Backstop Fee definition

Backstop Fee means the Backstop Amount times a percentage, where such percentage is: (a) 3.0%, if the Closing occurs within thirty (30) days of the date of this Agreement; (b) 3.5%, if the Closing occurs more than thirty (30) but less than sixty-one (61) days after the date of this Agreement; (c) 4.0%, if the Closing occurs more than sixty (60 but less than ninety-one (91) days after the date of this Agreement and (d) 4.5%, if the Closing has not occurred before ninety-one (91) days after the date of this Agreement, in each case, payable in Common Stock valued at the volume weighted average trading price of the Common Stock during the thirty trading day period ending on (and including) the last trading day immediately prior to the announcement of this Agreement (and the transactions contemplated hereby) through Company press release or filing on a Form 8-K with the U.S. Securities and Exchange Commission.

Backstop Fee means (a) to each Group A Backstop Party its pro rata share of $15,000,000 based on its commitment percentage and (b) to each Group B Backstop Party its pro rata share of $30,000,000 based on its commitment percentage.

Backstop Fee means, in relation to a Backstop Party, an amount equal to: (i) that Backstop Party’s Backstop Commitment as of the Distribution Record Date; divided by (ii) the Backstop Commitments of all Backstop Parties as of the Distribution Record Date; and multiplied by (iii) US$7,500,000 (being an amount equal to 5% of the New Money Facility).

Examples of Backstop Fee in a sentence

• Each Backstop Party who has advanced its Final Backstop Amount to the Agent of the New Money Facility and complete all “know-your-customer” requirements of the Agent of the New Money Facility by the deadlines set out in the Explanatory Statement shall be paid a Backstop Fee.

• On the Restructuring Effective Date: • the Amended and Restated Indenture will become effective; • the Amended Vessel Mortgage will become effective; • the New Notes in the amount of the New Financing will be issued; • the Backstop Fee (as defined below) will be paid; and • the New Financing shall be funded contemporaneously with the issue of the New Notes.

• This Agreement may be terminated by the mutual written consent of the Company and the Backstopper; provided, however that the Parties may agree that in this instance, no Backstop Fee is payable by the Company.

• If the Closing has not occurred by the Commitment Outside Date, then the Backstop Fee shall be issued on the Commitment Outside Date unless (i) a Backstopper Default has occurred and has not been remedied; (ii) any of the conditions set forth in Section 7 hereof are not satisfied as of the Commitment Outside Date; or (iii) the Agreement has been terminated in accordance with Sections 8(a)(iii), 8(b)(B)(i) or 8(b)(B)(ii).

• The Company agrees to issue the Backstop Fee to the Backstopper, or its designated Affiliate, on the Closing Date regardless of the number of shares of Convertible Preferred Stock that the Company caused to be purchased by the Backstopper.

More Definitions of Backstop Fee

Backstop Fee is defined in Section 1.2(a).

Backstop Fee means the Commitment Premium (as defined in the Backstop Agreement) to be paid to the Backstop Parties on the Effective Date in the form of New Common Stock pursuant to the Backstop Agreement.

Backstop Fee means the irrevocable fee granted to each Backstopper under the DIP Orders in the aggregate amount of the number of shares of New Swift Common Stock equal to 7.5% on a fully diluted basis (subject only to dilution (i) due to the Warrants, if exercised pursuant to the terms of the Warrant Agreements and the Plan and (ii) as of the Effective Date, by the Management Incentive Program Equity) of the total number of shares of New Swift Common Stock issued and outstanding on the Effective Date.

Backstop Fee shall have the meaning set forth in Section 3(c) hereof.

Backstop Fee has the meaning assigned to such term in Section 2.11(c).

Backstop Fee means the “Backstop Fee” (as defined in the Term Loan DIP Credit Agreements) in an amount equal to 6.00 percent of the Term Loan DIP New Money Loans and New Money 1L Exit Term Loans contemplated by the Term Loan DIP Credit Agreements, payable in kind.

Backstop Fee has the meaning assigned to it in Section 2.3.