Exit Term Loan Purchase Commitments Clause Samples

Exit Term Loan Purchase Commitments. On and subject to the terms and conditions hereof, including entry of the Confirmation Order, each Commitment Party identified on Schedule 2 to this Agreement (each an “Exit Term Loan Commitment Party”) agrees to, on the Closing Date, severally and not jointly, purchase (or cause certain of its and its affiliates’ managed funds and/or accounts to purchase) Exit Term Loans in the principal amount set forth opposite such Commitment Party’s name on Schedule 2 to this Agreement from the lenders under the RBL Credit Agreement that elect treatment under “Option 1” as defined in the Restructuring Term Sheet, on a pro rata basis at par. Such purchase shall be effected by making a payment to the agent for the Exit Term Loan for the benefit of such lenders pursuant to Section 2.5(d). The obligations of the Exit Term Loan Commitment Parties to purchase such Exit Term Loans as described in this Section 2.7 shall be referred to as the “Exit Term Loan Backstop Commitment”. To the extent a Joinder Commitment Party agrees to backstop their Required Exit Term Loan Share of the Exit Term Loan Backstop Commitment by the Required Exit Term Loan Commitment Date, the Exit Term Loan Backstop Commitment of each Senior Commitment Party shall be ratably reduced and Schedule 2 shall be amended to add the Exit Term Loan Backstop Commitment of such Joinder Commitment Party, provided that before and after such adjustment, the sum of the Exit Term Loan Backstop Commitments shall equal $31,250,000. ARTICLE III