Backstop Commitment definition

Backstop Commitment has the meaning set forth in Section 2.2(b).

Backstop Commitment means the PropCo Preferred Backstop Investors’ commitment pursuant to the Backstop Commitment Agreement to backstop with Cash the exercise of the PropCo Preferred Equity Put Right in an amount equal to (a) $250,000,000 plus (b) the PropCo Preferred Equity Upsize Amount.

Backstop Commitment means the agreement by the Backstop Party pursuant to the Backstop Rights Purchase Agreement to purchase all of the Rights Offering Shares in excess of the Sopris Senior Notes Commitment that are not purchased by the Rights Offering Participants as part of the Rights Offering.

Examples of Backstop Commitment in a sentence

• The commitments of the Backstop Commitment Parties are several, not joint, obligations of the Backstop Commitment Parties, such that no Backstop Commitment Party shall be liable or otherwise responsible for the Backstop Commitment Amount of any other Backstop Commitment Party.

• For the avoidance of doubt, in the event that the escrow fund is underfunded by any Backstop Commitment Party for whatever reason, such Backstop Commitment Party will provide the underfunded amount to the Company as promptly as possible.

• In connection with the consummation of the Private Exchange, the Company intends to use the proceeds, if any, from the issuance of the Exchange Consideration to the Backstop Commitment Parties, together with other cash, to redeem, repurchase or repay the Existing 2025 Notes that remain outstanding after giving effect to the Transactions.

• At least one (1) Business Day prior to the Closing Date, each Backstop Commitment Party agrees to transfer its respective expected Backstop Commitment Amount by wire transfer of immediately available funds pursuant to instructions in the Escrow Agreement, which amount shall be held by the Escrow Agent in an escrow fund, subject to the terms of the Escrow Agreement and this Agreement.

More Definitions of Backstop Commitment

Backstop Commitment means the commitment of each Preferred Backstop Investor to acquire the number of Preferred Stock equal to the product of

Backstop Commitment means a “Commitment” as defined in the Backstop Commitment Letter.

Backstop Commitment means the commitment, on the terms set forth in the Backstop Commitment Agreement, of the Backstop Parties to backstop the Rights Offering.

Backstop Commitment means the commitment of the Backstop Parties to purchase Unsubscribed Shares as set forth in the Backstop Commitment Agreement.

Backstop Commitment means, in respect of each Backstop Party, the commitment set forth on such Backstop Party’s signature page to the Backstop Agreement or a Backstop Consent Agreement, as applicable, which commitment may be reduced in accordance with and subject to the terms and conditions of the Backstop Agreement and this Plan;

Backstop Commitment means the commitment of each Preferred Backstop Investor to acquire the number of Preferred Stock equal to the product of (i) each such Preferred Backstop Investor’s Backstop Percentage and (ii) the Unsubscribed Shares.

Backstop Commitment means the Backstop Parties’ commitment to backstop the Rights Offering on the terms and conditions set forth in the Restructuring Term Sheet and the Backstop Agreement.