Required Exit definition
Examples of Required Exit in a sentence
The First Lien Exit Facility will be in form and substance acceptable to the Company, the Required First Lien Lenders and Required Exit Backstop Parties (as defined herein) and will have the following terms, among others: ● Interest Rate: L + 8.00% (LIBOR floor of 1.50%), payable in cash.
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) ▇▇▇▇▇▇▇ (collectively, the “Requisite Backstop Parties”).
The closing of the Exit Facility and the obligation of the Exit Lenders to make the Exit Facility Loans to the Borrower is subject to the satisfaction of all conditions precedent to be set forth in the Exit Credit Agreement (as defined below) deemed necessary or appropriate by the Required Exit Lenders, as applicable, including but not limited to: i.
Without limiting the foregoing, upon receipt of a Required Exit Event Notice, the LLC will promptly (but no later than 20 Business Days after such receipt) commence a comprehensive process for, and diligently pursue, an Exit Event, including by selecting and approving a nationally recognized investment banking firm (the “Firm”) having experience in the LLC’s industry and with the capabilities to permit the LLC to complete an Exit Event and to assist the Board in conducting such Exit Event process.
At any time when the Borrower is in default in the payment of any amount under the Exit Facility, after giving effect to any applicable grace period, the Required Exit Lenders may elect to cause all outstanding amounts under the Exit Facility to bear interest at 2.00% per annum above the rate otherwise applicable thereto (or, in the event there is no applicable rate, 2.00% per annum in excess of the rate otherwise applicable to Loans maintained as ABR Loans from time to time).
Subject to paragraph 2.2 below, a Required Exit shall be on terms and conditions economically no less favourable to the Dragged Investors in respect of any Security than the terms agreed between the Dragging Investor and the Drag-Along Purchaser for the corresponding Investorco Security being sold by the Dragging Investor to the Drag-Along Purchaser (including on the basis that the Investorco Ordinary Shares shall be deemed to be the corresponding Investorco Securities of the B Shares).
The proceeds of the Exit Facility Loans will be used solely (i) to finance the Borrower’s and the other Loan Parties’ exit from the Chapter 11 Cases, (ii) to refinance the obligations outstanding under the DIP Facility, (iii) for general corporate and working capital purposes, and (iv) to pay related transaction fees and expenses of the Exit Agent, the Required Exit Lenders and the other Secured Parties (to be defined in the Exit Facility Documentation).
The Exit Lenders will be permitted to assign Exit Facility Loans and Exit Facility Commitments on terms set forth in the Exit Facility Documentation to be agreed between the Required Exit Lenders.
In the event a Required Exit Event Notice is given in accordance with the preceding sentence, the Board shall conduct the process regarding any such Exit Event in a manner approved by the Board, exercising its duties as permitted by this Agreement and the Act.
From and after delivery of a Required Exit Event Notice, the LLC will provide the Exit Event Demand Party with monthly written reports providing reasonable detail of the LLC’s actions with respect to its obligations under this Section 7.7(b), including updates on the Marketing Process.