Examples of DIP Charge in a sentence
Based on the foregoing, KSV does not believe that any creditor with an economic interest in the Canadian Debtors’ assets will be materially prejudiced by the recognition of the Final DIP Order and/or the granting of the DIP Charge.
In addition to the DIP Charge, the proposed Supplemental Order contemplates a charge in favour of the Receiver for its fees and disbursements, including legal fees (the “Receiver’s Charge”).
The current and future directors and officers of the Applicants are granted a charge over the Applicants’ Property securing the payment of the amounts for which the Applicants may be called upon to indemnify its current and future directors and officers, acting in such capacity following the NOI Filing Date, when and if D&O insurance coverage is denied or insufficient, in an amount up to $600,000.00 (the “D&O Charge”, and together with the DIP Charge and the Administration Charge, the “Charges”).
The D&O Charge is to rank in priority to all other encumbrances other than the Administration Charge and the DIP Charge.
On June 25, 2020, 9227 and Caisse agreed to amend the Interim Financing Agreement, and notably section 11i) thereof, in order to increase the credit limit of the DIP Loan to $4,300,000 and to extend its term to the earlier of a series of events, including the date of September 30, 2020, which was authorized by the Court on June 26, 2020 along with an increase of the DIP Charge to $6,515,000, as appears from the Court record.
The Directors’ Charge is proposed to rank in priority to all security interests, trusts, liens, charges and encumbrances, claims of secured creditors, statutory or otherwise, other than the Administration Charge and the DIP Charge.
The sectoral final re- ports on implementation shall cover the whole period of implementation and may include the last sectoral annual report.
The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrowers hereby grant the Administrative Agent a security interest in the LC Collateral Account and such LC Collateral Account shall be subject to the DIP Charge and have the priority thereof pursuant to the terms of the Orders.
All encumbrances, with the exception of the Administration Charge and any other Permitted Priority Liens3, are subordinate to the DIP Charge except as otherwise agreed to in writing by the DIP Lender.
On September 7, 2017, this Honourable Court granted an Order (the “ September 7 Order”) inter alia, extending the time in which the Proposal Trustee may file the proposal, approving the engagement of the Financial Advisor, approving an Administration Charge, approving interim financing and a DIP Charge, approving the Sale Process and sealing the Dunn Affidavit (capitalized terms not otherwise defined herein are as defined in the September 7 Order).