Defaulting Backstop Party means, at any time, any Backstop Party that caused a Backstop Party Default that is continuing at such time.

Defaulting Backstop Party means a Backstop Party that has failed to meet its obligations in respect of its Backstop Commitment on or before the Backstop Funding Deadline;

Defaulting Backstop Party means each Backstop Party that causes a Funding Default.

Examples of Defaulting Backstop Party in a sentence

Any Defaulting Backstop Party shall be liable, severally and not jointly, to each non-Defaulting Backstop Party, the Debtors and the Issuer as a result of any breach of its obligations hereunder.
If a Backstop Party is or becomes a Defaulting Backstop Party, it shall not be entitled to the Backstop Fee.
The Backstop Premiums shall be payable in accordance with Section 2.5(b) and Section 3.2 hereof to the Backstop Parties (including any Replacement Backstop Party designated under Section 2.3(a) hereof, but excluding any Defaulting Backstop Party) or their designees at the time the payment of the Backstop Premiums is made.
Each Backstop Party that is not a Defaulting Backstop Party (each, a “Non-Defaulting Backstop Party”) shall have the right, but not the obligation, to assume its Adjusted Commitment Percentage (or such other proportion as agreed by the Non-Defaulting Backstop Parties) of such Defaulting Backstop Party’s Backstop Commitment.
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More Definitions of Defaulting Backstop Party

Defaulting Backstop Party has the meaning given to such term in Section 1.2(c) hereof.

Defaulting Backstop Party means the applicable defaulting Backstop Party in respect of a Backstop Party Default that iscontinuing.

Defaulting Backstop Party means each Backstop Party that causes a Funding Default. “Definitive Documents” has the meaning set forth in the RSA.

Defaulting Backstop Party means any Backstop Party that (i) breaches this Backstop Commitment by failing to fund its commitments hereunder on the Closing Date, or (ii) denies or disaffirms its obligation to fund the Incremental New Money Term Loans in accordance with this Backstop Commitment Letter.

Defaulting Backstop Party means any Backstop Party that fails to timely fund its Backstop Commitment (as defined in the Backstop Commitment Agreement) in accordance with the terms of the Backstop Commitment Agreement and the Rights Offering Documents.

Defaulting Backstop Party means the applicable defaulting Backstop Party in respect of a Backstop Party Default that is continuing. “Definitive Documents” means, collectively, each of the documents set forth in S ections 7.1(n)(i) and 7 .1(n)(ii) of this Agreement. “Delaware LLC Act” has the meaning set forth in S ection 4.2(c).

Defaulting Backstop Party means, at any time, any Backstop Party that caused a Backstop Party Default that is continuing at such