Sponsor Commitment definition

Sponsor Commitment shall have the meaning set forth in Section 5.2.

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Sponsor Commitment means the equity commitment letters provided to the Issuer by the Sponsors pursuant to which the Sponsors undertake to make funds available to the Issuer in an aggregate amount not less than the amount required by the Issuer to make a payment of any Shortfall (in each case, excluding any Bonds held by the Issuer) in connection with a redemption of the Bonds as set out in Clause 4.1(e).

Sponsor Commitment has the meaning set forth in the recitals.

Examples of Sponsor Commitment in a sentence

• The Sponsor Commitment may not be transferred except to a Management Company Related Investor.

• The Sponsor Commitment shall immediately terminate in the event an affiliate of the Sponsor no longer serves as the investment adviser to the Fund or otherwise manages the Fund.

• Neither Holdings nor the Borrower will amend, modify, waive, terminate or release (a) their respective certificates or articles of incorporation or other constitutive documents or by-laws, (b) the Sponsor Commitment Letter or (c) any Convertible Notes Document, in each case if the effect of such amendment, modification, waiver, termination or release is adverse (or, in the case of clause (c), materially adverse) to Holdings, the Borrower or the Lenders.

• Substantially simultaneously with the Second Merger Closing, the PIPE Subscriptions (including, if necessary, the Sponsor Commitment) shall be consummated pursuant to, and in the amounts set forth in, the PIPE Subscription Agreements.

• One or more affiliates of the Adviser (together with members of New Mountain’s senior management team, the “Sponsor”) will make Capital Commitments (the “Sponsor Commitment”) either directly or indirectly through a feeder entity in an aggregate amount that equals at least the lesser of (i) $75 million and (ii) 10.0% of the aggregate Capital Commitments, excluding the Sponsor Commitment.

More Definitions of Sponsor Commitment

Sponsor Commitment means, with respect to any Fund, the general partner or sponsor capital commitment to such Fund. “Straddle Period” means any taxable period that includes (but does not end on) the Closing Date.

Sponsor Commitment has the meaning set forth in the recitals to this Agreement.

Sponsor Commitment shall have the meaning set forth in Section 5.2. “Subscription Agreements” shall mean the Subscription Agreements entered into by the Common Unitholders in connection with their purchases of Common Units of the Fund. “Successor Fund” shall mean a closed-ended commingled investment vehicle organized by the Adviser or its Affiliates with investment criteria (including a return profile, security focus and leverage terms), objectives and focus substantially similar to those of the Fund. Successor Funds shall not include: (i) existing funds, accounts or portfolios of investments owned, sponsored or managed by the Adviser or its Affiliates, (ii) new or existing business development companies and Affiliates thereof, (iii) new or existing managed accounts or funds of one (including managed accounts or funds of one that are also BDCs), (iv) new or existing funds focused on investing in or issuing collateralized loan obligations and similar securities, or (v) new funds or accounts through which the Adviser or its Affiliates may make investments that are prohibited under Section 4.1(a). “Term” shall have the meaning set forth in Section 1.4. “Transfer” shall have the meaning set forth in Section 10.1. “Units” shall mean Common Units and any other class of units of limited liability company interests in the Fund.

Sponsor Commitment means, with respect to any Fund, the general partner or sponsor capital commitment to such Fund.

Sponsor Commitment shall have the meaning set forth in the Recitals hereto.

Sponsor Commitment has the meaning set forth in Section 4(a) (Generally). -11- LA_LAN01:362817.14

Sponsor Commitment has the meaning set forth in the Carried Interest Investment Agreement.