Flex Exit Facility Term Loans definition

Flex Exit Facility Term Loans at the election of the Requisite Backstop Parties, in consultation with the Debtors, so long as market conditions allow and the total cost of the Flex Exit Facility Term Loans is less than an amount agreed to in writing (which may include agreement by email of counsel to each of the parties) between the Debtors and the Requisite Backstop Parties. The interest rate, maturity date, and other terms of the New Exit Facility will be consistent with this Plan Term Sheet and otherwise reasonably acceptable to the Debtors, the Required Consenting Creditors, and the Requisite Backstop Parties. If the Flex Exit Facility Term Loans are funded on the Plan Effective Date, then, on the Plan Effective Date, the net proceeds thereof (the “Distributable Flex Proceeds”) will be distributed to holders of Allowed First Lien Claims in accordance with this Plan Term Sheet. The Required Exit Facility Term Loans may reduced to an amount less than $2,050 million (the “Required Exit Facility Term Loans Target”) at the election of (a) at least two members of the First Lien Ad Hoc Group holding a majority of the aggregate amount of commitments under the Backstop Commitment Agreement (defined below) held by all members of the First Lien Ad Hoc Group and (b) Xxxxxxx (collectively, the “Requisite Backstop Parties”). To the extent the amount of the Required Exit Facility Term Loans funded on the Plan Effective Date is lower than the Required Exit Facility Term Loans Target, the Debtors will distribute new term loans (the “First Lien Replacement Term Loans”) in an amount equal to the difference between the Required Exit Facility Term Loans 2

Flex Exit Facility Term Loans means up to $350 million in principal of new term loans under the New Exit Facility Term Loan, which may be funded on the Effective Date on the terms and conditions set forth in Article IV.D.1 of this Plan.

Examples of Flex Exit Facility Term Loans in a sentence

The “Distributable Subscription Rights” shall mean the difference between (a) $750 million or, if the Flex Exit Facility Term Loans are funded on the Effective Date, the adjusted amount of the Rights Offering and (b) the amount of the Backstop Priority Tranche subscribed by the Backstop Parties.
Both the amount of the Rights Offering and the Plan Equity Value are subject to the Flex Adjustment in the event that the Flex Exit Facility Term Loans are funded on the Effective Date in a manner that preserves the 37.5% discount to Plan Equity Value, as set forth in the Backstop Commitment Agreement, such that if the aggregate principal amount of the Flex Exit Facility Term Loans is $350 million, the Plan Equity Value will equal$900 million and the Rights Offering amount will equal $540 million.
Sometimes the swear-words were intentionally misspelled or an asterisk was used instead of some letters to reduce the effect, but usually the indecent words were used in their correct form and fully spelled.
Both the amount of the Rights Offering and the Plan Equity Value are subject to the Flex Adjustment in the event that the Flex Exit Facility Term Loans are funded on the Effective Date.
Both the amount ofthe Rights Offering and the Plan Equity Value are subject to the Flex Adjustment in the event that the Flex Exit Facility Term Loans are funded on the Effective Date in a manner that preserves the 37.5% discount to Plan Equity Value, as set forth in the Backstop Commitment Agreement, such that if the aggregate principal amount of the Flex Exit Facility Term Loans is $350 million, the Plan Equity Value will equal$900 million and the Rights Offering amount will equal $540 million.

Related to Flex Exit Facility Term Loans

Replacement Term Loans shall have the meaning provided in Section 13.1.
Incremental Term Loan Facility has the meaning set forth in Section 2.16(a).
Refinancing Term Loans shall have the meaning assigned to such term in Section 2.21(j).
New Term Loan Facility means the facility providing for the Borrowing of New Term Loans.
Initial Term Loan Facility means the Initial Term Loan Commitments and the provisions herein related to the Initial Term Loans.
Incremental Term Loan Commitments has the meaning set forth in Section 2.24.
Refinanced Term Loans shall have the meaning provided in Section 13.1.
Incremental Term Loans has the meaning specified in Section 2.14(a).
Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of (i) December 31, 2008, (ii) the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 2.1, and (iii) the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 11.1.
Incremental Term Loan Borrowing Date means, with respect to each Tranche of Incremental Term Loans, each date on which Incremental Term Loans of such Tranche are incurred pursuant to Section 1.01(c) and as otherwise permitted by Section 1.14.
Other Term Loans means one or more Classes of Term Loans that result from a Refinancing Amendment.
Refinancing Term Commitments means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.
Tranche B Term Loan Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Third Restatement Date is $600,000,000.
Extended Term Loans has the meaning specified in Section 2.15(a).
New Term Loan Commitments shall have the meaning provided in Section 2.14(a).
Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).
Initial Term Loans means the term loans made by the Initial Term Lenders to the Borrower pursuant to Section 2.01(a)(i).
Term Loans as defined in Section 2.1.