Majority Commitment Parties definition

Majority Commitment Parties means Commitment Parties whose aggregate Commitment Pro Rata Share exceeds 66 2/3%, provided that such Commitment Parties must include at least one member of the Ad Hoc Committee (as at the date of the Commitment Letter) whose Commitment Pro Rata Share as at the applicable date of determination is at least 80% of its Commitment Pro Rata Share on the date of the Commitment Letter (or, if applicable, following any adjustment to such Commitment Pro Rata Share in respect of Reallocated Pro Rata Share pursuant to section 10(c) of the Commitment Letter), but only to the extent that any such member of the Ad Hoc Committee continues to satisfy such requirement as at the applicable determination date;

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Majority Commitment Parties means, at any time, those Incremental Lenders having Third Incremental Revolving Facility Commitments representing more than 50% of the sum of all Third Incremental Revolving Facility Commitments in effect at such time.

Majority Commitment Parties has the meaning given to it in the Commitment Letter. "Majority Initial Consenting Noteholders" means Initial Consenting Noteholders holding not less than 66 2/3% of the aggregate principal amount of the Senior Unsecured Notes held by all Initial Consenting Noteholders. "New 1.5 Lien Notes" means in aggregate the CAD$60 million in new 10% PIK interest convertible secured notes to be issued prior to or concurrent with the completion of the Recapitalization Transaction. "New Shares" means all Common Shares of CWS issued to Senior Unsecured Noteholders pursuant to the Plan. "Noteholders" means, collectively, the Senior Unsecured Noteholders. "Proceedings" means the Company's proceedings under the CBCA pursuant to which the Plan shall be implemented. "Pro Forma Common Shares" means all of the issued and outstanding common shares of CWS, as at immediately following the Effective Time and taking into account the Existing Shareholder Shares and the New Shares, but not taking into account the Backstop Shares issued pursuant to the Plan, and subject to dilution pursuant to conversion of the New 1.5 Lien Notes. "Record Date" means July 13, 2020. "Second Lien Noteholders" means a holder or holders of the Second Lien Notes, in their capacity as such.

Examples of Majority Commitment Parties in a sentence

• Governance The composition and size of the Board of the Company following implementation of the Plan shall be acceptable to each of the Majority Commitment Parties, the Majority Initial Consenting Noteholders and as may otherwise be required pursuant to the terms of any Support Agreement or the Commitment Letter.

• Share Consolidation As a step in the Plan, the Common Shares shall be consolidated (the "Share Consolidation") using a ratio that is acceptable to the Company, the Majority Commitment Parties, and the Majority Initial Consenting Noteholders, each acting reasonably.

• The Applicants shall have the right with the consent of the Majority Commitment Parties to waive strict compliance with Early Consent Date, the Participation Deadline, the Funding Deadline or the Commitment Party Funding Deadline, along with any other deadlines for the submissions of forms or other documentation pursuant to this Plan, and shall be entitled to waive any deficiencies with respect to any forms or other documentation submitted pursuant to this Plan.

More Definitions of Majority Commitment Parties

Majority Commitment Parties has the meaning set forth in the Commitment Letter. “Material Adverse Effect” means a material adverse change in, or material adverse effect on, (i) the business, properties, condition (financial or otherwise), results of operations or liabilities of the Borrower and its Subsidiaries, taken as a whole, other than any change, event or occurrence, arising individually or in the aggregate, from (a) events leading up to the

Majority Commitment Parties means, at any time, Incremental Lenders having Second Incremental Revolving Facility Commitments representing more than 50% of the sum of all Second Incremental Revolving Facility Commitments in effect at such time.

Majority Commitment Parties means Commitment Parties whose aggregate Commitment Pro Rata Share exceeds 66 2/3%, provided that such Commitment Parties

Majority Commitment Parties means, at any time, Commitment Parties that collectively hold more than 50% of the aggregate amount of the commitments under the Bridge Facility at such time; provided that the Majority Commitment Parties shall in any event include each of MSSF and W▇▇▇▇ Fargo.

Majority Commitment Parties shall have the meaning assigned to the term “Majority Joint Lead Arrangers” in the Commitment Letter.