Backstop Commitment Fee definition

Backstop Commitment Fee means the 1,500,000 Company Shares issued to Sponsor (or its designee) at Closing pursuant to Section 1.04 of the Backstop Agreement.

Backstop Commitment Fee means a cash commitment fee in the amount of US$2,190,000, which is payable in accordance with the Backstop Commitment Letter and shall be applied by the Initial Backstoppers to purchase the Backstop Commitment Fee Shares.

Backstop Commitment Fee shall have the meaning set forth in Section 2.2(d).

Examples of Backstop Commitment Fee in a sentence

• In addition, on the Distribution Date, New Stock in an amount equal to the Backstop Commitment Fee shall be distributed to the Backstop Commitment Parties under and as set forth in the Backstop Commitment Agreement.

• All Unsubscribed Shares of New Common Stock and New Preferred Stock issued to the Backstop Commitment Parties pursuant to the Backstop Commitment Agreement (other than shares of New Common Stock and New Preferred Stock issued on account of the Backstop Commitment Fee) will be issued without registration under the Securities Act or any similar federal, state, or local law in reliance on section 4(a)(2) of the Securities Act or Regulation D promulgated thereunder.

• All shares of New Common Stock and New Preferred Stock issued on account of (x) the Backstop Commitment Fee, (y) the Equitization Allocation New Common Stock and Equitization Allocation New Preferred Stock, and (z) the Equitization Consent Fee, will be issued without registration under the Securities Act or any similar federal, state, or local law in reliance on section 1145 of the Bankruptcy Code.

• The Debtors intend to assume the Subscription and Backstop Purchase Agreement and consummate the transactions contemplated in such agreement, including, without limitation, payment of the Backstop Commitment Fee, in each case in accordance with the terms and conditions thereof.

• The Backstop Commitment Fee shall be fully earned immediately upon the Subscription Commencement Date and payable by the Plan Investor (and not the Debtors) on the Effective Date pursuant to the terms and conditions of the Backstop Commitment Agreement.

More Definitions of Backstop Commitment Fee

Backstop Commitment Fee means a commitment fee, pursuant to and as consideration for the obligations of the Backstop Parties under the Backstop Commitment Agreement, equal to 5% of the Rights Offering Amount and the Plan Investor Equity Raise Amount, in the aggregate, earned immediately upon the Subscription Commencement Date and payable by the Plan Investor on the Effective Date as set forth in, and subject to the terms and conditions of the Backstop Commitment Agreement.

Backstop Commitment Fee has the meaning set forth in Section 3.1.

Backstop Commitment Fee means a commitment fee equal to 1.0% of the total Backstop Commitment Amount as of the date on which the Debtors execute this Backstop Commitment Letter that shall be paid in New Common Stock, which amount shall be determined using the Backstop Price.

Backstop Commitment Fee means the fee in connection with the Share Placement to be paid to the Backstop Noteholders pursuant to the Backstop Agreement as follows, subject to dilution on account of the MIP: (i) 0.23% of the shares of the New Common Stock to be issued and outstanding on the Effective Date payable to the Backstop Convertible Noteholders in the form of series C New Common Stock, and (ii) 0.02% of the New Common Stock to be issued and outstanding on the Effective Date payable to the Backstop Senior Noteholders in the form of series B New Common Stock.

Backstop Commitment Fee means, to the extent approved by the DIP Orders or any other order of the Bankruptcy Court, an aggregate fee to be paid on the Effective Date to the Backstop Parties in consideration for the Backstop Parties’ commitment to backstop New Money DIP Loans, which fee shall be equal to 5.0% of the New Common Stock, subject to dilution by the Management Incentive Plan.

Backstop Commitment Fee means a fee payable to each Backstop Party (based on such Backstop Party’s share of the Backstop Commitment) in shares of Reorganized Debtor Common Stock equal to its pro rata share of 5% of the Reorganized Debtor Common Stock to be initially offered in connection with the Rights Offering regardless of whether such amount is reduced as provided in Article IV.E.3 herein, which immediately following the Effective Date shall be converted to New Holdings Units.

Backstop Commitment Fee. $3,631,753, paid in the form of Incremental Second Lien Debt.