Defaulting Commitment Party definition

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

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

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

Examples of Defaulting Commitment Party in a sentence

• 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.

• In addition, each Commitment Party or Backstop Party, as applicable, that is not a Defaulting Commitment Party (each, a “ Non- Defaulting Commitment Party”) shall have the right, but not the obligation, to assume its Adjus xxx Commitment Percentage (or such other proportion as agreed by the Non-Defaulting Commitment Parties) of such Defaulting Commitment Party’s Direct Subscription Commitment Percentage or Backstop Commitment Percentage, as applicable.

• 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 Administrative Agent shall have no obligation to accept, handle or process funds (whether in accordance with Section 2.05, Section 2.19(a)(ii) or otherwise) for, or on behalf of, any Lender or Inactive Commitment Party that is a Defaulting Lender or Defaulting Commitment Party, as applicable, as a result of a failure to comply with its obligations under Section 8.13.

More Definitions of Defaulting Commitment Party

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

Defaulting Commitment Party has the meaning given to such term in the Exit Financing Commitments.

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

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. For the avoidance of doubt, all Definitive Documentation shall be subject to the applicable consent rights set forth in Section 3 of the Restructuring Support Agreement. “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). “Environmental Laws” means all applicable laws (including common law), rules, regulations, codes, ordinances, orders in council, Orders, decrees, treaties, directives, judgments or legally binding agreements promulgated or entered into by or with any Governmental Entity, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management, Release or threatened Release of, or exposure to, any Hazardous Material. “Equity Commitment Agreement” has the meaning set forth in the Restructuring Support Agreement. “ERISA” means the Employee Retirement Income Security Act of 1974. “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with any of the Debtors, is, or at any relevant time during the past six years was, treated as a single employer under any provision of Section 414 of the Code. 8

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

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.