Required Commitment Parties definition

Required Commitment Parties means Commitment Parties holding at least 50.1% in principal amount of the commitments to purchase the New Secured Notes held by all such Commitment Parties at such time; provided that at all times, each of Hemen and Centerbridge shall be part of the Required Commitment Parties; provided, further, that each of the (a) Majority Ad Hoc Group Parties, (b) Barclays, (c) each Select Commitment Party and (d) each Additional Commitment Party shall be part of the Required Commitment Parties (and their prior written consent shall be required) with respect to (i) material modifications to the Investment Agreement, the RSA and the exhibits to each such document, and the terms of any other Definitive Documents to the extent such modifications are adverse to any member of the Ad Hoc Group, Barclays, any Select Commitment Party or any Additional Commitment Party, (ii) any economic modifications to the Investment Agreement, the RSA and the exhibits to each such document, and the terms of any other Definitive Documents to the extent such economic modifications are adverse to the New Commitment Parties, any Select Commitment Party or any Additional Commitment Party, without regard to materiality and (iii) any Definitive Documents; provided, however, that notwithstanding the foregoing, in no event will any Commitment Party be a Required Commitment Party at any point in time that such Person is also in default under the RSA or Investment Agreement.

Required Commitment Parties means Commitment Parties holding at least 50.1% in principal amount of the commitments to purchase the New Secured Notes held by all such Commitment Parties at such time; provided that at all times, each of the Original Commitment Parties shall be part of the “Required Commitment Parties”; provided, further, that each Select Commitment Party shall be part of the “Required Commitment Parties” with respect to (i) material modifications to this Agreement, the Investment Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such modifications are adverse to such Select Commitment Party and (ii) any economic modifications to this Agreement, the Investment Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such economic modifications are adverse to such Select Commitment Party, without regard to materiality; provided, however, that notwithstanding the foregoing, in no event will any Commitment Party be a Required Commitment Party at any point in time that such Party is also in breach of this Agreement or the Investment Agreement.

Required Commitment Parties means, as of the date of determination, a majority of the aggregate amount of Backstop Commitments of the Initial Commitment Parties (excluding any Defaulting Commitment Parties and their corresponding Backstop Commitments); provided that, with respect to any matter subject to the Crestview Consent Right, “Required Commitment Parties” shall also require the Crestview Commitment Parties.

Examples of Required Commitment Parties in a sentence

• The Debtors and counsel to the Required Commitment Parties shall treat all such documents and information provided by any Holder (or its Permitted Designee) as confidential and shall limit the distribution of such documents and information to the Debtors’ personnel and the Debtors’ and the Required Commitment Parties’ counsel that have a “need to know” the contents thereof and to the U.S. Coast Guard and the U.S. Maritime Administration as may be necessary.

• Pursuant to the commercial progression of usage, the Property, plant and equipment will be depreciated using the straight-line method.

• The Debtors may extend the Subscription Expiration Deadline with the consent of the Required Commitment Parties (as defined in the Investment Agreement), such consent not to be unreasonably withheld, or as required by law.

• On the Effective Date, in consultation with the Required Commitment Parties and the Committee, the Debtors or Reorganized Debtors, as applicable, may establish one or more reserves for alleged General Unsecured Claims that are contingent or have not yet been Allowed, in an estimated amount or amounts as reasonably determined by the applicable Debtors in their discretion, consisting of Unsecured Pool Equity and Unsecured Pool Recovery Cash in the same proportions and amounts as provided for in the Plan.

• The Debtors shall (i) as soon as reasonably practicable (but in no event more than seven (7) Business Days after the date hereof) file a motion to approve this Agreement with the Bankruptcy Court, in form and substance reasonably acceptable to the Required Commitment Parties; and (ii) use commercially reasonable efforts to expeditiously obtain the entry by the Bankruptcy Court of the Backstop Commitment Agreement Order as soon as practicable thereafter.

More Definitions of Required Commitment Parties

Required Commitment Parties has the meaning ascribed to it in the Investment Agreement.

Required Commitment Parties means Commitment Parties with an aggregate Commitment Percentage of more than 50%.

Required Commitment Parties means Commitment Parties holding at least 50.1% in aggregate amount of the Subscription Commitments (as determined by Direct Subscription Commitment Percentage) of all Commitment Parties on the date on which the applicable consent, waiver or approval is solicited (excluding any Defaulting Commitment Parties (as defined below) and their corresponding Subscription Commitments and Direct Subscription Commitment Percentage).

Required Commitment Parties means Commitment Parties holding at least 50.1% in principal amount of the commitments to purchase the New Secured Notes held by all such Commitment Parties at such time; provided that at all times, each of the Original Commitment Parties shall be part of the “Required Commitment Parties”; provided, further, that each Select Commitment Party and each Additional Commitment Party shall be part of the “Required Commitment Parties” with respect to (i) material modifications to this Agreement, the Restructuring Support and Lock-Up Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such modifications are adverse to such Select Commitment Party or Additional Commitment Party and (ii) any economic modifications to this Agreement, the Restructuring Support and Lock-Up Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such economic modifications are adverse to such Select Commitment Party or Additional Commitment Party, without regard to materiality; provided, however, that notwithstanding the foregoing, in no event will any Commitment Party be a Required Commitment Party at any point in time that such Person is also a Defaulting Party.

Required Commitment Parties means those Commitment Parties whose allocated amount of the Backstop Cap and Management Commitments (as defined below) collectively is more than 66.67% of the sum of the aggregate Backstop Cap and aggregate Management Commitments held by all of the Commitment Parties (excluding any Defaulting Commitment Parties (as defined below)).

Required Commitment Parties means Commitment Parties holding at least 50.1% in principal amount of the commitments to purchase the New Secured Notes held by all such Commitment Parties at such time; provided that at all times, each of the Original Commitment Parties shall be part of the “Required Commitment Parties”; provided, further, that each of (a) the Majority Ad Hoc Group Parties, (b) Barclays, (c) each Select Commitment Party and (d) each Additional Commitment Party shall be part of the “Required Commitment Parties” with respect to (i) material modifications to this Agreement, the Restructuring Support and Lock-Up Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such modifications are adverse to the New Commitment Parties, Select Commitment Party or Additional Commitment Party, (ii) any economic modifications to this Agreement, the Restructuring Support and Lock-Up Agreement and the exhibits to each such document and the terms of any other Definitive Documents to the extent such economic modifications are adverse to the New Commitment Parties, Select Commitment Party or Additional Commitment Party, without regard to materiality, (iii) determination of the Escrow Account Funding Date and (iv) any Definitive Documents; provided, however, that notwithstanding the foregoing, in no event will any Commitment Party be a Required Commitment Party at any point in time that such Person is also a Defaulting Party.”

Required Commitment Parties shall have the meaning assigned to such term in the Commitment Letter.