Commitment Party Default definition

Commitment Party Default means the failure by any Commitment Party to (a) deliver and pay the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Shares by the Subscription Escrow Funding Date in accordance with Section 2.4(b) or (b) exercise its Subscription Rights pursuant to and in accordance with (i) the Plan and (ii) Section 2.1(b).
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Commitment Party Default means an Unsecured Commitment Party Default or a Secured Commitment Party Default.
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Commitment Party Default means the failure by any Commitment Party to
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Examples of Commitment Party Default in a sentence

  • If a Commitment Party Default occurs, the Outside Date shall be delayed only to the extent necessary to allow for the Commitment Party Replacement to be completed within the Commitment Party Replacement Period.

  • If a Joinder Commitment Party Default occurs, the Outside Date shall be delayed only to the extent necessary to allow for the purchase by the Senior Commitment Parties to be completed in accordance with this Section 2.3.

  • If a Commitment Party Default occurs, (i) the Outside Date shall be delayed only to the extent necessary to allow for the Commitment Party Replacement to be completed within the Commitment Party Replacement Period, and (ii) unless this Agreement is terminated by the Company in accordance with Section 9.3(b), the Closing Date shall occur one (1) Business Day following the expiration of the Commitment Party Replacement Period, assuming the satisfaction of all other conditions set forth in Section 7.1.

  • No provision of this Agreement shall relieve any Defaulting Commitment Party from liability hereunder, or limit the availability of the remedies set forth in Section 9.9 or otherwise, in connection with any such Defaulting Commitment Party’s Commitment Party Default.

  • On the Closing Date, except in the case of a Commitment Party Default, the Company shall issue to the Commitment Parties or their respective designees warrants to purchase 10,000,000 shares of Common Stock at a strike price equal to 150% of the Offering Price and with a term of five years from the Effective Date (the “Warrants”), pursuant to a warrant agreement in form and substance reasonably acceptable to the Initial Commitment Party and the Company.


More Definitions of Commitment Party Default

Commitment Party Default means the failure (or communication of an imminent failure) by a Commitment Party to deliver and pay (or cause to be delivered and paid) the aggregate Commitment Amount of such Commitment Party when due in accordance with Section 2.1(a).
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Commitment Party Default means the failure by any Commitment Party to deliver and pay on the Anticipated Closing Date the aggregate Commitment Payment Amount for such Commitment Party’s Commitment Percentage of the Aggregate Commitment.
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Commitment Party Default means the failure by a Commitment Party to (i) fully exercise its minimum allocation of subscription rights pursuant to the Section 4(a)(2) Rights Offering, and duly purchase all Rights Offering Common Stock pursuant to such exercise at the Offering Price and (ii) purchase the Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Eligible Offeree Rights Offering Common Stock at the Offering Price that are offered and not otherwise purchased as part of the Eligible Offeree Rights Offering.
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Commitment Party Default means a breach of this Agreement arising if any Commitment Party fails to (i) fully exercise its Subscription Rights pursuant to and in accordance with Section 2.2(a) and Section 2.4 of this Agreement and to pay the applicable aggregate Purchase Price and/or (ii) deliver and pay the applicable aggregate Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Notes and Unsubscribed Shares, on the same terms as set forth with respect to the Investment Package, by the Subscription Escrow Funding Date in accordance with Section 2.4 (or, with respect to any Specified Funding Party, on the Closing Date in accordance with Section 2.4).
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Commitment Party Default means (x) any Commitment Party fails to (i) fully exercise all its Purchase Rights pursuant to and in accordance with the Plan in accordance with Section 2.2(a) or (ii) deliver and pay the aggregate Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Securities by the Escrow Funding Date in accordance with Section 2.4 or (y) any Commitment Party denies or disaffirms in a writing (electronic or otherwise) such Commitment Party’s obligations pursuant to Section 2.2(a) or Section 2.4.
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Commitment Party Default means the failure by any Commitment Party to (a) deliver and pay the aggregate Per Share Purchase Price for such Commitment Party’s Backstop Commitment Percentage of any Unsubscribed Shares by the Subscription Escrow Funding Date in accordance with Section 2.4(b) or (b) exercise its Subscription Rights (i) pursuant to and in accordance with the Plan and (ii) as required by Section 2.1(b).
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