DIP Letter definition

DIP Letter of Credit Issuers The entities specified as “Issuers” in the DIP Credit Agreement. DIP Lenders Lenders under that certain Senior Credit Agreement dated as of September 13, 2011 (as amended, restated, modified, supplemented, or replaced from time to time prior to the Petition Date, the “Prepetition Credit Agreement”) that are party to the RSA and agree to provide DIP financing (in their capacity as lenders under the DIP Credit Facility, collectively, the “DIP Lenders”) in the form of DIP Loans and deemed issuance of, and participations in, the DIP Letters of Credit. The facilities under the Prepetition Credit Agreement being the “Prepetition Credit Facilities.”
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Examples of DIP Letter in a sentence

  • On or prior to the Closing, Company Buyer and GM Buyer will agree on a reasonable mechanism for splitting the DIP Letters of Credit set forth on Schedule 9.12.D and the DIP Letters of Credit Cash Collateral associated with each such DIP Letter of Credit shall be transferred to whichever Buyer assumes the obligations and receives the benefit of such DIP Letters of Credit, and shall continue to be held as cash collateral for such obligations.

  • On or prior to the Closing, a GM Buyer shall assume all of Sellers’ obligations under the DIP Letters of Credit set forth on Schedule 9.12(B), and the DIP Letters of Credit Cash Collateral associated with each such DIP Letter of Credit shall be transferred to the applicable GM Buyer, and shall continue to be held as cash collateral for such obligations.

  • On or prior to the Closing, Company Buyer shall assume all of Sellers’ obligations under the DIP Letters of Credit set forth on Schedule 9.12(C), and the DIP Letters of Credit Cash Collateral associated with each such DIP Letter of Credit shall be transferred to Company Buyer, and shall continue to be held as cash collateral for such obligations.

  • The Senior DIP Secured Parties and Junior DIP Secured Parties shall have no obligation to make any loan or advance under the respective DIP Loan Documents or, with respect to the Senior DIP Secured Parties, issue any DIP Letter of Credit unless all of the conditions precedent to the making of such extension of credit under the applicable DIP Loan Documents and this Interim Order have been satisfied in full or waived in accordance with such DIP Loan Documents.

  • Drawings under any DIP Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of borrowings under the DIP Facility) within one business day after notice of such drawing is received by the Borrower from the Issuing Lender.

  • The Borrower agrees to pay to: (a) Credit Suisse and Credit Suisse Securities (USA) LLC, for their own account, the fees in the amounts and on the dates set forth in the Engagement Letter and Fee Letter, and (b) the Prepetition Lenders who provide the NM Money Loans and the DIP Letter of Credit Facility on the Closing Date and the Final Order Entry Date, the fees in the amounts and on the dates set forth in the Backstop Fee Letter.

  • Each of the Parent and the Borrower covenants and agrees with each Lender, each DIP Letter of Credit Issuer and the Administrative Agent that until the Maturity Date has occurred, and all Obligations have been paid in full, the Parent and the Borrower will, and will cause their respective Subsidiaries to, perform or cause to be performed the obligations set forth below.

  • As of the Business Day immediately preceding the requested issuance date of a Letter of Credit, DIP Agent shall determine the amount of the applicable Unused DIP Letter of Credit Subfacility and Availability.

  • Each Lender and the DIP Letter of Credit Issuer each acknowledges and agrees, on behalf of itself and its successors and assigns of any NM Commitment or Loan, that the agreements set forth in this Section 12.19 shall be binding upon and inure to the benefit of any such successors and assigns.

  • Each DIP Letter of Credit Issuer will make available to the beneficiary thereof the original of the DIP Letter of Credit which it issues.