Majority Backstop Parties definition

Majority Backstop Parties means the Backstop Parties (other than Defaulting Backstop Parties) having at least 66 2/3 % of the aggregate Backstop Commitment of the Backstop Parties (other than Defaulting Backstop Parties) at the time that a consent, approval, waiver or agreement is sought pursuant to the terms of this Plan;
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Majority Backstop Parties means the Backstop Parties holding more than 66 2/3% of the aggregate outstanding principal amount of the Indebtedness held by all Backstop Parties.
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Majority Backstop Parties shall have the meaning set out in the Term Sheet.
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Examples of Majority Backstop Parties in a sentence

  • The corporate governance documents of Reorganized Jaguar (including the articles) that will take effect on the Effective Date shall be in form and substance satisfactory to the Majority Backstop Parties.

  • Company Advisors The Company’s legal and financial advisors (the “Company Advisors”) shall receive fees for the Transaction pursuant to their respective engagement letters, as amended, with the Company, subject to a maximum amount agreed to by the Majority Backstop Parties.

  • Corporate Governance The composition and size of the Board of Directors on completion of the Transaction (the “New Board of Directors”) shall be acceptable to the Majority Backstop Parties.

  • The Majority Backstop Parties shall be satisfied with the budget or outline in respect of the use of proceeds.

  • Renvest Secured Debt Debt obligations under the credit facility with Global Resource Fund or its assignees (“Renvest”) will remain in place and be extended on terms acceptable to the Majority Backstop Parties.

  • Termination The Majority Backstop Parties shall be entitled to terminate the Backstop Agreement upon the occurrence of a material adverse change.

  • Hedging Program The Company shall implement a hedging program for future gold sales which shall be in form and substance satisfactory to the Majority Backstop Parties.

  • The Note Documentation (which shall be consistent with the New Second Lien Notes Term Sheet and the Commitment Letter and otherwise mutually and reasonably acceptable to the Issuers, the Majority Backstop Parties and the Sponsors) shall have been executed and delivered by each Issuer and each Guarantor, and the Backstop Parties shall have received customary closing certificates and legal opinions for the Issuers and the material Guarantors.