Commitment Party Default definition

Commitment Party Default means the failure by any Commitment Party to (a) deliver and pay the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Shares by the Escrow Account Funding Date in accordance with Section 2.4(b) or (b) fully exercise all Subscription Rights that are issued to it pursuant to the Rights Offering and duly purchase all Rights Offering Shares issuable to it pursuant to such exercise, in accordance with the Rights Offering Procedures and the Plan.

Commitment Party Default means the failure by any Commitment Party to deliver and pay on the Anticipated Closing Date the aggregate Commitment Payment Amount for such Commitment Party’s Commitment Percentage of the Aggregate Commitment.

Commitment Party Default means the failure (or communication of an imminent failure) by a Commitment Party to deliver and pay (or cause to be delivered and paid) the aggregate Commitment Amount of such Commitment Party when due in accordance with Section 2.1(a).

Examples of Commitment Party Default in a sentence

• If a Commitment Party Default occurs, the Outside Date shall be delayed only to the extent necessary to allow for the Commitment Party Replacement to be completed within the Commitment Party Replacement Period.

• Any portion of the Commitment Premium otherwise payable to any Defaulting Commitment Party except for such Commitment Party Default shall be paid pro-rata to any Replacing Commitment Party.

• If a Commitment Party Default occurs, (i) the Outside Date shall be delayed only to the extent necessary to allow for the Commitment Party Replacement to be completed within the Commitment Party Replacement Period, and (ii) unless this Agreement is terminated by the Company in accordance with Section 9.3(b), the Closing Date shall occur one (1) Business Day following the expiration of the Commitment Party Replacement Period, assuming the satisfaction of all other conditions set forth in Section 7.1.

• Except in the case of a Commitment Party Default or a termination pursuant to Section 9.3(b), the Commitment Fee Common Stock shall be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order, and shall be issued by the Company, free and clear of any withholding or deduction for any applicable Taxes, on the Closing Date or, if the Commitment Fee Common Stock becomes issuable pursuant to Section 9.4(b), within the time specified therein.

• For the avoidance of doubt, notwithstanding anything to the contrary set forth in Section 9.4 but subject to Section 10.11, no provision of this Agreement shall relieve any Defaulting Commitment Party from liability hereunder, or limit the availability of the remedies set forth in Section 10.10, in connection with any such Defaulting Commitment Party’s Commitment Party Default.

More Definitions of Commitment Party Default

Commitment Party Default means a HoldCo Noteholders Commitment Party Default or a HoldCo Equityholders Commitment Party Default.

Commitment Party Default means the failure by any Commitment Party to

Commitment Party Default means (x) any Commitment Party fails to (i) fully exercise all its Purchase Rights pursuant to and in accordance with the Plan in accordance with Section 2.2(a) or (ii) deliver and pay the aggregate Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Securities by the Escrow Funding Date in accordance with Section 2.4 or (y) any Commitment Party denies or disaffirms in a writing (electronic or otherwise) such Commitment Party’s obligations pursuant to Section 2.2(a) or Section 2.4.

Commitment Party Default means an Unsecured Commitment Party Default or a Secured Commitment Party Default.

Commitment Party Default means the failure by a Commitment Party to (i) fully exercise its minimum allocation of subscription rights pursuant to the Section 4(a)(2) Rights Offering, and duly purchase all Rights Offering Common Stock pursuant to such exercise at the Offering Price and (ii) purchase the Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Eligible Offeree Rights Offering Common Stock at the Offering Price that are offered and not otherwise purchased as part of the Eligible Offeree Rights Offering.

Commitment Party Default means (x) any Commitment Party’s failure to (i) fully exercise all its Subscription Rights pursuant to and in accordance with Section 2.2(a) and the Rights Offering Procedures, (ii) deliver and pay the aggregate Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Stapled Securities by the Escrow Funding Date in accordance with Section 2.4 or (iii) enter into any Delayed Draw Subscription Agreement required pursuant to Section 2.2(b) or (y) any Commitment Party’s denial or disaffirmation of such Commitment Party’s obligations in writing (electronic or otherwise) pursuant to Sections 2.2(a), 2.2(b) or 2.4.

Commitment Party Default means, with respect to a Commitment Party, such Commitment Party (a “Defaulting Commitment Party”) or a Related Purchaser of such Commitment Party: (a) at any time prior to the Rights Offering Record Date, fails to be the beneficial owner of the minimum amount of aggregate principal amount of 1.5 Lien Notes Claims necessary for it to receive Subscription Rights sufficient for it to be capable of complying with its obligations pursuant to Section 2.2(a)(i); (b) at any time prior to the Closing Date, fails to be the beneficial owner of 1.25 Lien Notes Claims with a principal amount of at least its Exchange Amount; (c) fails to exercise its Subscription Rights in the amount of its Exchange Amount pursuant to and in accordance with the Plan and Section 2.2(a)(i); (d) fails to deliver and pay its Cash Funding Amount or Exchange Subscription Amount by the Subscription Escrow Funding Date (or, in the case of the Cash Funding Amount of any Commitment Parties that are not Initial Commitment Parties, by the Rights Offering Effective Time) in accordance with Section 2.4(a) and Section 2.4(b); or (e) denies or disaffirms in writing (electronic or otherwise) its obligations pursuant to this Agreement.