing notice thereof with the Court from the applicable DIP Secured Parties.
For the avoidance of doubt, and without limiting any of the Plan Sponsor’s obligations under the Plan, the Plan Sponsor shall capitalize through amounts funded under the Third DIP Amendment or otherwise, including Cash on hand at the Debtors, the Debtors and Reorganized Debtors, as applicable, with sufficient funds to satisfy the Allowed Excluded Other Claims.
On July 14, 2009, the Debtors filed with the Bankruptcy Court their motion for authorization to execute the Second DIP Amendment and the Bankruptcy Court granted the Debtors’ motion after oral argument on August 11, 2009.
The First DIP Amendment modified the DIP Term Loan Facility by, inter alia, altering certain definitions, extending delivery requirements for certain recommendations, and permitting the Debtors to engage in certain business activities.
Because the change contained in the Second DIP Amendment had the effect of increasing the interest rate payable to the lenders with respect to the DIP Roll-Up Loans, and a catch-up payment of approximately$5 million was required to be paid to give retroactive effect to the corrected definition, it constituted a “Material Amendment” to the DIP Term Loan Facility, and the Debtors were required to provide parties in interest with notice and an opportunity to object.
As of the date of this Agreement, (x) the DIP Credit Agreement has not been amended or modified, and no such amendment or modification is contemplated, in each case, by Buyer or, to the Knowledge of Buyer, the other parties thereto, except as expressly permitted herein (including the DIP Amendment) and (y) the respective commitments have not been withdrawn, rescinded or terminated in any way, in each case, by Buyer or, to the knowledge of Buyer, the other parties thereto.
Notice of the amendment was filed with the Bankruptcy Court on May 21, 2018, and an order approving the First DIP Amendment was entered by the Bankruptcy Court on May 31, 2018.
Any Material or Adverse DIP Amendment subject to a timely and unresolved objection must be approved by the Court to be effective.
In exchange for the substantial benefits obtained by GTAT as a result of the DIP Amendment, GTAT agreed to a tightening of the related milestones related to a plan of reorganization and the payment of certain fees to the DIP Lenders.
The additional funding provided under the DIP Amendment accounted for, among other things, additional financing to fund the Chapter 11 Cases and the provision of letters of credit for the benefit of Landlords in connection with entry into certain Lease amendments.