Initial Backstop definition

Initial Backstop means the backstop provided by the Initial Backstop Parties for the Initial Backstop Amount.
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Initial Backstop means the backstop commitment to the New Loan provided by the Initial Backstop Parties for the New Loan Amount.
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Examples of Initial Backstop in a sentence

  • The current Board will determine one of the nominees to the New Board, provided that such nominee is an Independent Director and is acceptable to the Initial Backstop Parties and the Additional Noteholder Committee.

  • The Participation Shortfall (if any) shall be funded pro rata by the Initial Backstop Parties and the Additional Backstop Parties based on the Initial Backstop Parties' and the Additional Backstop Parties' respective proportions of the sum of the Initial Backstop Amount and the Additional Backstop Amount.

  • To the extent any condition, term or provision of the Backstop Commitment requires the consent, satisfaction or approval of the Initial Backstop Parties, the Initial Backstop Parties agree to the extent practicable that they will exercise their discretion with respect to such consent, satisfaction or approval in consultation with the Additional Noteholder Committee.

  • The backstop agreements with the Additional Backstop Parties shall not be on terms more favourable to the Additional Backstop Parties than contained in the backstop agreements with the Initial Backstop Parties.

  • On or before July 18, 2008, the Company, together with the Initial Backstop Parties, will announce by way of press release, which press release will be incorporated by reference herein, the proposed directors for the New Board.

  • The Backstop Parties will receive: • 15% of the New Common Shares on a Fully Diluted Basis, of which 5% of the New Common Shares on a Fully Diluted Basis will be allocated to the Initial Backstop Parties and 10% of the New Common Shares on a Fully Diluted Basis will be allocated to the Backstop Parties in accordance with their Backstop Party Pro Rata Share.

  • One of such directors shall be selected by the Bondholders' Committee, one of such directors shall be selected by a majority in amount of the Initial Backstop Participants, two of such directors shall be selected jointly by the Futures Representative and the Asbestos Claimants' Committee, and one of such directors shall be Reorganized Congoleum's chief executive officer.

  • Without the written consent of the Initial Backstop Participants, dispose of any shares of capital stock of the Company received by the Trust pursuant to the Plan, on or after the date of this Agreement until the earlier to occur of (i) the Put Closing Date, (ii) the Call Closing Date or (iii) the expiration of the Call Period.

  • Each Berry Initial Backstop Party shall exercise all Berry First Tranche Rights issued to such party, and the Berry Backstop Parties shall provide an aggregate backstop commitment equal to the total of the Berry Second Tranche Rights Offering Amount.

  • The parties acknowledge that except for the provisions of Sections 8.01 hereof, which shall be binding upon the Company, Plan Proponents and Initial Backstop Participants upon their execution hereof prior to the entry of the Agreement Order, neither the Company nor any other party hereto shall be bound under this Agreement until the Agreement Order has been entered by the Bankruptcy Court.

Related to Initial Backstop

  • Backstop Agreement means that certain backstop commitment agreement by and among the Backstop Parties, Valaris, and the other Debtor parties thereto, as amended by that certain amended backstop commitment agreement, dated February 5, 2021, by and among the Backstop Parties, Valaris, and the other Debtor parties thereto, as may be further amended, supplemented, or modified from time to time, setting forth, among other things, the terms and conditions of the Rights Offering and the Backstop Commitments, attached as Exhibit 2 to the Restructuring Term Sheet.

  • Backstop Commitment Agreement means that certain Backstop Commitment Agreement, by and between CEOC and the PropCo Preferred Backstop Investors party thereto from time to time, as the same may be amended, amended and restated, supplemented, or otherwise modified from time to time in accordance with its terms, the form of which shall be included in the Plan Supplement.

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

  • Backstop Parties means, collectively, the Initial Backstop Parties and the Additional Backstop Parties.

  • Next Equity Financing means the next sale (or series of related sales) by the Company of its Preferred Stock following the Date of Issuance from which the Company receives gross proceeds of not less than $1,000,000 (excluding the aggregate amount of securities converted into Preferred Stock in connection with such sale (or series of related sales)).

  • Closing Warrants shall have the meaning ascribed to such term in Section 2.1(a)(ii).

  • Concurrent Financing means the various third party financing arrangements the Company is executing pursuant to the agreements described on Schedule 2.1(c)(i) (the “Concurrent Financing”) separate and apart from the transactions contemplated by this Agreement.

  • Equity Financing means the next sale (or series of related sales) by the Company of its Equity Securities to one or more third parties following the date of this instrument from which the Company receives gross proceeds of not less than $1,000,000 cash or cash equivalent (excluding the conversion of any instruments convertible into or exercisable or exchangeable for Capital Stock, such as SAFEs or convertible promissory notes) with the principal purpose of raising capital.

  • First Closing Date shall refer to the time and date of delivery of certificates for the Firm Shares and such Optional Shares). Any such time and date of delivery, if subsequent to the First Closing Date, is called an “Option Closing Date,” shall be determined by the Representatives and shall not be earlier than three or later than five full business days after delivery of such notice of exercise. If any Optional Shares are to be purchased, each Underwriter agrees, severally and not jointly, to purchase the number of Optional Shares (subject to such adjustments to eliminate fractional shares as the Representatives may determine) that bears the same proportion to the total number of Optional Shares to be purchased as the number of Firm Shares set forth on Schedule A opposite the name of such Underwriter bears to the total number of Firm Shares. The Representatives may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.

  • Shares Acquisition Date means the first date of public announcement (which, for purposes of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) under the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become such; provided that, if such Person is determined not to have become an Acquiring Person pursuant to Section 1(a) hereof, then no Shares Acquisition Date shall be deemed to have occurred.

  • Closing Date Purchase Price shall have the meaning set forth in Section 2.1 hereof.

  • Series Closing Date means the date designated as such in the Series Term Sheet.

  • Commitment Agreement means the written agreement that may be required at EDTI’s sole discretion between a Customer and EDTI whereby the Customer both authorizes the design and construction of new or expanded Facilities and agrees to pay all cancellation costs if the project is cancelled or if the Customer fails to sign an Electric Service Agreement prior to the energization of the new or expanded Facilities;

  • Exit Financing means the financing under the Exit Facility.

  • Underwriting Agreement means the Underwriting Agreement dated December 11, 2002 among the Underwriters, the Partnership, and certain other parties, providing for the purchase of Common Units by such Underwriters.

  • Alternative Financing has the meaning set forth in Section 5.14(b).

  • Subsequent Financing shall have the meaning ascribed to such term in Section 4.12(a).

  • Initial Bond Issue means the issuance of the Initial Bonds. "Initial Bonds" means the Bonds issued on the First Issue Date.

  • Amendment Closing Date means the first date that all the conditions precedent set forth in this Amendment are satisfied or waived in accordance herewith.

  • Initial Closing Date shall have the meaning assigned to such term in Section 1.2 hereof.

  • Subsequent Closing Date means, with respect to each Subsequent Closing, the date on which such Subsequent Closing is deemed to have occurred.

  • Closing Date Refinancing means the repayment, repurchase, redemption, defeasance or other discharge of the Existing Debt Facility and termination and/or release of any security interests and guarantees in connection therewith.

  • First Equity Financing Price means (x) if the pre-money valuation of the Company immediately prior to the First Equity Financing is less than or equal to the Valuation Cap, the lowest price per share of the Equity Securities sold in the First Equity Financing or (y) if the pre-money valuation of the Company immediately prior to the First Equity Financing is greater than the Valuation Cap, the SAFE Price.

  • First Amendment Closing Date has the meaning assigned to such term in the First Amendment.

  • Incremental Facility Closing Date has the meaning set forth in Section 2.14(d).

  • Subsequent Financing Notice shall have the meaning ascribed to such term in Section 4.12(b).