New LLC Interests definition

New LLC Interests has the meaning set forth in Section 2(a).
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New LLC Interests means the membership interests in Reorganized SNPF III that will be Distributed pursuant to Article 4.F.2 of the Plan on the Effective Date. Each New LLC Interest shall have a par value of $1. The total New LLC Interests available for Distribution shall have a value (based on par) equal to 62.5% of the Converted Senior Lender Debt.
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New LLC Interests. As defined in Section 9.5.
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Examples of New LLC Interests in a sentence

  • Sometimes this is done through a direct securitization, but often the loans are sold either to a GSE (Fannie Mae or Freddie Mac) or to a private securitization conduit (such as an investment bank).

  • On the Effective Date, Reorganized SNPF III and all of the holders of New LLC Interests (including any options, warrants, or securities convertible into, or exercisable or exchangeable for, New LLC Interests) then outstanding shall be deemed to be parties to the New LLC Agreement, without the need for execution by any such holder other than Reorganized SNPF III.

  • The New LLC Interests and New Sub Debt issued to the Senior Lenders on account of Class 2 Claims shall have a total value equal to the Converted Senior Lender Debt.

  • The New LLC Agreement shall be binding on all parties receiving, and all holders of, New LLC Interests (including any options, warrants, or securities convertible into, or exercisable or exchangeable for, New LLC Interests) regardless of whether such parties execute the New LLC Agreement.

  • Reorganized SNPF III is authorized to issue or cause to be issued the New LLC Interests for Distribution in accordance with the terms of the Plan, the amended certificate of formation, and the New LLC Agreement without the need for any further corporate or member action.

  • The exchange ratio of New Sub Debt to New LLC Interests for purposes of the Allocation Election shall be $1 of New Sub Debt for one New LLC Interest and vice versa.

  • By making an Allocation Election on its ballot, a Senior Lender may (a) opt out of receiving its Pro Rata Distribution of the New Sub Debt in order to receive, to the extent available, additional New LLC Interests or (b) opt out of receiving its Pro Rata Distribution of New LLC Interests in order to receive, to the extent available, additional New Sub Debt.

  • The amount of New LLC Interests and New Sub Debt that each Senior Lender will receive under the Plan is subject to adjustment based on each Senior Lender’s Allocation Election.

  • The ability of a Senior Lender to receive additional New Sub Debt or additional New LLC Interests in accordance with its Allocation Election depends on additional New Sub Debt and/or additional New LLC Interests being eligible for Distribution as a result of another Senior Lender’s Allocation Election.

  • After such date, (a) all unclaimed Distributions of New LLC Interests shall be redistributed Pro Rata, and (b) all unclaimed Distributions of Cash shall become the property of the Reorganized Debtors, in each case without the need for a further order of the Bankruptcy Court.


More Definitions of New LLC Interests

New LLC Interests has the meaning specified in the Recitals hereto.
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Related to New LLC Interests

  • Ownership Interests means, with respect to any Person, all of the shares of Capital Stock of such Person and all debt securities of such Person that can be converted or exchanged for Capital Stock of such Person, whether voting or nonvoting, and whether or not such Capital Stock or debt securities are outstanding on any date of determination.

  • Membership Interests has the meaning set forth in the recitals.

  • Excluded Equity Interests means (a) any Equity Interests with respect to which, in the reasonable judgment of the Administrative Agent and the Borrower, the cost or other consequences of pledging such Equity Interests in favor of the Secured Parties under the Security Documents shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom, (b) solely in the case of any pledge of Equity Interests of any Foreign Subsidiary or FSHCO (in each case, that is owned directly by the Borrower or a Guarantor) to secure the Obligations, any Equity Interest that is Voting Stock of such Foreign Subsidiary or FSHCO in excess of 65% of the Voting Stock of such Subsidiary, (c) any Equity Interests to the extent the pledge thereof would be prohibited by any Requirement of Law, (d) in the case of (i) any Equity Interests of any Subsidiary to the extent the pledge of such Equity Interests is prohibited by Contractual Requirements existing on the Closing Date or at the time such Subsidiary is acquired (provided that such Contractual Requirements have not been entered into in contemplation of such Subsidiary being acquired), or (ii) any Equity Interests of any Subsidiary that is not a Wholly owned Subsidiary at the time such Subsidiary becomes a Subsidiary, any Equity Interests of each such Subsidiary described in clause (i) or (ii) to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable Requirements of Law), (B) any Contractual Requirement prohibits such a pledge without the consent of any other party; provided that this clause (B) shall not apply if (1) such other party is a Credit Party or a Wholly owned Subsidiary or (2) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent)) and only for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or a Wholly owned Subsidiary) to any Contractual Requirement governing such Equity Interests the right to terminate its obligations thereunder (other than customary non-assignment provisions that are ineffective under the Uniform Commercial Code or other applicable Requirement of Law), (e) the Equity Interests of any Immaterial Subsidiary (unless a security interest in the Equity Interests of such Subsidiary may be perfected by filing an “all assets” UCC financing statement) and any Unrestricted Subsidiary, (f) the Equity Interests of any Subsidiary of a Foreign Subsidiary or FSHCO, (g) any Equity Interests of any Subsidiary to the extent that the pledge of such Equity Interests would result in material adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower, (h) any Equity Interests set forth on Schedule 1.1(b) which have been identified on or prior to the Closing Date in writing to the Administrative Agent by an Authorized Officer of the Borrower and agreed to by the Administrative Agent and (i) Margin Stock.