PSA Approval Date definition
Examples of PSA Approval Date in a sentence
If the PSA Approval Date does not occur by such date, either party may terminate this Term Sheet.
After the PSA Approval Date, this Term Sheet shall constitute a legally binding amendment of the Existing Facility Documents in respect of the Committed Aircraft as and to the extent expressly set forth herein, and a legally binding agreement with respect to the Incremental Aircraft and the Financed Aircraft on the terms and conditions expressly set forth herein.
The occurrence of the PSA Approval Date shall constitute an agreement by the Milestone Parties that, if not expired, the applicable “waiting period” specified in connection with Article XI of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment shall continue until a Fleet Event of Default (which shall apply to all Aircraft) or a Material Breach Event of Default (which shall apply to the subject Aircraft) occurs.
Within 10 Business Days of the PSA Approval Date, the CHC Parties shall pay to Milestone an amount equal to $3,250,000 as a transaction fee and $500,000 in legal fees in respect of the Plan Support Agreement, and on the Effective Date the CHC Parties shall pay to Milestone an additional $1,000,000 as an additional transaction fee.
In furtherance of such Rejection Orders, the CHC Parties and the Milestone Parties agree that as an obligation under this Term Sheet the actions described in a letter agreement to be entered into among the parties hereto prior to the PSA Approval Date will be performed by the CHC Parties within the time periods set forth therein.
Upon the occurrence of the PSA Approval Date, the parties agree that each “bankruptcy” or “insolvency” event of default under the Existing Facility Documents shall be waived during the pendency of the Chapter 11 Case and shall be amended to provide that the Chapter 11 Case shall be excluded therefrom, but it shall be an Event of Default if (A) a Liquidation Event of Default shall occur or (B) a Plan Event of Default shall occur.
At any time prior to the PSA Approval Date, the CHC Parties shall have the right, by providing notice to Milestone, to waive the requirement that PK provide the financing contemplated by the PK Financing Commitment Letter, in which case the PK Financing Commitment Letter shall not be entered into, no Person shall have any obligations thereunder and all references thereto and to the Financed Aircraft shall be deemed deleted herefrom.
Subject to the occurrence of the PSA Approval Date, Milestone in its individual capacity, and the other Milestone Parties agree to support the filing, confirmation and consummation of a Qualified Plan proposed by the CHC Parties in accordance with the terms and conditions of this Term Sheet and the Plan Support Agreement, provided that no Fleet Event of Default occurs.
The obligations of both parties hereunder are subject to the PSA Approval Date occurring by December 21, 2016.
The obligations of both parties hereunder are subject to the PSA Approval Date occurring by the date that is 31 days after the date of this Term Sheet.