Defaulting Commitment Party definition

Defaulting Commitment Party means in respect of a Commitment Party Default that is continuing, the applicable defaulting Commitment Party.

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

Defaulting Commitment Party means a Joinder Defaulting Commitment Party or a Senior Defaulting Commitment Party.

Examples of Defaulting Commitment Party in a sentence

• Any Defaulting Commitment Party shall be liable to each non-Defaulting Commitment Party, the Company and the Reorganized Debtors as a result of any breach of its obligations hereunder.

• The Commitment Premium shall be payable, in accordance with Section 3.2, to the Commitment Parties (including any Replacement Commitment Party, but excluding any Defaulting Commitment Party) or their designees, provided such designees are U.S. Citizens in the case of any payment in the form of Common Shares, in proportion to their respective Backstop Commitment Percentages at the time the payment of the Commitment Premium is made.

• Any Defaulting Commitment Party shall be liable to each Commitment Party that is not a Defaulting Commitment Party, and to the Company, as a result of any breach of its obligations hereunder.

• The Backstop Commitment Agreement shall provide that the Commitment Parties agree that any Commitment Party that fails to timely fund its Backstop Commitment (a “Defaulting Commitment Party”) will be liable for the consequences of its breach and that the parties to the Backstop Commitment Agreement can enforce rights of damages and/or specific performance upon the failure to timely fund by the Defaulting Commitment Party.

• 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 9.9 or otherwise, in connection with any such Defaulting Commitment Party’s Commitment Party Default.

More Definitions of Defaulting Commitment Party

Defaulting Commitment Party has the meaning set forth in this Section 1.1 in the definition of “Commitment Party Default”.

Defaulting Commitment Party has the meaning given to such term in Section Section 2.4(a) hereof.

Defaulting Commitment Party means a Joinder Defaulting Commitment Party or a Senior Defaulting Commitment Party. “Definitive Documentation” means the definitive documents and agreements governing the Restructuring Transactions as set forth in the Restructuring Support Agreement. “Definitive Documents” has a correlative meaning. “DIP Facility” means any credit agreement for debtor-in-possession financing. “DIP Orders” means, collectively, any Interim DIP Order, Final DIP Order, and any other interim or Final Order authorizing the Debtors to obtain postpetition financing or use cash collateral. “Disclosure Statement” has the meaning set forth in the Restructuring Support Agreement. “Discount to Equity Value” means 0.25. “Effective Date” means the date upon which (a) no stay of the Confirmation Order is in effect, (b) all conditions precedent to the effectiveness of the Plan have been satisfied or are expressly waived in accordance with the terms thereof, as the case may be, and (c) on which the Restructuring and the other transactions to occur on the Effective Date pursuant to the Plan become effective or are consummated. “EIP” means the new employee incentive plan to be adopted by the reorganized Company, after the Effective Date, on the terms and conditions set forth in the Restructuring Term Sheet. “End Date” has the meaning set forth in Section 9.2(a).

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

Defaulting Commitment Party means a Defaulting DNC 2025 Commitment Party and/or Defaulting DNC 2026 Commitment Party, as applicable.

Defaulting Commitment Party means any Commitment Party that (a) has failed to fund all or any portion of its Commitment when required to do so in accordance with the terms and conditions of the Commitment Letter, (b) has notified the Borrower or the Arranger in writing that it does not intend to comply with its funding obligations hereunder or under the Commitment Letter, or has made a public statement to that effect, (c) has failed, within two business days after written request by the Arranger or the Borrower, to confirm in writing to the Arranger and the Borrower that it will comply with its prospective funding obligations hereunder or under the Commitment Letter, or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any law relating to liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debt relief law of any applicable jurisdiction from time to time in effect and affecting the rights of creditors generally, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the United States Federal Deposit Insurance Corporation or any other regulatory authority acting in such a capacity; provided that a Commitment Party shall not be a Defaulting Commitment Party solely by virtue of the ownership or acquisition of any equity interest in that Commitment Party or any direct or indirect parent company thereof by a governmental authority so long as such ownership interest does not result in or provide such Commitment Party with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Commitment Party (or such governmental authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Commitment Party.

Defaulting Commitment Party means an Inactive Commitment Party as if the “Defaulting Lender” definition was applied thereto mutatis mutandis.