2024 Consent Solicitation and Exchange Sample Clauses

2024 Consent Solicitation and Exchange. Offer The Company shall solicit consents from holders of 2024 Notes to amend the Existing 2024 Indenture. Each consenting holder of 2024 Notes will have the opportunity to exchange 100% of the principal amount of their 2024 Notes for New 2L Notes issued under the New 2L Indenture in an aggregate principal amount equal to 95% of the principal amount of the 2024 Notes so exchanged (such consent solicitation and exchange offer, the “2024 Consent Solicitation and Exchange Offer”). Holders of 2024 Notes participating in the 2024 Consent Solicitation and Exchange Offer shall provide consents to amend the Existing 2024 Indenture through a supplemental indenture (the “2024 Supplemental Indenture,” and the Existing 2024 Indenture as amended thereby, the “Amended 2024 Indenture”) in a manner consistent with the terms of this term sheet (including the annexes hereto), with appropriate modifications to reflect the priority status of the 2024 Notes after giving effect to the Transactions. Holders of 2024 Notes participating in the 2024 Consent Solicitation and Exchange Offer shall also provide the other consents and waivers agreed by the Company and the Majority Consenting Parties in connection with the 2024 Consent Solicitation and Exchange Offer. The 2024 Consent Solicitation and Exchange Offer shall also provide for additional terms, including early tender premiums, reasonably acceptable to the Company and the Majority Consenting Parties. 2024 Notes Transaction Premium Holders of 2024 Notes that are Initial Eligible Consenting Parties and Other Eligible Consenting Parties shall, solely on account of 2024 Notes held as of the Record Date, be paid upon the Closing Date a transaction premium of 5.0% of the principal amount of such 2024 Notes (excluding any Exempt Notes), paid in the form of New 2L Notes (the “2024 Transaction Premium”). For the avoidance of doubt, in the event that applicable 2024 Notes are assigned or transferred in accordance with the terms of the Transaction Support Agreement, the 2024 Transaction Premium shall remain payable on account of such applicable 2024 Notes and be paid to the holder thereof as of the Closing Date. Interest Rate 8.5%, with interest to be paid-in-kind (“PIK”) through July 15, 2025, and with the Company having the option thereafter to pay interest at 8.5% in cash or 12.5% PIK; provided that the interest rate shall be subject to increase as provided in the section titled “Governance” below. Default Rate Same as 2024 Notes. Matu...