Backstop Commitments definition

Backstop Commitments means the commitments, on the terms set forth in the Backstop Agreement, of the Backstop Parties thereto to backstop the Rights Offering and in an amount equal to the amount of the New Secured Notes, in the aggregate.

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

Backstop Commitments means the Backstop Commitments of all of the Backstop Parties collectively.

Examples of Backstop Commitments in a sentence

• The Backstop Commitments of such transferring Backstop Party shall instead be assumed by the Backstop Parties that have exercised their Further Backstop Election in accordance with paragraph 2 of Part 2 (Backstop Undertakings) of Schedule 4 (Backstop Parties and Undertakings).

• In accordance with the Backstop Commitment Letter and subject to the terms and conditions thereof, each of the Backstop Parties has agreed, severally but not jointly, to purchase for Cash, by funding its Backstop Commitments on or prior to the Backstop Funding Deadline (as defined in the Backstop Order), its respective Backstop Commitment Percentage (as defined in the Backstop Commitment Letter) of the unsubscribed New Common Interests offered in the Rights Offering.

• After taking into account the exercise by any and all Class 6-A Rights Offering Recipients of their respective subscription and oversubscription rights described in the Solicitation Form, to the extent that any Rights have not been duly exercised, then the Backstop Parties shall exercise their share of such Unexercised Rights based on their respective Backstop Commitments, all in accordance with the provisions of the Subscription and Backstop Purchase Agreement.

• The Secured Backstop Commitments, together with the Unsecured Backstop Commitments are referred to herein as the “Backstop Commitments”.

• The issuance of Reorganized Parent Participating Preferred Stock to the Commitment Parties in respect of the Backstop Commitments will be exempt from the registration requirements of the securities laws pursuant to Section 4(a)(2) and/or Regulation D of the Securities Act, or another available exemption from registration.

More Definitions of Backstop Commitments

Backstop Commitments means “Aggregate Backstop Commitments” as defined in the Backstop Commitment Letters.

Backstop Commitments means the $256.3 million in aggregate backstop equity commitments provided pursuant to the Plan Sponsor Backstop Commitment Agreement and the Noteholder Backstop Commitment Agreement.

Backstop Commitments means, collectively, the commitments of the Commitment Parties pursuant to the Rights Offering Backstop Commitment Agreement.

Backstop Commitments means, with respect to any Backstop Commitment Party, the right, on the terms and conditions set forth in the Backstop and Equity Commitment Documents, of the Debtors to require such Backstop Commitment Party to (a) purchase the Unsubscribed Shares (which, for the avoidance of doubt, shall result in an aggregate purchase price for all Rights Offering Shares equal to the Aggregate Rights Offering Amount), (b) solely in the event that the Non-Ascent Restructuring Toggle occurs, purchase the Ascent Default Shares for an aggregate purchase price equal to the Ascent Default Amount, and (c) solely in the event that the Non-Ascent Restructuring Toggle does not occur and the Net Cash Amount is less than $23 million (but not less than $20 million), purchase the Net Cash Shortfall Shares for an aggregate purchase price equal to the Net Cash Shortfall Amount, in each case, in a proportion based on the Backstop Commitment Percentage of such Backstop Commitment Party.

Backstop Commitments means the Investors’ commitments to backstop the Rights Offering on the terms and conditions set forth in the Backstop Agreement.

Backstop Commitments has the meaning set forth in the Backstop Commitment Agreement.

Backstop Commitments means, with respect to any Backstop Party, the commitment, on the terms set forth in the Commitment Letter and in the Backstop Unit Purchase Agreement, of such Backstop Party to fund a portion of the Rights Offering Amount to the extent that the Rights Offering is not fully subscribed pursuant to the Plan. The Backstop Commitments of the Backstop Parties are several, not joint, obligations of the Backstop Parties, such that no Backstop Party shall be liable or otherwise responsible for the Backstop Commitment of any other Backstop Party.