Backstop Obligation definition

Backstop Obligation means, with respect to each Backstop Party, the amount of New Common Shares required to be purchased by it on the Effective Date, in an amount equal to the product of: (a) the Remaining Shares; and (b) such Backstop Party’s Backstop Percentage.
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Backstop Obligation means the number of Offered Shares required to be purchased by the Plan Sponsor on the Closing Date equal to the Backstop Commitment Amount divided by the Subscription Price per Offered Share, rounding up to avoid the issuance of fractional Common Stock.
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Backstop Obligation means, with respect to each Backstop Party, the number of Remaining Shares required to be purchased by it on the Effective Date, in an amount equal to the product of: (a) the Remaining Shares; and (b) such Backstop Party’s Backstop Percentage.
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Examples of Backstop Obligation in a sentence

  • Notwithstanding anything to the contrary in this Agreement, no amendment that reduces or otherwise modifies the Backstop Commitment Premium, Purchase Price, or increases a Backstop Party’s Backstop Obligation or any other funding or financial obligation of any Backstop Party shall be effective against any Backstop Party without such Backstop Party’s prior written consent.

  • Any contribution by Symphony II-A to Parent pursuant to this Section 2(a) shall reduce the Commitment Amount of Symphony II-A under this letter agreement on a dollar-for-dollar basis, and any amount invested in Parent by Symphony II-A in respect of the Commitment Amount shall reduce the Backstop Obligation of Symphony II-A under this letter agreement on a dollar-for-dollar basis.

  • As of the Effective Date, each Backstop Party shall have available funds sufficient to pay the total Funding Amount, including the Backstop Obligation of such Backstop Party as of the date thereof.

  • Symphony II-A further acknowledges and agrees that, subject to the remainder of this letter agreement, the Backstop Obligation is absolute and unconditional.

  • In no event shall the amount of the CapitalSource Bank Backstop Obligation exceed $2,500,000,000.

  • The Backstop Obligation may be satisfied by a contribution to Parent by Symphony II-A, any of its Affiliates or any third party (and, if so contributed by a third party, the amount of that contribution shall reduce Symphony II-A's obligations in respect of the Commitment Amount and the Backstop Obligation on a dollar-for-dollar basis).

  • The closing of the sale, purchase and issuance of the Shares, other than such number of Shares to be purchased by Investor to satisfy the Backstop Obligation (any such Shares, the “Backstop Shares”), contemplated hereby (the “Closing”, and the date that the Closing actually occurs, the “Closing Date”) is contingent upon the substantially concurrent consummation of the Transaction.

  • As of the Effective Date, each Backstop Party shall have available funds sufficient to pay its applicable Funding Amount, including the Backstop Obligation of such Backstop Party as of the date thereof.

  • The Company shall issue the number of Offered Shares equal to the Backstop Obligation to the Plan Sponsor on the Closing Date.

  • On or before the fifth Business Day prior to the date of the scheduled closing of the Follow-on Equity Raise, the Company shall notify the Plan Sponsor in writing (such written notice, the “Backstop Purchase Notice”) as to: (i) the aggregate number of Offered Shares that have not been purchased in the Follow-on Equity Raise (the “Unsubscribed Shares”); and (ii) the Plan Sponsor’s consequent Backstop Obligation.