New 2L Notes definition
Examples of New 2L Notes in a sentence
For the avoidance of doubt, no other prepayment or refinancing of the New 2L Notes shall result in the cancellation of any Warrants, and in the event such prepayment or refinancing is permitted to occur, the Unit Split Date shall be deemed to have occurred on such date, and the Warrants shall continue to exist as a separate security, and the Company shall use commercially reasonable efforts to ensure that the Warrants trade under a standalone CUSIP.
In the event of any other repayment, repurchase, redemption or other retirement of the New 2L Notes, the Warrants shall not be cancelled and shall immediately detach and be freely transferrable.
Voting/Required Holders Consistent with the Existing 2025 Indentures, with appropriate modifications to reflect the terms of this term sheet (including the annexes hereto) and the priority status of the New 2L Notes.
Events of Default Consistent with the Existing 2025 Indentures, with appropriate modifications to reflect the terms of this term sheet (including the annexes hereto) and the priority status of the New 2L Notes.
In addition, any refinancing or redemption of New 2L Notes (including any and all accrued PIK interest thereon) in connection with a change of control or sale of all or substantially all of the Company’s assets prior to April 1, 2024 shall result in the immediate cancellation of the Warrants attached thereto.
Voluntary Prepayments Subject to the terms of the Superpriority Facility, the New Term Loan Facility and the Amended 2025 Indentures, the Company shall be permitted to prepay the New 2L Notes at any time, in minimum principal amounts to be agreed upon, without premium or penalty.
Negative Covenants Consistent with the Existing 2025 Indentures, with appropriate modifications to reflect the terms of this term sheet (including the annexes hereto) and the priority status of the New 2L Notes.
An Equity Issuance Prepayment and/or a refinancing or redemption in connection with a change of control or sale of all or substantially all of the assets of the Company prior to April 1, 2024 shall result in the automatic cancellation of the Warrants (with no further preypayment premium or other fee) attached to the New 2L Notes being prepaid or refinanced.
The Warrants shall be allocated on a pro rata basis based on holdings of New 2L Notes.
Documentation Consistent with the Existing 2025 Indentures, with appropriate modifications to reflect the terms of this term sheet (including the annexes hereto) and the priority status of the New 2L Notes.