{"component": "clause", "props": {"groups": [{"samples": [{"hash": "g6B2rF0G9FK", "uri": "/contracts/g6B2rF0G9FK#negative-commitments", "label": "Restructuring Support Agreement (FTS International, Inc.)", "score": 31.7214241028, "published": true}, {"hash": "dWKKnCUMi9s", "uri": "/contracts/dWKKnCUMi9s#negative-commitments", "label": "Restructuring Support Agreement (FTS International, Inc.)", "score": 31.6447639465, "published": true}], "size": 17, "snippet": "Except as set forth in Section 8, during the Agreement Effective Period, each of the Company Parties shall not directly or indirectly:\n(a) object to, delay, impede, or take any other action to interfere with acceptance, implementation, or consummation of the Restructuring Transactions;\n(b) take any action that is inconsistent in any material respect with, or is intended to frustrate or impede approval, implementation and consummation of the Restructuring Transactions described in this Agreement or the Plan;\n(c) modify the 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the Required Consenting Creditors, such consent not to be unreasonably withheld or (ii) transfer any asset or right of the Company Parties or any asset or right used in the business of the Company Parties to any person or entity outside the ordinary course of business without the consent of the Required Consenting Creditors, such consent not to be unreasonably withheld;\n(h) amend, terminate, or modify any agreement, document, instrument, indenture, or other writing evidencing any indebtedness or prepay, repay, redeem, defease, purchase, acquire, terminate, or discharge any such indebtedness without the consent of the Required Consenting Creditors;\n(i) engage in any merger, consolidation, material disposition, material acquisition, investment, dividend, incurrence of indebtedness, or other similar transaction outside of the ordinary course of business, other than the transactions contemplated herein and on the terms hereof without the consent of the Required Consenting Creditors;\n(j) seek, solicit, support, file, encourage, propose, assist, consent to, vote for, enter any agreement with any person regarding, pursue or consummate, any Alternative Restructuring Proposal, subject in all respects to Section 8.01 hereof;\n(k) except with the consent of the Required Consenting Creditors, (i) take any action that would result in the entry of any order by the Bankruptcy Court that imposes a sell-down order or restricts the ability of Consenting Creditors or other parties to Transfer any of the Company Parties\u2019 securities, including, for the avoidance of doubt, any such order intended to preserve net operating losses or other tax attributes or (ii) make any material determination with respect to (a) any such Transfer restriction, sell-down order, or notification requirement regarding ownership of claims in order to determine whether further actions (including Transfer restrictions or sell-down orders) are necessary or (b) the potential imposition or waiver of any of the foregoing; provided that the Required Consenting Creditors shall consent to the filing by the Company Parties of a motion restricting trading of equity securities which, for the avoidance of doubt, do not include Claims against the Company Parties; or\n(l) treat the RSA Premium paid to the Consenting Creditors as subject to U.S. federal income tax withholding.", "snippet_links": [{"key": "section-8", "type": "definition", "offset": [23, 32]}, {"key": "agreement-effective-period", "type": "clause", "offset": [45, 71]}, {"key": "the-company-parties", "type": "clause", "offset": [81, 100]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [111, 133]}, {"key": "other-action", "type": "definition", "offset": [177, 189]}, {"key": "the-restructuring-transactions", "type": "clause", "offset": [255, 285]}, {"key": "any-action", "type": "definition", "offset": [296, 306]}, {"key": "agreement-or", "type": "definition", "offset": [490, 502]}, {"key": "the-plan", "type": "clause", 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"2604d1454a8796d89be925ea16409322", "id": 4}, {"samples": [{"hash": "d47AqIehbas", "uri": "/contracts/d47AqIehbas#negative-commitments", "label": "Transaction Support Agreement (Neiman Marcus Group LTD LLC)", "score": 30.226556778, "published": true}, {"hash": "dp9xBXpXH7S", "uri": "/contracts/dp9xBXpXH7S#negative-commitments", "label": "Transaction Support Agreement", "score": 25.6146469116, "published": true}], "size": 37, "snippet": "Subject to Section 5 of this Agreement, during the Agreement Effective Period, each Consenting Stakeholder agrees in respect of all of its Company Claims/Interests severally and not jointly that it shall not directly or indirectly:\n(a) object to, delay, impede, or take any other action to, or reasonably likely to, materially interfere with the acceptance, implementation, or consummation of the Recapitalization Transactions;\n(b) propose, file, support, vote for, or consent to any Alternative Transaction Proposal;\n(c) file any motion, pleading, or other document with any court (including any modifications or amendments to any motion, pleading, or other document with any court) that, in whole or in part, is not materially consistent with this Agreement;\n(d) exercise any right or remedy for the enforcement, collection, or recovery of any of the Company Claims/Interest in connection with or arising out of the Marble Ridge Litigation, including (i) calling, providing notice of, or otherwise asserting any default, event of default, or acceleration under the Term Loan Credit Agreement or Unsecured Notes in connection with or arising out of the Marble Ridge Litigation or (ii) seeking to exercise any remedies thereunder;\n(e) initiate, or have initiated on its behalf, any litigation or proceeding of any kind against the Company Parties or any of the other Parties with respect to this Agreement, the Recapitalization Transactions, or any Company Claim/Interest other than to enforce this Agreement or any Definitive Document or as otherwise permitted under this Agreement; provided, that the foregoing shall not (subject to Section 4.02(d) of this Agreement and Section 4.03 of this Agreement) apply to enforcement of rights under the Term Loan Credit Agreement or Indentures; or\n(f) object to, delay, impede, or take any other action to interfere with the Company Parties\u2019 ownership and possession of their assets, wherever located; provided, that the foregoing shall not (subject to Section 4.02(d) of this Agreement and Section 4.03 of this Agreement) apply to enforcement of rights under the Term Loan Credit Agreement or Indentures.", "snippet_links": [{"key": "subject-to-section-5", "type": "clause", "offset": [0, 20]}, {"key": "agreement-effective-period", "type": "clause", "offset": [51, 77]}, {"key": "consenting-stakeholder", "type": "definition", "offset": [84, 106]}, {"key": "in-respect-of", "type": "definition", "offset": [114, 127]}, {"key": "company-claims", "type": "clause", "offset": [139, 153]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [208, 230]}, {"key": "other-action", "type": "definition", "offset": [274, 286]}, {"key": "reasonably-likely", "type": "definition", "offset": [294, 311]}, {"key": "the-acceptance", "type": "clause", "offset": [342, 356]}, {"key": "recapitalization-transactions", "type": "definition", "offset": [397, 426]}, {"key": "consent-to", "type": "definition", "offset": [469, 479]}, {"key": "alternative-transaction-proposal", "type": "definition", "offset": [484, 516]}, {"key": "other-document", "type": "definition", "offset": [552, 566]}, {"key": "amendments-to", "type": "clause", "offset": [614, 627]}, {"key": "consistent-with", "type": "clause", "offset": [729, 744]}, {"key": "right-or-remedy", "type": "clause", "offset": [778, 793]}, {"key": "recovery-of", "type": "clause", "offset": [830, 841]}, {"key": "of-the-company", "type": "clause", "offset": [846, 860]}, {"key": "in-connection-with", "type": "clause", "offset": [877, 895]}, {"key": "arising-out-of", "type": "definition", "offset": [899, 913]}, {"key": "notice-of", "type": "definition", "offset": [976, 985]}, {"key": "event-of-default", "type": "definition", "offset": [1023, 1039]}, {"key": "agreement-or", "type": "definition", "offset": [1084, 1096]}, {"key": "unsecured-notes", "type": "clause", "offset": [1097, 1112]}, {"key": "to-exercise", "type": "clause", "offset": [1194, 1205]}, {"key": "litigation-or-proceeding", "type": "clause", "offset": [1282, 1306]}, {"key": "the-company-parties", "type": "clause", "offset": [1327, 1346]}, {"key": "the-other-parties", "type": "clause", "offset": [1357, 1374]}, {"key": "to-this-agreement", "type": "clause", "offset": [1388, 1405]}, {"key": "definitive-document", "type": "definition", "offset": [1516, 1535]}, {"key": "the-foregoing", "type": "clause", "offset": [1599, 1612]}, {"key": "enforcement-of-rights", "type": "clause", "offset": [1714, 1735]}, {"key": "possession-of", "type": "clause", "offset": [1899, 1912]}], "hash": "107b214ce595d9dbaf2d3006aa00ff42", "id": 1}, {"samples": [{"hash": "fD27VMKYQJz", "uri": "/contracts/fD27VMKYQJz#negative-commitments", "label": "Plan Support and Lock Up Agreement", "score": 26.1704311371, "published": true}, {"hash": "6SXICGF8C1W", "uri": "/contracts/6SXICGF8C1W#negative-commitments", "label": "Backstop Commitment Agreement", "score": 26.1704311371, "published": true}], "size": 12, "snippet": "During the Agreement Effective Period, each Consenting Stakeholder and, as applicable, each Shareholder agrees that it shall not directly or indirectly:\n(i) object to, delay, impede or take any other action to interfere with the acceptance, implementation or consummation of the Restructuring Transactions;\n(ii) subject to any restrictions imposed by applicable law, (A) support, directly or indirectly, any restructuring or liquidation in any jurisdiction other than as contemplated by this Agreement for (x) any of the Filing Entities or (y) any Affiliate of any of the foregoing to the extent a filing by such an Affiliate could be reasonably expected to have a material adverse effect on the implementation of the Plan or the Restructuring Transactions, nor (B) challenge the Plan with respect to the treatment of Eligible Claims thereunder in any court of any jurisdiction, including, without limitation, the Brazilian RJ Court and the U.S. Bankruptcy Court; provided, however, that in each case, the Plan shall be substantially consistent with the terms of this Agreement and the Term Sheet and in any event, shall not have been modified in a manner that has, or could reasonably be expected to have (determined as of the date of any such modification), a material adverse effect on the rights of the Consenting Stakeholders without their respective prior written consent in accordance with Section 12;\n(iii) either itself or through any representatives or agents solicit, initiate, encourage (including by furnishing information), induce, negotiate, facilitate, continue or respond to Alternative Restructuring Plans from or with any Entity or propose, file, support, consent to, seek formal or informal credit committee approval of, or vote for Alternative Restructuring Plans (and shall immediately inform the other Parties hereto of any notification of an Alternative Restructuring Plan);\n(iv) initiate, or have initiated on its behalf, any litigation or proceeding of any kind and in any court with respect to the Brazilian RJ Proceeding, the Ancillary Proceedings, this Agreement or the other Restructuring Transactions contemplated herein against the Company Parties or the other Parties other than to enforce this Agreement or any Restructuring Document unless otherwise permitted under this Agreement;\n(v) (A) take or facilitate any Enforcement Actions; (B) direct or encourage any other person to take any Enforcement Action; or (C) vote or direct any proxy appointed by it to vote in favor of any Enforcement Action, in each case except as contemplated by this Agreement or the Restructuring Documents or as otherwise agreed in writing by the Parties to be necessary or desirable for the implementation of the Restructuring Transactions; provided that nothing herein shall impact the automatic acceleration of a Filing Entity\u2019s Indebtedness that may occur under the Finance Documents, in each case due to the filing of the Brazilian RJ Proceeding or the Ancillary Proceedings;\n(vi) directly or indirectly take any action to direct any Agent to undertake any action that a Consenting Lender is otherwise prohibited from undertaking pursuant to this Section 4;\n(vii) solicit or direct any person, including, without limitation, the indenture trustee or any other agent thereunder for the Existing 2024 Notes, to undertake any action inconsistent with or prohibited by this Agreement; or\n(viii) with respect to each Consenting Lender only, agrees that it shall not, nor shall it instruct any Agent under any Credit Agreement to, directly or indirectly exercise or enforce any right with respect to any letter of credit issued in connection with any Bradesco LC Reimbursement Agreement.", "snippet_links": [{"key": "agreement-effective-period", "type": "clause", "offset": [11, 37]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [129, 151]}, {"key": "other-action", "type": "definition", "offset": [194, 206]}, {"key": "the-acceptance", "type": "clause", "offset": [225, 239]}, {"key": "the-restructuring-transactions", "type": "clause", "offset": [275, 305]}, {"key": "subject-to", "type": "clause", "offset": [312, 322]}, {"key": "applicable-law", "type": "definition", "offset": [351, 365]}, {"key": "any-jurisdiction", "type": "definition", "offset": [440, 456]}, {"key": "agreement-for", "type": "clause", "offset": [492, 505]}, {"key": "filing-entities", "type": "definition", "offset": [521, 536]}, {"key": "affiliate-of", "type": "definition", "offset": [548, 560]}, {"key": "the-foregoing", "type": 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take any other action or inaction that would reasonably be expected to interfere with acceptance, implementation, or consummation of the Transactions or take any action that is inconsistent in any material respect with the Transactions;\n(b) solicit, initiate, encourage, propose, respond, or engage in negotiations with respect to, or otherwise agree to, support, endorse, or approve any Alternative Transaction;\n(c) execute or file any agreement, instrument, form, or other document that is utilized to implement or effectuate, or that otherwise relates to, this Agreement and/or the Transactions that, in whole or in part, is not consistent with this Agreement or any Definitive Document;\n(d) file any motion, pleading, or other document with any court (including any modifications or amendments to any motion, pleading, or other document with any court) that, in whole or in part, is not materially consistent with this Agreement;\n(e) initiate, or have initiated on its behalf, any litigation 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their assets, wherever located, or interfere with the automatic stay arising under Section 362 of the Bankruptcy Code; provided, however, that nothing in this Agreement shall limit the right of any Party to exercise any right or remedy provided under this Agreement, the Confirmation Order or any other Definitive Document, and provided, further, that nothing in this Agreement shall limit the right of any Party to object to or otherwise challenge any professional fee applications filed in the Chapter 11 Case.", "snippet_links": [{"key": "the-terms-and-conditions", "type": "definition", "offset": [11, 35]}, {"key": "duration-of-the", "type": "clause", "offset": [52, 67]}, {"key": "restructuring-support-period", "type": "definition", "offset": [68, 96]}, {"key": "member-of-the", "type": "clause", "offset": [103, 116]}, {"key": "ad-hoc-noteholder-group", "type": "definition", "offset": [117, 140]}, {"key": "jointly-and-severally", "type": "clause", "offset": [171, 192]}, {"key": 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is utilized to implement or effectuate, or that otherwise relates to, this Agreement, the Plan and/or the Restructuring Transactions that, in whole or in part, is not consistent with this Agreement in all material respects or otherwise in form and substance reasonably acceptable to the Required Parties, or file any pleading seeking authorization to accomplish or effect any of the foregoing, (2) waive, amend or modify any of the Definitive Documents, or file a pleading seeking to waive, amend or modify any term or condition of any of the Definitive Documents, which waiver, amendment, modification or filing contains any provision that is not consistent in all material respects with this Agreement or otherwise reasonably acceptable to the Required Parties;\n(e) move for an order from the Bankruptcy Court authorizing or directing the assumption or rejection of any executory contract (including any employment agreement or employee benefit plan) or unexpired lease, other than (1) the rejection of that certain lease entered into between Ultra Wyoming LGS and Pinedale Corridor, LP and that certain contract between Ultra Resources, Inc. and Rockies Express Pipeline, LLC and (2) any assumption or rejection that is expressly contemplated by the Plan;\n(f) (1) seek discovery in connection with, prepare or commence any proceeding or other action that challenges (x) the amount, validity, allowance, character, enforceability or priority of any Company Claims/Interests of any of the Consenting Creditor Parties, or (y) the validity, enforceability or perfection of any lien or other encumbrance securing any Company Claims/Interests of any of the Consenting Creditor Parties, (2) otherwise seek to restrict any rights of any of the Consenting Creditor Parties, or (3) support any Person in connection with any of the acts described in clause (1) or clause (2) of this Section 8.02(f);\n(g) enter into any contract with respect to debtor-in-possession financing, cash collateral usage, exit financing and/or other financing arrangements, other than the DIP Facility, the Exit RBL Facility (and related commitment letters) and the Exit Term Loan Facility or as contemplated by the Interim DIP Order or the Final DIP Order;\n(h) (1) enter into any contract which, if existing as of the Execution Date, would constitute a Material Contract had it been entered into prior to the Execution Date except for those swap agreements or collar agreements otherwise permitted by the DIP Facility or (2) materially amend, supplement or modify or terminate any Material Contract (other than any Material Contract that has terminated after the Agreement Effective Date in accordance with its terms);\n(i) assert, or support any assertion by any Person, that, in order to act on the provisions of Section 13, the Consenting Creditor Parties shall be required to obtain relief from the automatic stay from the Bankruptcy Court (and each of the Company Parties hereby waives, to the greatest extent possible, the applicability of the automatic stay to the giving of any notice of termination in accordance with Section 13);\n(j) grant or agree to grant any additional or any increase in the wages, salary, bonus, commissions, retirement benefits, pension, severance or other compensation or benefits (including in the form of any vested or unvested Equity Interests of any kind or nature) (1) to any insider (as defined in section 101(a)(31) of the Bankruptcy Code) or executive-level employee of any of the Company Parties or (2) pursuant to any plan, practice, program or arrangement applicable to more than one person;\n(k) (1) enter into, adopt or establish any new compensation or benefit plans or arrangements (including employment agreements and any retention, success or other bonus plans) that provides compensation or benefits (A) to any insider (as defined in section 101(a)(31) of the Bankruptcy Code) or executive-level employee of any of the Company Parties or (B) pursuant to any plan, practice, program or arrangement applicable to more than one person, or (2) amend or terminate any existing compensation or benefit plans or arrangements (including employment agreements), except in the case of this clause (2) as required by Law or the terms of the benefit plan or arrangement;\n(l) enter into, adopt or establish any key employee retention or incentive plan or other similar agreement or arrangement;\n(m) incur or commit to incur any capital expenditures, other than capital expenditures that are included in any applicable budget approved pursuant to the Interim DIP Order or Final DIP Order;\n(n) except as expressly contemplated by the Plan, make or change any tax election (including, with respect to any Company Party that is treated as a partnership or disregarded entity for U.S. federal income tax purposes, an election to be treated as a corporation for U.S. federal income tax purposes), file any material amended tax return, enter into any closing agreement with respect to taxes, consent to any extension or waiver of the limitations period applicable to any tax claim or assessment, enter into any installment sale transaction, adopt or change any accounting methods, practices or periods for tax purposes, make or request any tax ruling, enter into any tax sharing or similar agreement or arrangement, or settle any tax claim or assessment outside of the ordinary course of business or inconsistent with historical practice;\n(o) take or permit any action that would result in a (1) change of ownership of any Company Party under Section 382 of the Code, (2) disaffiliation of any Company Party from the Company Parties\u2019 consolidated income tax group under Section 1502 of the Code or (3) realization of any taxable income outside the ordinary course of the Company Parties\u2019 business;\n(p) amend or propose to amend any of their respective Organizational Documents;\n(q) authorize, create or issue any additional Equity Interests in any of the 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Creditors"], ["definitions-and-interpretation", "Definitions and Interpretation"]], "title": "Negative Commitments", "id": "negative-commitments", "related": [["term-loan-commitments", "Term Loan Commitments", "Term Loan Commitments"], ["no-commitments", "No Commitments", "No Commitments"], ["loan-commitments", "Loan Commitments", "Loan Commitments"], ["revolving-commitments", "Revolving Commitments", "Revolving Commitments"], ["loan-commitment", "Loan Commitment", "Loan Commitment"]], "related_snippets": [], "updated": "2026-04-19T05:56:19+00:00", "also_ask": ["What are the most effective carve-outs to negotiate in negative commitments?", "Which drafting elements are essential to ensure enforceability of negative commitments?", "What are the most common legal pitfalls or ambiguities in negative commitment clauses?", "How do negative commitments differ from non-compete or exclusivity provisions in practice?", "What standards do courts apply to assess the reasonableness and enforceability of negative commitments?"], "drafting_tip": "Specify prohibited actions to prevent loopholes, use clear language to avoid ambiguity, and align with applicable laws to ensure enforceability.", "explanation": "A Negative Commitments clause restricts a party from taking certain actions, typically related to incurring additional debt or granting security interests, without the prior consent of the other party. In practice, this means that a borrower in a loan agreement may be prohibited from pledging assets to other lenders or taking on new financial obligations that could jeopardize the lender's position. The core function of this clause is to protect the interests of the party imposing the restriction by preventing actions that could undermine their security or increase their risk exposure."}, "json": true, "cursor": ""}}