Required Backstop Parties definition

Required Backstop Parties means the holders of a majority of the outstanding Convertible Preferred Stock issued in respect of this Backstop Agreement and any similar agreement dated of even date herewith.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Required Backstop Parties means, as of any time of determination, one or more Non-Defaulting Backstop Parties as of such time whose aggregate Backstop Commitment Percentages constitute more than 66-2/3% of the aggregate Backstop Commitment Percentages of all Non-Defaulting Backstop Parties as of such time.

Required Backstop Parties means, at any date, Backstop Parties having or holding a majority of the outstanding principal amount of the Term Loan Commitments at such date (determined without giving effect to the Commitment Re-allocation).

Examples of Required Backstop Parties in a sentence

The effectiveness of this Agreement on the Closing Date shall be subject to the prior or concurrent satisfaction of the Required Backstop Parties of each of the conditions precedent set forth in this Section 6 (or waiver thereof in accordance with Section 14.1).
The Collateral Agent and counsel to the Backstop Parties shall have received a completed Perfection Certificate substantially in the form of Exhibit D, together with all attachments contemplated thereby, in form and substance reasonably satisfactory to the Required Backstop Parties.
All First Day Orders, including, without limitation, all final orders with respect to the relief sought in the Debtors’ motions requesting entry of the First Day Orders, shall have been entered by the Bankruptcy Court and all such entered First Day Orders shall be reasonably satisfactory in form and substance to the Required Backstop Parties, it being understood that drafts approved by counsel to the Required Backstop Parties, on or prior to the Signing Date are reasonably satisfactory.
The Administrative Agent shall have received (i) a legal opinion from ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, counsel to the Borrower and (ii) a legal opinion from Elvinger Hoss Prussen société anonyme, Luxembourg counsel to the Borrower, in each case, in form and substance reasonable satisfactory to the Required Backstop Parties.
The Company and all of the other Debtors shall have complied, in all material respects, with the terms of the Plan that are to be performed by the Company and the other Debtors on or prior to the Effective Date and the conditions to the occurrence of the Effective Date set forth in the Plan shall have been satisfied or, with the prior written consent of the Required Backstop Parties, waived in accordance with the terms thereof and the Plan.

More Definitions of Required Backstop Parties

Required Backstop Parties means, as of the relevant date, the Backstop Parties then holding greater than sixty-six and sixty-seven-hundredth percent (66.67%) of the aggregate Backstop Caps that are held by all Backstop Caps as of such date.

Required Backstop Parties means the Backstop Parties (other than any Defaulting Backstop Parties) holding at least fifty-one percent (51.0%) of the aggregate Backstop Commitment Percentages held by all of the Backstop Parties (excluding any Defaulting Backstop Parties); provided that for purposes of this definition, each such Backstop Party shall be deemed to hold the Backstop Commitment Percentages held by such Backstop Party’s Related Funds.

Required Backstop Parties means Backstop Parties holding at least 50.0% in aggregate amount of the Backstop Commitments of all Backstop Parties as of the date on which the consent, waiver or approval is solicited (excluding any Defaulting Backstop Parties and their corresponding Backstop Commitments).

Required Backstop Parties has the meaning assigned to it in Section 8.5 hereto.

Required Backstop Parties means, at any time, at least two unaffiliated Backstop Parties providing at least 662/3% of the backstop commitments provided by Supporting Noteholders pursuant to the Backstop Commitment Agreement.3

Required Backstop Parties means Backstop Parties representing, in the aggregate, at least 66

Required Backstop Parties has the meaning set forth in Section 6(a).