Examples of DIP Term Lender in a sentence
Voting Amendments and waivers of the DIP Term Facility will require the approval of DIP Term Lenders holding more than 50% of the outstanding Junior DIP Commitments and DIP Term Loans (the “Required DIP Term Lenders”), subject to customary exceptions for certain provisions which shall require the consent of each affected DIP Term Lender or all DIP Term Lenders and customary protections for the DIP Term Facility Agent.
Except as expressly set forth in this Agreement, each of the DIP Term Agent, each DIP Term Lender, the DIP ABL Agent, and each DIP ABL Lender shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies; provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this Agreement, including Section 4.1 hereof.
In exercising remedies, whether as a secured creditor or otherwise, the DIP ABL Agent shall have no obligation or liability to the DIP Term Agent or to any DIP Term Lender, and the DIP Term Agent shall have no obligation or liability to the DIP ABL Agent or any DIP ABL Lender, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement.
As consideration for the agreements and commitments under this Commitment Letter, the Debtors collectively agree to pay to the Backstop Term Lenders (but not any Electing DIP Term Lender), at the initial funding of the DIP Facility, a non-refundable fee as original issue discount of 6.0% of the aggregate amount of all DIP Loans committed to be made hereunder, which fee shall be allocated to the Backstop Term Lenders according to the percentages set forth in Schedule I hereof (the “Backstop Premium”).
The DIP Term Agent, for and on behalf of itself and the DIP Term Lenders, agrees that no payment to the DIP ABL Agent or any DIP ABL Lender pursuant to the provisions of this Agreement shall entitle the DIP Term Agent or any DIP Term Lender to exercise any rights of subrogation in respect thereof until the Discharge of DIP ABL Obligations shall have occurred.