Common use of Restructuring Overview Clause in Contracts

Restructuring Overview. Plan The Company shall commence the Chapter 11 Cases and shall confirm and consummate a chapter 11 plan of reorganization (the “Plan”), which will be consistent with this Term Sheet and the Restructuring Support Agreement and otherwise acceptable to the Company, the Required First Lien Lenders and, solely with respect to the economic treatment provided on account of the Second Lien Claims, the Required Second Lien Lenders. The Plan will provide for, among other things: ● The reorganization of each of the Debtors; ● The payment in full of the DIP Facility (as defined herein) as contemplated hereunder; ● The Reorganized Debtors’ entry into a new First Lien Exit Term Facility (as defined herein); ● The issuance by the Reorganized Debtors of New Common Equity (as defined herein) to holders of First Lien Claims and Second Lien Claims as described below and on Exhibit C, subject to dilution for the equity issued or deemed to be issued on the Plan Effective Date (a) in connection with the Management Incentive Plan, (b) in connection with the DIP Payments, and (c) in connection with the