Defaulting Backstop Party definition

Defaulting Backstop Party means in respect of a Backstop Party Default that is continuing, the applicable defaulting Backstop Party.

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Defaulting Backstop Party means, at any time, any Backstop Party that caused a Backstop Party Default that is continuing at such time.

Defaulting Backstop Party means a Backstop Party that has failed to meet its obligations in respect of its Backstop Commitment on or before the Backstop Funding Deadline;

Examples of Defaulting Backstop Party in a sentence

Any Defaulting Backstop Party shall be liable, severally and not jointly, to each non-Defaulting Backstop Party, the Debtors and the Issuer as a result of any breach of its obligations hereunder.
Such Defaulting Backstop Party will be liable to the non-defaulting Parties for money damages and/or specific performance as set forth in Section 10.09.
Notwithstanding anything to the contrary in this Agreement, none of the Parties (other than a Defaulting Backstop Party) will be liable for, and none of the Parties shall claim or seek to recover, any punitive, special, indirect or consequential damages or damages for lost profits from a Party other than a Defaulting Backstop Party.
Each Backstop Party that is not a Defaulting Backstop Party (each, a “Non-Defaulting Backstop Party”) shall have the right, but not the obligation, to assume its Adjusted Commitment Percentage (or such other proportion as agreed by the Non-Defaulting Backstop Parties) of such Defaulting Backstop Party’s Backstop Commitment.
Notwithstanding anything to the contrary herein, No Backstop Commitment Premium or Backstop Commitment Termination Premium shall be payable to any of the Backstop Parties (including, for avoidance of doubt, a Backstop Party who is not a Defaulting Backstop Party) in the event of any Backstop Party Default unless all of the Available Shares are purchased and actually funded by one or more Replacement Backstop Parties in accordance with Section 2.3.

More Definitions of Defaulting Backstop Party

Defaulting Backstop Party means each Backstop Party that causes a Funding Default.

Defaulting Backstop Party has the meaning given to such term in Section 1.2(c) hereof.

Defaulting Backstop Party means the applicable defaulting Backstop Party in respect of a Backstop Party Default that is

Defaulting Backstop Party means any Backstop Party that (i) breaches this Backstop Commitment by failing to fund its commitments hereunder on the Closing Date, or (ii) denies or disaffirms its obligation to fund the Incremental New Money Term Loans in accordance with this Backstop Commitment Letter.

Defaulting Backstop Party means any Backstop Party that fails to timely fund its Backstop Commitment (as defined in the Backstop Commitment Agreement) in accordance with the terms of the Backstop Commitment Agreement and the Rights Offering Documents.

Defaulting Backstop Party means the applicable defaulting Backstop Party in respect of a Backstop Party Default that is continuing. “Definitive Documents” means, collectively, each of the documents set forth in S ections 7.1(n)(i) and 7 .1(n)(ii) of this Agreement. “Delaware LLC Act” has the meaning set forth in S ection 4.2(c).

Defaulting Backstop Party means each Backstop Party that causes a Funding Default. “Definitive Documents” has the meaning set forth in the RSA.