Required Backstop Parties definition

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 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.

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 main reason is that this method tries to avoid VM reallocations.

• 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.

• The Administrative Agent shall have received (i) a legal opinion from Xxxxxxxx & Xxxxx 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.

• Neither this Agreement nor any of the rights, interests or obligations under this Agreement shall be assigned by any of the parties (whether by operation of Law or otherwise) without the prior written consent of the Debtors and the Required Backstop Parties.

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 Rights Offering Backstop Investors that have committed to purchasing a majority of the Rights Offering Stock pursuant to the Rights Offering Backstop Commitment Agreement.

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

Required Backstop Parties means Backstop Parties representing, in the aggregate, at least 66 2/3% of the total dollar amount (i.e., $185 million) committed by all Backstop Parties for the purchase of unsubscribed shares in connection with the Rights Offering; and as referenced in, and subject to, each applicable agreement executed by the Backstop Parties in connection with and related to the Plan.

Required Backstop Parties means Backstop Parties holding greater than 50% of the Backstop Commitments.

Required Backstop Parties. Backstop Parties holding at least 50.0% in aggregate amount of the Backstop Commitments of all Backstop Parties (excluding any Defaulting Backstop Parties and their corresponding Backstop Commitments) (the “Required Backstop Parties”) shall have certain consent rights as specified herein and in the Restructuring Support Agreement.

Required Backstop Parties means Backstop Parties which hereby commit to provide, in aggregate, 80% of the Equity Put Commitment. For purposes of this Commitment Letter and the Term Sheet, except as provided herein, any agreement of the Backstop Parties shall require the agreement of the Required Backstop Parties.