Flex Exit Facility Term Loans definition

Flex Exit Facility Term Loans at the election of the Requisite Backstop Parties, in consultation with the Debtors, so long as market conditions allow and the total cost of the Flex Exit Facility Term Loans is less than an amount agreed to in writing (which may include agreement by email of counsel to each of the parties) between the Debtors and the Requisite Backstop Parties. The interest rate, maturity date, and other terms of the New Exit Facility will be consistent with this Plan Term Sheet and otherwise reasonably acceptable to the Debtors, the Required Consenting Creditors, and the Requisite Backstop Parties. If the Flex Exit Facility Term Loans are funded on the Plan Effective Date, then, on the Plan Effective Date, the net proceeds thereof (the “Distributable Flex Proceeds”) will be distributed to holders of Allowed First Lien Claims in accordance with this Plan Term Sheet. The Required Exit Facility Term Loans may(other than the Midwest Notes Exit Facility Term Loans) may be reduced to an amount less than $2,050 million (the “Required Exit Facility Term Loans Target”) at the election of (a) at least two members of the First Lien Ad Hoc Group holding a majority of the aggregate amount of commitments under the Backstop Commitment Agreement (defined below) held by all members of the First Lien Ad Hoc Group and (b) Xxxxxxx (collectively, the “Requisite Backstop Parties”). To the extent the amount of the Required Exit Facility Term Loans funded on the Plan Effective Date is lower than the Required Exit Facility Term Loans Target, the Debtors will distribute new term loans (the “First Lien Replacement Term Loans”) in an amount equal to the 2

Flex Exit Facility Term Loans means up to $350 million in principal of new term loans under the New Exit Facility Term Loan, which may be funded on the Effective Date on the terms and conditions set forth in Article IV.D.1 of this Plan.

Examples of Flex Exit Facility Term Loans in a sentence

If the Flex Exit Facility Term Loans are funded on the Plan Effective Date, then, on the Plan Effective Date, the net proceeds thereof (the “Distributable Flex Proceeds”) will be distributed to holders of Allowed First Lien Claims in accordance with this Plan Term Sheet.
Both the amount of the Rights Offering and the Plan Equity Value are subject to the Flex Adjustment in the event that the Flex Exit Facility Term Loans are funded on the Effective Date.
Both the amount of the Rights Offering and the Plan Equity Value are subject to a proportionate downward adjustment (the “Flex Adjustment”) in the event that the Flex Exit Facility Term Loans are funded on the Plan Effective Date in a manner that preserves the 37.5% discount to Plan Equity Value, as will be set forth in the Backstop Commitment Agreement.
The “Distributable Subscription Rights” shall mean the difference between (a) $750 million or, if the Flex Exit Facility Term Loans are funded on the Effective Date, the adjusted amount of the Rights Offering and (b) the amount of the Backstop Priority Tranche subscribed by the Backstop Parties.

Related to Flex Exit Facility Term Loans

Second Lien Term Loans means the “Term Loans” under and as defined in the Second Lien Credit Agreement.
First Lien Term Loans means the “Term Loans” as defined in the First Lien Credit Agreement.
Refinancing Term Loan Commitments has the meaning assigned to such term in Section 2.26(a).
Replacement Term Loans has the meaning specified in Section 10.01.
Incremental Term Loan Facility has the meaning set forth in Section 2.16(a).
Tranche B Term Loans means the Loans made by Lenders to Company pursuant to subsection 2.1A(ii).
Other Term Loan Commitments means one or more Classes of term loan commitments hereunder that result from a Refinancing Amendment.
Tranche B Term Loan Facility as defined in the definition of “Facility” in this Section 1.1.
Refinancing Term Loans means one or more Classes of Term Loans that result from a Refinancing Amendment.
New Term Loan Facility means the facility providing for the Borrowing of New Term Loans.
Initial Term Loan Facility means the Initial Term Loan Commitments and the provisions herein related to the Initial Term Loans.
Incremental Term Loan Commitments has the meaning set forth in Section 2.24.
Refinanced Term Loans shall have the meaning provided in Section 13.1.
Incremental Term Loans has the meaning specified in Section 2.14(a).
Delayed Draw Term Loan Commitment Termination Date means the earliest to occur of (i) December 31, 2008, (ii) the date the Delayed Draw Term Loan Commitments are permanently reduced to zero pursuant to Section 2.1, and (iii) the date of the termination of the Delayed Draw Term Loan Commitments pursuant to Section 11.1.
Incremental Term Loan Borrowing Date means, with respect to each Class of Incremental Term Loans, each date on which Incremental Term Loans of such Class are incurred pursuant to Section 2.01(b) and as otherwise specified in any amendment providing for Incremental Term Loans in accordance with Section 2.22.
Other Term Loans means one or more Classes of Term Loans that result from a Refinancing Amendment.
Refinancing Term Commitments means one or more term loan commitments hereunder that fund Refinancing Term Loans of the applicable Refinancing Series hereunder pursuant to a Refinancing Amendment.
Term Loan Facilities means the Term Loan A Facility and the Term Loan B Facility.
Tranche B Term Loan Commitments means such commitments of all Lenders in the aggregate. The amount of each Lender’s Tranche B Term Loan Commitment, if any, is set forth on Appendix A-2 or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Tranche B Term Loan Commitments as of the Third Restatement Date is $600,000,000.
Extended Term Loans has the meaning specified in Section 2.15(a).
Exit Facility Term Sheet means the Exit Facility Term Sheet attached as Exhibit 2 to Exhibit B of the Restructuring Support Agreement.
New Term Loan Commitments shall have the meaning provided in Section 2.14(a).
Replacement Revolving Loans shall have the meaning assigned to such term in Section 2.21(l).
Refinancing Revolving Loans means one or more Classes of Revolving Loans that result from a Refinancing Amendment.
Initial Term Loans means the term loans made by the Lenders on the Closing Date to the Borrower pursuant to Section 2.01(a).