New Money Commitment definition

New Money Commitment means, with respect to each New Money Lender, the commitment of such New Money Lender to make New Money Loans hereunder in an aggregate principal amount at one time outstanding not to exceed the amounts set forth opposite such New Money Lender’s name on Schedule 2.01, as such commitment may be (a) modified from time to time pursuant to assignments by or to such New Money Lender pursuant to Section 9.06, or otherwise, or (b) terminated in accordance with the terms of this Agreement.

New Money Commitment means as to each Lender, its obligation to make a New Money Loan to Borrowers hereunder, expressed as an amount representing the maximum principal amount of New Money Loans to be made by such Lender under this Agreement, as such commitment may be reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to an Assignment and Assumption substantially in the form of Exhibit A hereto. The amount of each Lender’s New Money Commitment is set forth on Schedule 2.01 under the caption “New Money Loans” or, otherwise, in the Assignment and Assumption pursuant to which such Lender shall have assumed its New Money Commitment, as the case may be. The aggregate amount of the New Money Commitments on the date hereof is $150 million.

New Money Commitment means, individually or collectively, as the context may require, the Initial Commitment and the Delayed Draw Commitment.

Examples of New Money Commitment in a sentence

• On the Effective Date, the New Money Commitment Parties shall provide the Debtors or Reorganized Debtors, as applicable, with the New Money Investment, the terms of which shall be consistent with the Convertible Preferred Equity Purchase Agreement.

• In exchange for providing the New Money Investment, certain of the New Money Commitment Parties will receive a commitment fee which will be each such party’s pro rata share of 16.667% of the New Money Convertible Preferred Equity purchased by such New Money Commitment Parties in the form of additional Convertible Preferred Equity.

• The Convertible Preferred Equity will be distributed as follows: (i) $115 million of Convertible Preferred Equity will be distributed to the New Money Commitment Parties; and (ii) $239 million of Convertible Preferred Equity will be distributed to Holders of Allowed First Lien Secured Claims.

• Consummation of the Restructuring Transactions through the Plan will: (a) reduce the Debtors’ total funded debt by more than$1.1 billion, through partial equitization of the First Lien Secured Claims and full equitization of the Second Lien Secured Claims; and (b) provide the Debtors with $100 million of new equity capital from the New Money Commitment Parties, in exchange for the Reorganized Debtors’ issuance of the New Money Convertible Preferred Equity to such parties.

• All such fees shall be invoiced to the Ad Hoc Group or one or more of the HoldCo Group Parties, as applicable, and paid (or caused to be paid) by the Company from the proceeds of the New Money Commitment.

More Definitions of New Money Commitment

New Money Commitment means the commitments of the Consenting Parties set forth on Schedule 2 hereto to fund the New Money First Lien Indenture on the Closing Date, subject to the terms and conditions of this Agreement.

New Money Commitment means, in the case of each Lender that is a Lender on the Closing Date, the amount set forth opposite such Lender’s name on Schedule 1.1(b) under the caption “New Money Commitment” as such Lender’s New Money Commitment. The aggregate amount of the New Money Commitments as of the Closing Date is $50,000,000.

New Money Commitment means an amount equal to (a) the New Money Facility minus (b) the face amount of the Roll-Up Letters of Credit deemed issued on the Effective Date.

New Money Commitment means an amount equal to (a) the New Money Facility minus(b) the face amount of the Roll-Up Letters of Credit deemed issued on the Effective Date. “New Money Facility” means an amount equal to $150,000,000.

New Money Commitment means Lender’s New Money Interim Commitment and its New Money Final Commitment. The aggregate amount of the New Money Commitment as of the Closing Date is $5,000,000.

New Money Commitment means the obligation of each Bank to lend the amounts set forth in Exhibit B hereto, as such amounts may be reduced from time to time pursuant to this Agreement.

New Money Commitment means, with respect to each Lender, such Lender’s New Money Interim Commitment and its New Money Final Commitment. “New Money Commitments” means the aggregate of all such New Money Commitments for all Lenders, and the aggregate amount of the New Money Commitments as of the Effective Date is $50,000,000.