Senior Secured Backstop Commitment Parties Clause Samples

Senior Secured Backstop Commitment Parties. On and subject to the terms and conditions hereof, including entry of the Backstop Order, each Senior Secured Backstop Commitment Party agrees, severally, and not jointly and severally, to purchase, and the Company agrees to issue to such Senior Secured Backstop Commitment Party, on the Closing Date at the Per Share Subscription Price, an aggregate number of Senior Secured Rights Offering Shares equal to (i) such Senior Secured Backstop Commitment Party’s Senior Secured Commitment Percentage multiplied by (ii) the aggregate number of Senior Secured Rights Offering Shares that Senior Secured Noteholders did not elect to purchase in the Rights Offering (the “Senior Secured Unsubscribed Shares”) as set forth on such Senior Secured Backstop Commitment Party’s Funding Notice delivered pursuant to Section 2.4 (the aggregate purchase price of such Senior Secured Backstop Commitment Party’s Senior Secured Unsubscribed Shares, its “Senior Secured Commitment Amount” and such Senior Secured Unsubscribed Shares, such Senior Secured Backstop Commitment Party’s “Senior Secured Backstop Shares” and such obligation to purchase Senior Secured Backstop Shares, such Senior Secured Backstop Commitment Party’s “Senior Secured Rights Offering Backstop Commitment”).