Common use of Payment of Commitment Premium Clause in Contracts

Payment of Commitment Premium. The Commitment Premium shall be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order and shall be paid by the Debtors, free and clear of any withholding or deduction for any applicable Taxes, on the Closing Date as set forth above. For the avoidance of doubt, to the extent payable in accordance with the terms of this Agreement, the Commitment Premium will be payable regardless of the amount of Unsubscribed Units (if any) actually purchased. The Company shall satisfy its obligation to pay the Commitment Premium on the Closing Date, in lieu of any cash payment, by issuing the number of additional Common Units (rounding down to the nearest whole unit solely to avoid fractional units) to each Senior Commitment Party equal to such Senior Commitment Party’s Commitment Premium Share Amount; provided, that if the Closing does not occur, the Commitment Premium shall be payable in cash and only to the extent provided in (and in accordance with) Section 9.4. The Commitment Premium and the Expense Reimbursement shall, pursuant to the BCA Approval Order, constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code. Section 3.3

Appears in 1 contract

Samples: Investment Agreement (Vanguard Natural Resources, Inc.)

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Payment of Commitment Premium. The Commitment Premium shall be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order and shall be paid by the Debtors, free and clear of any withholding or deduction for any applicable Taxes, on the Closing Date as set forth above. For the avoidance of doubt, to the extent payable in accordance with the terms of this Agreement, the Commitment Premium will be payable regardless of the amount of Unsubscribed Units (if any) actually purchased. The Company shall satisfy its obligation to pay the Commitment Premium on the Closing Date, in lieu of any cash payment, by issuing the number of additional Common Units (rounding down to the nearest whole unit solely to avoid fractional units) to each Senior Commitment Premium Party equal to such Senior Commitment Premium Party’s Commitment Premium Share Amount; provided, that if the Closing does not occur, the Commitment Premium shall be payable in cash and only to the extent provided in (and in accordance with) Section 9.4. The Commitment Premium and the Expense Reimbursement shall, pursuant to the BCA Approval Order, constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code. Section 3.3

Appears in 1 contract

Samples: Investment Agreement (Vanguard Natural Resources, Inc.)

Payment of Commitment Premium. The Commitment Premium shall be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order and shall be paid by the Debtors, free and clear of any withholding or deduction for any applicable Taxes, on the Closing Date as set forth above. For the avoidance of doubt, to the extent payable in accordance with the terms of this Agreement, the Commitment Premium will be payable regardless of the amount of Unsubscribed Units (if any) actually purchased. The Company shall satisfy its obligation to pay the Commitment Premium on the Closing Date, in lieu of any cash payment, by issuing the number of additional Common Units (rounding down to the nearest whole unit solely to avoid fractional units) to each Senior Commitment Premium Party equal to such Senior Commitment Premium Party’s Commitment Premium Share Amount; provided, that if the Closing does not occur, the Commitment Premium shall be payable in cash and only to the extent provided in (and in accordance with) Section 9.4. The Commitment Premium and the Expense Reimbursement shall, pursuant to the BCA Approval Order, constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code. Section 3.3.

Appears in 1 contract

Samples: Equity Investment Agreement (Vanguard Natural Resources, LLC)

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Payment of Commitment Premium. The Commitment Premium shall be fully earned, nonrefundable and non-avoidable upon entry of the BCA Approval Order and shall be paid by the Debtors, free and clear of any withholding or deduction for any applicable Taxes, on the Closing Date as set forth above. For the avoidance of doubt, to the extent payable in accordance with the terms of this Agreement, the Commitment Premium will be payable regardless of the amount of Unsubscribed Units (if any) actually purchased. The Company shall satisfy its obligation to pay the Commitment Premium on the Closing Date, in lieu of any cash payment, by issuing the number of additional Common Units (rounding down to the nearest whole unit solely to avoid fractional units) to each Senior Commitment Party equal to such Senior Commitment Party’s Commitment Premium Share Amount; provided, that if the Closing does not occur, the Commitment Premium shall be payable in cash and only to the extent provided in (and in accordance with) Section 9.4. The Commitment Premium and the Expense Reimbursement shall, pursuant to the BCA Approval Order, constitute allowed administrative expenses of the Debtors’ estate under sections 503(b) and 507 of the Bankruptcy Code. Section 3.3.

Appears in 1 contract

Samples: Equity Investment Agreement (Vanguard Natural Resources, LLC)

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