Permitted DIP Financing definition
Permitted DIP Financing means any financing to any Borrower and/or other Loan Party in connection with the commencement of an Insolvency Proceeding in respect of such Borrower and/or other Loan Party pursuant to Section 364 of the Bankruptcy Code or any similar provision of any applicable bankruptcy or insolvency law, so long as (a) the aggregate principal amount of Indebtedness under such facility does not exceed an amount equal to 15% of the aggregate Revolving Commitments of all Lenders in effect immediately prior to the commencement of such Insolvency Proceeding and (b) the Required Lenders have provided their prior written consent thereto.
Permitted DIP Financing means debtor-in-possession financing, provided that no lender with respect to such financing may be a bidder in connection with the transactions contemplated hereunder, and any such financing shall not prohibit, or be on terms that would materially adversely affect or impair the Sellers’ ability to enter into or consummate, the transactions contemplated hereunder; provided further, that notwithstanding anything to the contrary, any of the Sellers’ current secured lender(s) shall be permitted to provide such financing notwithstanding the fact that such lender(s) may be a bidder.
Permitted DIP Financing means any Debt incurred pursuant to a debtor-in-possession financing permitted pursuant to the First Lien Intercreditor Agreement.
More Definitions of Permitted DIP Financing
Permitted DIP Financing has the meaning set forth in Section 2.2(g).