Commitment Party Default Sample Clauses
Commitment Party Default. (a) Upon the occurrence of a Commitment Party Default, the Commitment Parties (other than any Defaulting Commitment Party) shall have the right, but not the obligation, within three (3) Business Days after delivery of notice, in accordance with Section 10.1, by the Company to all Commitment Parties of such Commitment Party Default, which notice shall be given promptly following the occurrence of such Commitment Party Default and to all Commitment Parties concurrently (such three (3) Business Day period, the “Commitment Party Replacement Period”), to make arrangements for one or more of the Commitment Parties (other than any Defaulting Commitment Party) to purchase all or any portion of the Available Notes (any such purchase, a “Commitment Party Replacement”) on the terms and subject to the conditions set forth in this Agreement and in such amounts as may be agreed upon by all of the Commitment Parties electing to purchase all or any portion of the Available Notes, or, if no such agreement is reached, based upon the relative applicable Commitment Percentages of any such Commitment Parties (other than any Defaulting Commitment Party) (such Commitment Parties, the “Replacing Commitment Parties”); provided, that in the event that there would be any Available Notes at the end of the Commitment Party Replacement Period, subject to Section 2.3(g), each non-Defaulting Commitment Party shall have the obligation to purchase a portion of such Available Notes on the terms and subject to the conditions set forth in this Agreement based upon the relative applicable Commitment Percentage of such non-Defaulting Commitment Party.
(b) [Reserved].
(c) [Reserved].
(d) [Reserved].
(e) Any Available Notes purchased by a Replacing Commitment Party (and any Commitment and applicable aggregate Commitment Payment Amount associated therewith) shall be included, among other things, in the determination of (x) the Commitment of such Replacing Commitment Party for all purposes hereunder (including the definition of “Requisite Commitment Parties”), and (y) the Commitment Percentage of such Replacing Commitment Party for purposes of Section 2.3(g), Section 3.1
Commitment Party Default. Any Backstop Party or Management Commitment Party that fails to timely fund its Commitment or, in the case of a Backstop Party, fully exercise all Subscription Rights held by it in the Rights Offering, (a “Defaulting Commitment Party”) will be liable for its breach and the Company and the Commitment Parties may enforce all of their respective rights and remedies hereunder and under applicable law, including the right to seek money damages (including setoff of any Plan recovery) and/or specific performance upon the failure to timely fund by the Defaulting Commitment Party. Each of the non-defaulting Backstop Parties shall have the right, but not the obligation, to assume its pro rata share of such Defaulting Commitment Party’s Commitment based on the proportion of its Backstop Commitment to the aggregate amount of Backstop Commitments of all non-defaulting Backstop Parties assuming such Defaulting Commitment Party’s Commitment. If a Defaulting Commitment Party does not cure its failure to fund its Commitment within two (2) days after receiving notice of such failure from the Company, such Commitment Party shall not be entitled to any portion of the Backstop Commitment Premium or Management Commitment Premium, as applicable.
Commitment Party Default. Nothing in this Agreement shall be deemed to require a Commitment Party to purchase more than its Backstop Commitment Percentage of the Unsubscribed Securities.
Commitment Party Default. (a) In the event that a Commitment Party defaults (a “Funding Default”) on its obligation to deposit its aggregate Purchase Price for such Commitment Party’s New Money Notes in the Escrow Account by the Deposit Deadline pursuant to Section 2.3 hereof (each such Commitment Party, a “Defaulting Commitment Party”), then each Commitment Party that is not a Defaulting Commitment Party (each, a “Non-Defaulting Commitment Party”) shall have the right (the “Default Purchase Right”), but not the obligation, to elect to commit to purchase from the A.M. Castle Parties, at the aggregate Purchase Price therefor, up to such Non-Defaulting Commitment Party’s Adjusted Commitment Percentage of all New Money Notes required to be purchased by the Defaulting Commitment Party pursuant to Section 2.1 but with respect to which such Defaulting Commitment Party did not make the required deposit in accordance with Section
Commitment Party Default. (a) If a Commitment Party Default occurs, the defaulting Commitment Party shall not be entitled to receive the portion of the Commitment Fee Common Stock or Warrants payable to such Commitment Party as provided for herein.
(b) For the avoidance of doubt, notwithstanding anything to the contrary set forth in Section 9.4 but subject to Section 10.10, no provision of this Agreement shall relieve a Commitment Party from liability hereunder, or limit the availability of the remedies set forth in Section 10.9, in connection with any such Commitment Party Default.