Requisite Backstop Parties definition

Requisite Backstop Parties means the Backstop Parties holding at least a majority of the aggregate Backstop Commitments, as of the date on which the consent or approval is solicited; provided, however, that the votes and commitments of any Defaulting Backstop Party shall be excluded from the calculation of Backstop Commitment Percentages for purposes of this definition.

Requisite Backstop Parties means, as of any date of determination, the Non- Defaulting Backstop Parties that are Specified Backstop Parties whose aggregate Backstop Commitments constitute more than 66-2/3% of the aggregate Backstop Commitments of all Non- Defaulting Backstop Parties that are Specified Backstop Parties as of such date. Prior to the effectiveness of the Backstop Purchase Agreement, for purposes of determining the Backstop Commitments of the Specified Backstop Parties, the Backstop Commitment Percentage of each Specified Backstop Party shall be set forth opposite the name of the Affiliates of such Specified Backstop Party on Schedule 2 attached hereto. After the effectiveness of the Backstop Purchase Agreement, for purposes of determining the Backstop Commitments of the Specified Backstop Parties, the Backstop Commitment Percentage of each Specified Backstop Party shall be set forth in, or as determined by, the Backstop Purchase Agreement.

Requisite Backstop Parties means, collectively, the Initial Backstop Parties (excluding any Defaulting Backstop Parties) holding at least 50.01% of the aggregate Backstop Commitment Percentages of the Initial Backstop Parties (excluding any Defaulting Backstop Parties); provided that for purposes of this definition, each such Initial Backstop Party shall be deemed to hold the Backstop Commitment Percentages held by such Initial Backstop Party’s Related Purchasers.

Examples of Requisite Backstop Parties in a sentence

• The interest rate, maturity date, and other terms of the New Exit Facility will be consistent with the Plan Support Agreement and otherwise reasonably acceptable to the Debtors, the Required Consenting Creditors, and the Requisite Backstop Parties.

• In addition, the parties may agree upon other customary covenants reasonably satisfactory to the Debtors and the Requisite Backstop Parties.

• Each holder of an Allowed Other Secured Claim shall receive, at the Debtors’ option, in consultation with the Required Consenting Creditors and the Requisite Backstop Parties: (a) payment in full in cash; (b) the collateral securing its Allowed Other Secured Claim; (c) Reinstatement of its Allowed Other Secured Claim; or (d) such other treatment rendering its Allowed Other Secured Claim unimpaired in accordance with section 1124 of the Bankruptcy Code.

• Subject to the foregoing, the Debtors, with the consent of the Requisite Backstop Parties, may waive or reject any defect or irregularity in, or permit such defect or irregularity to be corrected within such time as they may determine in good faith, the purported exercise of any Subscription Rights.

• Subject to the Description of Restructuring Transactions, each Allowed Intercompany Claim shall be Reinstated, distributed, contributed, set off, settled, cancelled and released, or otherwise addressed at the option of the Debtors in consultation with the Required Consenting Creditors and Requisite Backstop Parties.

More Definitions of Requisite Backstop Parties

Requisite Backstop Parties means each of (i) the Group A Backstop Parties holding, in the aggregate, at least three-quarters of the aggregate Backstop Commitment Percentages for the Group A Backstop Allocation of all Group A Backstop Parties and (ii) the Group B Backstop Parties holding, in the aggregate, at least three-quarters of the aggregate Backstop Commitment Percentages for the Group B Backstop Allocation of all Group B Backstop Parties, in each case, as of the date on which the consent or approval of such members is solicited.

Requisite Backstop Parties means the holders of a majority of the commitments under the Backstop Commitment Letter.

Requisite Backstop Parties has the meaning set forth in the Backstop Commitment Agreement.

Requisite Backstop Parties means the Requisite Consenting Creditors (excluding, for purposes of determining thereof, any Initial Consenting Creditor that is a Defaulting Backstop Party).

Requisite Backstop Parties means, collectively, Backstop Parties (excluding any Defaulting Backstop Parties) holding at least 50.01% of the aggregate Backstop CommitmentPercentages of the Backstop Parties (excluding in both the numerator and the denominator any Defaulting Backstop Parties).

Requisite Backstop Parties means each of Xxxxxxxx and Capital Group.

Requisite Backstop Parties means, collectively, the Backstop Parties (other than any Defaulting Backstop Parties) holding more than (a) fifty percent (50%) of the aggregate Backstop Commitment Percentages held by the Ad Hoc Guaranteed Group Backstop Parties (other than any Ad Hoc Guaranteed Group Backstop Parties that are Defaulting Backstop Parties) (the “Requisite Guaranteed Backstop Parties”) and (b) fifty percent (50%) of the aggregate Backstop Commitment Percentages held by the Ad Hoc Legacy Group Backstop Parties (other than any Ad Hoc Legacy Group Backstop Parties that are Defaulting Backstop Parties) (the “Requisite Legacy Backstop Parties”); provided that for purposes of this definition, each such Backstop Party shall be deemed to hold the Backstop Commitment Percentages held by such Backstop Party’s Related Subscribers.