Crossover Group definition

Crossover Group means that certain ad hoc group of certain Holders of First Lien Senior Secured Notes Claims and Second Lien Term Loan Claims represented by the Crossover Group Advisors.

Crossover Group means that certain ad hoc group comprising certain unaffiliated Consenting First Lien Creditors and Consenting Second Lien Creditors represented by Akin Gump and Houlihan Lokey and listed on the signature pages to the Restructuring Support Agreement.

Crossover Group means, collectively, the holders of, or investment advisors, sub-advisors, or managers of holders of, the First Lien Term Loans, Second Lien Term Loans, Second Lien Notes, and Unsecured Notes represented by Xxxx Xxxxxxxx LLP and PJT Partners LP.

Examples of Crossover Group in a sentence

• Additionally, the Forbearance Agreementsprovided that the Debtors would, among other things, engage in negotiations with the Crossover Group regarding the terms a transaction or series of transactions to remedy existing defaults under the Senior Notes Indenture and the First Lien Credit Agreement, with a transaction support agreement to be entered into no later than December 15, 2016 and a transaction to be commenced by January 15, 2017.

• With the additional runway afforded by the Forbearance Agreements and the revised business plan in place, the Debtors re-engaged in substantive discussions with the Crossover Group, as well as several other key stakeholders, regarding a potential balance sheet restructuring.

• Following months of restructuring negotiations, the Debtors entered into the RSA with 21CI, the Crossover Group, the First Lien Lender Group, the Common Equity Owner, and the Preferred Equity Investor on May 25, 2017.

• To fund these chapter 11 cases, certain First Lien Lenders among the First Lien Lender Group and Crossover Group have agreed to provide the Debtors with an approximately$75 million senior secured superpriority debtor in possession financing facility (the “ DIP Facility”).

• The Debtors and the MDL Facility lenders intended for the incremental liquidity provided by the MDL Facility to fund the Debtors’ operations while the Crossover Group and the First Lien Lender Group engaged with the Debtors regarding the terms of a consensual restructuring.

• Unless otherwise provided for under the Plan, on the Effective Date, at the option of the applicable Debtor in consultation with the Ad Hoc First Lien Term Loan Group, the Ad Hoc Crossover Group, and the Ad Hoc 2025 Noteholder Group, Intercompany Interests shall be either: (i) Reinstated; or (ii) set off, settled, distributed, contributed, merged, canceled, or released.

• Unless otherwise provided for under the Plan, on the Effective Date, at the option of the applicable Debtor in consultation with the Ad Hoc First Lien Term Loan Group, the Ad Hoc Crossover Group, and the Ad Hoc 2025 Noteholder Group, Intercompany Claims shall be either: (i) Reinstated; or (ii) set off, settled, distributed, contributed, merged, canceled, or released.

• The Debtors and the MDL Facility lenders intended for the incremental liquidity provided by the MDL Facility to fund the Debtors’ operations while the Crossover Group and the First Lien Lender Group (each as defined herein) engaged with the Debtors regarding the terms of a consensual restructuring.

• For example, it may be that the circumstances of the case mean that a weaker party is pushed into making a ‘hard bargain’ because of difficult financial circumstances where the stronger party is acting in accordance with their strict legal rights.

• Accordingly, while this Court may consider the interests of the Jackson Crossover Group and the Committee in assessing the reasonableness of the First Lien Notes Claims Settlement, it may not do so irrespective of the interests of the First Lien Noteholders, or of all the other Debtors’ creditors who have not objected to the proposed settlement.

More Definitions of Crossover Group

Crossover Group or groups (as described in the definition of the Class A-S Crossover Amount), and will be added to the amounts distributable as principal on the Class A Certificates related to the "loss group" (as described in the definition of the Class A-S Crossover Amount); provided that if the losses described in clause (A) (1) of the definition of Class A-S Crossover Amount were allocated to two Class A-S Components, then the Class A-S Crossover Amount will be subtracted on a pro rata basis from the amounts distributable as principal on the Class A Certificates related to the two crossover groups, allocated in proportion to the respective amounts of the losses so allocated to each of those Class A-S Components.

Crossover Group means the ad hoc group of crossover holders of First Lien Notes and Unsecured Notes represented by Xxxxx Xxxx & Xxxxxxxx LLP, Xxxxxx and Xxxxx, LLP, and Xxxxxxxx Xxxxx Capital Inc.

Crossover Group means that ad hoc group of holders of Credit Agreement Claims and Notes Claims represented by the Crossover Group Representatives.

Crossover Group means the ad hoc group of crossover holders of First Lien Notes and Unsecured Notes represented by Davis Polk & Wardwell LLP, Haynes and Boone, LLP, and Houlihan Lokey Capital Inc.

Crossover Group means that certain ad hoc group of holders of First Lien Senior Secured Notes Claims and Second Lien Term Loan Claims (each as defined below), represented by Xxxxxxxx & Xxxxxxxx LLC, as counsel, and Xxxxxxxx Xxxxx, Inc., as financial advisor. Management Incentive Plan The Plan will provide for the establishment of a customary management equity incentive plan (the “Management Incentive Plan”), designed, implemented, and determined by New Board, under which no less than 10% of the New Common Stock outstanding on the Effective Date (on a fully diluted and fully distributed basis, treating the Management Incentive Plan as fully allocated) will be reserved for grants made from time to time to the management or officers of Reorganized LCI. The Plan will provide that grants of at least 30% of the New Common Stock reserved under the Management Incentive Plan will be allocated within 60 days of the Plan Effective Date. The Consenting Stakeholders further agree that the employment agreement for the Debtors’ CEO shall be amended on the Plan Effective Date to provide the Debtors’ CEO with the right to leave for “good reason” pursuant to the terms of such agreement in the event the terms and conditions (including allocation) of the award to the Debtors’ CEO under the MIP are not reasonably acceptable to the Debtors’ CEO. The Consenting Stakeholders further agree that the employment agreements for the Named Executive Officers shall be amended on the Plan Effective Date to provide the Named Executive Officers with the right to leave for “good reason” pursuant to the terms of such agreements, in which case they will be entitled to 75% of their applicable severance, in the event the award to such Named Executive Officer under the Management Incentive Plan (i) is not on substantially similar terms and conditions (but not allocation) as the award reasonably acceptable to the Debtors’ CEO or (ii) provides for an allocation to such Named Executive Officer that is materially less than the award that the Debtors’ CEO reasonably recommended to the New Board in writing. Indemnification Obligations The Plan will provide for the assumption of all indemnification provisions currently in place (whether in the by-laws, certificates of incorporation, board resolutions, indemnification agreements, or employment contracts) for the current and former directors, managers, and officers of the Company and any affiliates, which assumption shall be irrevocable and shall survive the Plan Effecti...