Withdrawal of Commitment Party Sample Clauses
The 'Withdrawal of Commitment Party' clause defines the conditions and procedures under which a party that has previously committed to a financial arrangement, such as a loan or investment, may withdraw its commitment. Typically, this clause outlines the notice requirements, any penalties or consequences of withdrawal, and the process for reallocating the withdrawn commitment among remaining parties or seeking new participants. Its core function is to provide a clear framework for handling changes in participation, thereby reducing uncertainty and ensuring the stability and continuity of the overall agreement.
Withdrawal of Commitment Party. In the event there is any waiver or extension of the Outside Date beyond the End Date pursuant to Section 9.2(a), then any Commitment Party that did not consent to such amendment (each, a “Non-Consenting Commitment Party”) may elect, within seven (7) days of such change, to withdraw as a Commitment Party by delivering written notice to the Company and Milbank of such election. Upon such election, (i) the Senior Commitment Parties (other than the Non-Consenting Commitment Parties) shall automatically assume the Commitments of the Non-Consenting Commitment Party on a pro rata basis according to such Senior Commitment Parties’ Commitment Percentages (relative to the aggregate Commitments provided by the Senior Commitment Parties (other than the Non-Consenting Commitment Parties)) at the time of the election by the Non-Consenting Commitment Party to withdraw (ii) the Exit Term Loan Commitment Parties (other than the Non-Consenting Commitment Parties that are Exit Term Loan Commitment Parties) shall automatically assume the Exit Term Loan Backstop Commitment of any Non-Consenting Commitment Party that is an Exit Term Loan Commitment Party on a pro rata basis according to such Exit Term Loan Commitment Party’s Exit Term Loan Backstop Commitment (relative to the aggregate Exit Term Loan Backstop Commitments provided by the Exit Term Loan Commitment Parties (other than the Non-Consenting Commitment Parties that is an Exit Term Loan Commitment Party)) at the time of the election by the Non-Consenting Commitment Party to withdraw and (iii) the Non-Consenting Commitment Parties shall automatically cease to be a party to this Agreement and the Restructuring Support Agreement and will no longer have any rights as a Commitment Party (and, for the avoidance of doubt, the Non-Consenting Commitment Parties shall not be entitled to receive any portion of the Commitment Premium). Any Commitments assumed by a Senior Commitment Party in accordance with this Section 6.16 shall be included, among other things, in the determination of (x) the Commitment Percentage of such Commitment Party for purposes of Section 2.3(e), Section 2.4(b), Section 3.1 and Section 3.2 and (y) the Rights Offering Backstop Commitment of such party for purposes of the definition of Requisite Commitment Parties.
Withdrawal of Commitment Party. In the event there is an amendment to or waiver of this Agreement directly or indirectly modifying any Selected Economic Term or any waiver or extension of the Outside Date pursuant to Section 9.2(f), then any Commitment Party that did not consent to such amendment (a “Non-Consenting Commitment Party”) may elect, within seven (7) days of such change, to withdraw as a Commitment Party by delivering written notice to the Company of such election. Upon such election, (i) the Commitment Parties that are members of the Ad Hoc Committee (other than the Non-Consenting Commitment Party) shall automatically assume the Backstop Commitment of the Non-Consenting Commitment Party on a pro rata basis according to such Commitment Parties’ Backstop Commitment Percentages (relative to the aggregate Backstop Commitment provided by the Commitment Parties that are members of the Ad Hoc Committee (other than the Non-Consenting Commitment Party)) at the time of the election by the Non‑Consenting Commitment Party to withdraw and (ii) the Non-Consenting Commitment Party shall automatically cease to be a party to this Agreement or the RSA and will no longer have any rights as a Commitment Party (and, for the avoidance of doubt, the Non-Consenting Commitment Party shall not be entitled to receive any portion of the Commitment Premium). Any Backstop Commitment assumed by a Commitment Party in accordance with this Section 6.16 shall be included, among other things, in the determination of (x) the Backstop Commitment Percentage of such Commitment Party for purposes of Section 3.1 and (y) the Backstop Commitment of such party for purposes of the definition of Requisite Commitment Parties.