Backstop Party Default Sample Clauses
Backstop Party Default. (a) Upon the occurrence of a Backstop Party Default, the Initial Backstop Parties (other than any Defaulting Backstop Party) shall have the right, but shall not be obligated to, within five (5) Business Days after receipt of written notice from the Company or the Issuer to the Initial Backstop Parties of such Backstop Party Default (which notice shall be given promptly following the occurrence of such Backstop Party Default) (such five (5) Business Day period, the “Backstop Party Replacement Period”), to make arrangements for one or more of the Initial Backstop Parties (excluding any Defaulting Backstop Party) to purchase all or any portion of the Available Securities (such purchase, a “Backstop Party Replacement”) on the terms and subject to the conditions set forth in this Agreement and in such amounts based upon the applicable Backstop Commitment Percentage of any such electing Initial Backstop Party or as may otherwise be agreed upon by the Initial Backstop Parties electing to purchase all or any portion of the Available Securities (such Initial Backstop Parties, the “Replacing Backstop Parties”). Any such Available Securities purchased by a Replacing Backstop Party shall be included in the determination of (x) the Backstop Securities, Holdback Securities and Additional Notes, as applicable, of such Replacing Backstop Party for all purposes hereunder and (y) the Backstop Commitment Percentage of such Initial Backstop Party for purposes of Section 3.1.
(b) If a Backstop Party Default occurs, the Outside Date shall be delayed only to the extent necessary to allow for (i) the Backstop Party Replacement, to be completed within the Backstop Party Replacement Period, or (ii) the consummation of a Cover Transaction within the Cover Transaction Period.
(c) If a Backstop Party is or becomes a Defaulting Backstop Party, it shall not be entitled to any portion of the Backstop Premium (as defined below), it shall promptly notify the Company and the Issuer (as relevant) in writing if it receives any portion of the Backstop Premium, and it shall transfer its portion of the Backstop Premium to the extent received from the Company or the Issuer (as relevant) to the applicable Replacing Backstop Party or Cover Purchaser within one (1) Business Day of receiving written notice by the Company or the Issuer of the identity of the Person or Persons to whom such Backstop Premium should have been allocated in accordance with Section 3.1.
(d) Except as contemplated by Section ...
Backstop Party Default. Section 2.3(d) of the BCA shall be amended and restated in its entirety as follows:
Backstop Party Default. Any Backstop Party, on a several and not joint basis, that fails to timely fund its Backstop Commitment by
Backstop Party Default. 10 Section 5. Representations and Warranties of the Company...........................11 Section 6. Representations and Warranties of the Backstop Parties...............20 Section 7. Additional Covenants of the Company..........................................23 Section 8. Additional Covenants of the Backstop Parties...............................30 Section 9. Support of Plan and RSA...............................................................30 Section 10. Conditions to the Obligations of the Backstop Parties..................30 Section 11. Conditions to the Obligations of the Company..............................32 Section 12. Survival..........................................................................................33 Section 13. Termination....................................................................................33 Section 14. Indemnification Obligations..........................................................36 Section 15. Notices...........................................................................................39 Section 16. Survival..........................................................................................40 Section 17. Assignment; Third Party Beneficiaries..........................................40 Section 18. Complete Agreement.....................................................................40 Section 19. Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of Trial by Jury...................................................................41 Section 20. Counterparts...................................................................................41 Section 21. Consent or Approval of the Backstop Parties................................41 Section 22. Amendments and Waivers.............................................................41 Section 23. Specific Performance; Damages....................................................42 Section 24. Other Interpretive Matters..............................................................42 Adjusted Commitment Percentage 4(a) Affiliate 3(b) Affiliate Agreement 5(q) Agreement Preamble Antitrust Laws 7(h) Backstop Commitment Agreement Order 2(b)