Examples of DIP Loan in a sentence
In order to continue to operate its business, subject to the terms and conditions of this Interim Order and the other DIP Loan Documents (including the DIP Term Sheet), the DIP Borrower is hereby authorized to borrow under the DIP Facility and incur DIP Obligations during the Interim Period.
Upon execution and delivery of the DIP Documents, the DIP Obligations shall include all loans and any other indebtedness or obligations, contingent or absolute, which may from time to time be owing by any of the DIP Loan Parties to any of the DIP Secured Parties, in such capacities, in each case, under the DIP Documents and this Interim Order, including all principal, interest, costs, fees, expenses, premiums, indemnities, equity conversion rights and terms, and other amounts.
It is in the best interest of the Debtor’s estate and consistent with the Debtor’s exercise of its fiduciary duties that the Debtor be allowed to enter into the DIP Facility, incur the DIP Obligations, grant the liens and claims contemplated herein and under the DIP Loan Documents (including the DIP Term Sheet) to the DIP Secured Parties and the Prepetition Secured Parties, and use Prepetition Collateral, including Cash Collateral, as contemplated herein.
The Applicants submit that consideration of the foregoing criteria support approval of the DIP Lender’s Charge as: (a) the DIP Loan is required to provide the Applicants with the necessary liquidity to fund its business and restructuring efforts during the Initial Stay Period and preserve the value of the CPL Business.
In determining to extend postpetition financing under the DIP Documents and this Interim Order, the DIP Secured Parties are relying, in part, upon the DIP Loan Parties’ agreement to comply with the Approved Budget (subject to permitted variances).