{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "amended-and-restated", "type": "definition", "offset": [35, 55]}, {"key": "the-terms-and-conditions", "type": "clause", "offset": [106, 130]}, {"key": "the-confirmation-order", "type": "clause", "offset": [158, 180]}, {"key": "lender-backstop-parties", "type": "definition", "offset": [225, 248]}, {"key": "issue-to", "type": "definition", "offset": [322, 330]}, {"key": "the-closing-date", "type": "clause", "offset": [355, 371]}, {"key": "applicable-purchase-price", "type": "definition", "offset": [380, 405]}, {"key": "unsubscribed-securities", "type": "definition", "offset": [421, 444]}, {"key": "equal-to", "type": "definition", "offset": [445, 453]}, {"key": "backstop-commitment-percentage", "type": "definition", "offset": [476, 506]}, {"key": "in-accordance-with", "type": "definition", "offset": [549, 567]}, {"key": "rights-offering-procedures", "type": "definition", "offset": [572, 598]}, {"key": "the-plan", 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"b81NtqWgPfh", "uri": "/contracts/b81NtqWgPfh#backstop-commitment", "label": "Restructuring Support Agreement (Valaris PLC)", "score": 32.1047210693, "published": true}, {"hash": "6DFyaJWUOxn", "uri": "/contracts/6DFyaJWUOxn#backstop-commitment", "label": "Restructuring Support Agreement", "score": 26.5482540131, "published": true}], "snippet": "Section 2.2(a) of the BCA shall be amended and restated in its entirety as follows:\n(a) On and subject to the terms and conditions hereof, including entry of the Confirmation Order, (i) each Backstop Party other than the RCF Lender Backstop Parties agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Backstop Party, on the Closing Date for the applicable Purchase Price, the amount of Unsubscribed Securities equal to such Backstop Party\u2019s Backstop Commitment Percentage of the aggregate Unsubscribed Securities, in accordance with the Rights Offering Procedures and the Plan; provided that for purposes of this clause (i), the aggregate Backstop Commitment Percentage of the RCF Lender Backstop Parties shall be deemed to be 0%, and the Backstop Commitment Percentages of all other Backstop Parties shall be deemed increased proportionately so that, in the aggregate, the Backstop Commitment Percentage of all such other Backstop Parties shall be 100% (such obligation to purchase the Unsubscribed Securities, the \u201cRights Offering Commitment\u201d) and (ii) each Initial Backstop Party agrees, severally and not jointly, to purchase, and the Issuer agrees to issue to such Initial Backstop Party, on the Closing Date for the applicable Purchase Price, the amount of Additional Notes equal to such Initial Backstop Party\u2019s Backstop Commitment Percentage as of August 18, 2020 of the aggregate Additional Notes in accordance with the terms of this Agreement (such obligation to purchase the Additional Notes, together with the Rights Offering Commitment, the \u201cBackstop Commitment\u201d).", 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28.9151268005, "published": true}], "snippet": "(a) On the terms and subject to the conditions contained herein, and in reliance on the representations and warranties set forth in this Agreement, the Backstop Investor hereby agrees to purchase, and the Company hereby agrees to sell and issue to the Backstop Investor, at the Backstop Purchase Price therefor, the Backstop Units.\n(b) No later than (1) Business Day following the Expiration Date, the Company shall give, or cause to be given, to the Backstop Investor, by e-mail or by electronic facsimile transmission, a written notification (the \u201cBackstop Notice\u201d) setting forth the total amount of Units subscribed for in the Rights Offering by Rights Holders, the number of then unsubscribed Units, and the purchase price for the Backstop Investor pursuant to the terms of this Agreement (\u201cBackstop Purchase Price\u201d).\n(c) The Backstop Investor will remit, via wire transfer of immediately available funds, the Backstop Purchase Price, directly to the account maintained by the Subscription Agent, for purposes of accepting subscriptions in the Rights Offering at J\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 C\u2587\u2587\u2587\u2587, 4 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587 \u2587\u2587\u2587\u2587\u2587, SWIFT CHASUS333, ABA# 0\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, Credit: Continental Stock Transfer & Trust Company as subscription agent for R\u2587\u2587\u2587\u2019\u2587 Inc. Rights Offer, Account # 475-471873, for further credit to R\u2587\u2587\u2587\u2019\u2587 Inc., and name of the Backstop Investor, no later than 5:00 p.m. EST on the third (3rd) Business Day following receipt of the Backstop Notice.\n(d) The Company shall cause its transfer agent to credit the aggregate number of Backstop Shares and Backstop Warrants to which the Backstop Investor is entitled to the Backstop Investor\u2019s or its designee\u2019s account in book entry form and deliver to the Backstop Investor such certificates, documents or instruments required to be delivered by it to the Backstop Investor pursuant to this Agreement.\n(e) Investment of any amount greater than $6 million will be made in the Backstop Investor\u2019s sole discretion, subject to limitations of NYSE American Company Guide Section 713 and shareholder approval obtained at the Company\u2019s 2017 Annual Meeting of Stockholders on September 29, 2017.", "hash": "e3d1fb13da774d40d04a415e94160936", "id": 1}, {"snippet_links": [{"key": "terms-and", "type": "clause", "offset": [13, 22]}, {"key": "the-conditions", "type": "clause", "offset": [34, 48]}, {"key": "in-the-event", "type": "clause", "offset": [67, 79]}, {"key": "amount-of-funds", "type": "clause", "offset": [89, 104]}, {"key": "the-trust-account", "type": "clause", "offset": [113, 130]}, {"key": "after-giving", "type": "clause", "offset": [132, 144]}, {"key": "aggregate-amount", "type": "clause", "offset": [177, 193]}, {"key": "payable-to", "type": "definition", "offset": [202, 212]}, {"key": "pursuant-to", "type": "clause", "offset": [219, 230]}, {"key": "pipe-subscriptions", "type": "clause", "offset": [235, 253]}, {"key": "pipe-investors", "type": "definition", "offset": [257, 271]}, {"key": "to-acquire", "type": "definition", "offset": [340, 350]}, {"key": "sponsor-designees", "type": "definition", "offset": [379, 396]}, {"key": "issue-to", "type": "definition", "offset": [441, 449]}, {"key": "number-of", "type": "definition", "offset": [524, 533]}, {"key": "pubco-securities", "type": "definition", "offset": [534, 550]}, {"key": "equal-to", "type": "definition", "offset": [551, 559]}, {"key": "aggregate-commitment-amount", "type": "definition", "offset": [564, 591]}, {"key": "divided-by", "type": "clause", "offset": [592, 602]}, {"key": "applicable-purchase-price", "type": "definition", "offset": [607, 632]}, {"key": "each-case", "type": "definition", "offset": [665, 674]}, {"key": "for-purposes-hereof", "type": "definition", "offset": [712, 731]}, {"key": "by-sponsor", "type": "clause", "offset": [1069, 1079]}, {"key": "in-no-event-shall", "type": "clause", "offset": [1105, 1122]}, {"key": "the-commitment-amount", "type": "clause", "offset": [1123, 1144]}], "size": 6, "samples": [{"hash": "dS5Bm99XYbu", "uri": "/contracts/dS5Bm99XYbu#backstop-commitment", "label": "Backstop Agreement (OpSec Holdings)", "score": 34.8891181946, "published": true}, {"hash": "a3FYQo8OSo3", "uri": "/contracts/a3FYQo8OSo3#backstop-commitment", "label": "Backstop Agreement (OpSec Holdings)", "score": 34.7604370117, "published": true}, {"hash": "cpjQ1dwLpWR", "uri": "/contracts/cpjQ1dwLpWR#backstop-commitment", "label": "Business Combination Agreement (OpSec Holdings)", "score": 34.3141670227, "published": true}], "snippet": "1.1 Upon the terms and subject to the conditions set forth herein, in the event that the amount of funds held in the Trust Account (after giving effect to Redemptions) plus the aggregate amount of cash payable to Pubco pursuant to all PIPE Subscriptions by PIPE Investors other than Sponsor is less than $100,000,000, Sponsor hereby agrees to acquire, and/or to cause on or more Sponsor Designees to acquire, from Pubco, and Pubco agrees to issue to Sponsor and/or one or more Sponsor Designees, as applicable, an aggregate number of Pubco Securities equal to the aggregate Commitment Amount divided by the applicable purchase price of each such Pubco Security, in each case as further specified in Section 1.2. For purposes hereof, \u201cCommitment Amount\u201d means an amount equal to (a) $50,000,000, minus (b) the amount, if any, by which the amount of funds held in the Trust Account (after giving effect to Redemptions) plus the aggregate amount of PIPE Subscriptions by PIPE Investors other than Sponsor exceeds $50,000,000, minus (c) the amount of any PIPE Subscription by Sponsor; provided, however, that in no event shall the Commitment Amount be less than $0.", "hash": "44b0e0bfd2ebc1b25c0ee16abf6e8e96", "id": 3}, {"snippet_links": [{"key": "subject-to-the", "type": "definition", "offset": [4, 18]}, {"key": "the-rights-offering", "type": "clause", "offset": [35, 54]}, {"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [63, 101]}, {"key": "to-the-extent", "type": "clause", "offset": [103, 116]}, {"key": "accounting-for", "type": "clause", "offset": [167, 181]}, {"key": "subscription-rights", "type": "definition", "offset": [191, 210]}, {"key": "backstop-purchaser", "type": "definition", "offset": [227, 245]}, {"key": "agrees-to", "type": "clause", "offset": [246, 255]}, {"key": "from-the-company", "type": "clause", "offset": [265, 281]}, {"key": "price-per-share", "type": "clause", "offset": [288, 303]}, {"key": "equal-to", "type": "definition", "offset": [304, 312]}, {"key": "subscription-price", "type": "definition", "offset": [317, 335]}, {"key": "pro-rata-portion", "type": "definition", "offset": [341, 357]}, {"key": "share-amount", "type": "definition", "offset": [378, 390]}, {"key": "for-purposes-of-this-agreement", "type": "clause", "offset": [474, 504]}], "size": 4, "samples": [{"hash": "rzCXSjYTpZ", "uri": "/contracts/rzCXSjYTpZ#backstop-commitment", "label": "Standby, Securities Purchase and Debt Conversion Agreement (Barnes & Noble Education, Inc.)", "score": 35.2888450623, "published": true}, {"hash": "6I6D51AZdsj", "uri": "/contracts/6I6D51AZdsj#backstop-commitment", "label": "Standby, Securities Purchase and Debt Conversion Agreement (Immersion Corp)", "score": 35.2888450623, "published": true}, {"hash": "9ouGQcuFS74", "uri": "/contracts/9ouGQcuFS74#backstop-commitment", "label": "Standby, Securities Purchase and Debt Conversion Agreement", "score": 34.9471321106, "published": true}], "snippet": "(a) Subject to the consummation of the Rights Offering and the terms and conditions of this Agreement, to the extent the Rights Offering is not fully subscribed after accounting for all Over-Subscription Rights exercised, each Backstop Purchaser agrees to purchase from the Company, at a price per share equal to the Subscription Price, its Pro Rata Portion of the Unsubscribed Share Amount (the \u201cBackstop Commitment\u201d). The following terms shall have the following meanings for purposes of this Agreement:", "hash": "240558665a7c74aae78c7cdff67280dc", "id": 4}, {"snippet_links": [{"key": "subject-to-the-terms", "type": "clause", "offset": [0, 20]}, {"key": "conditions-and-limitations", "type": "clause", "offset": [22, 48]}, {"key": "paragraph-7", "type": "definition", "offset": [77, 88]}, {"key": "to-provide", "type": "definition", "offset": [98, 108]}, {"key": "the-rights-offering", "type": "clause", "offset": [124, 143]}, {"key": "backstop-parties", "type": "definition", "offset": [174, 190]}, {"key": "exhibit-b", "type": "clause", "offset": [280, 289]}, {"key": "commitment-percentages", "type": "clause", "offset": [303, 325]}, {"key": "sold-to", "type": "clause", "offset": [373, 380]}, {"key": "common-stockholders", "type": "definition", "offset": [396, 415]}, {"key": "rights-offering-backstop-commitment", "type": "definition", "offset": [445, 480]}, {"key": "preferred-membership-interests", "type": "definition", "offset": [509, 539]}, {"key": "llc-members", "type": "definition", "offset": [567, 578]}, {"key": "concurrent-private-placement", "type": "definition", "offset": [586, 614]}, {"key": "in-its-discretion", "type": "clause", "offset": [747, 764]}, {"key": "understood-and-agreed-that", "type": "clause", "offset": [952, 978]}, {"key": "aggregate-amount", "type": "clause", "offset": [1045, 1061]}, {"key": "parties-are", "type": "clause", "offset": [1137, 1148]}, {"key": "the-backstop-commitment", "type": "clause", "offset": [1183, 1206]}, {"key": "notice-to", "type": "definition", "offset": [1246, 1255]}, {"key": "reasonable-amount", "type": "definition", "offset": [1269, 1286]}, {"key": "prior-to-closing", "type": "definition", "offset": [1295, 1311]}], "size": 3, "samples": [{"hash": "dEK4fDAzkpg", "uri": "/contracts/dEK4fDAzkpg#backstop-commitment", "label": "Rights Offering Letter Agreement (BioFuel Energy Corp.)", "score": 20.9555091858, "published": true}, {"hash": "hbm3z0qflvk", "uri": "/contracts/hbm3z0qflvk#backstop-commitment", "label": "Rights Offering Letter Agreement (BioFuel Energy Corp.)", "score": 20.8761119843, "published": true}], "snippet": "Subject to the terms, conditions and limitations described herein (including Paragraph 7 hereof), to provide assurance that the Rights Offering will be fully subscribed, the Backstop Parties severally and not jointly commit to purchase, in the respective percentages set forth on Exhibit B hereto (the \u201cCommitment Percentages\u201d), all of the additional Depositary Shares not sold to other Eligible Common Stockholders in the Rights Offering (the \u201cRights Offering Backstop Commitment\u201d) and all of the additional Preferred Membership Interests not sold to other Eligible LLC Members in the Concurrent Private Placement (the \u201cLLC Backstop Commitment,\u201d and, together with the Rights Offering Backstop Commitment, the \u201cBackstop Commitment\u201d). Greenlight, in its discretion, may allocate its aggregate Backstop Commitment among the Greenlight Parties and accordingly allocate the Greenlight Parties' Commitment Percentage among the Greenlight Parties (it being understood and agreed that no such allocation among the Greenlight Parties will decrease the aggregate amount of Depositary Shares or Preferred Membership Interests that the Greenlight Parties are obligated to purchase pursuant to the Backstop Commitment). The Greenlight Parties shall provide notice to BFE Corp., a reasonable amount of time prior to closing, of such allocation.", "hash": "364bc450b3e7b67596024401f4ee0b57", "id": 5}, {"snippet_links": [{"key": "the-investment-agreement", "type": "clause", "offset": [40, 64]}, {"key": "investments-limited", "type": "clause", "offset": [72, 91]}, {"key": "agreed-to", "type": "definition", "offset": [96, 105]}, {"key": "rights-offering-securities", "type": "definition", "offset": [135, 161]}, {"key": "eligible-holders", "type": "clause", "offset": [194, 210]}], "size": 2, "samples": [{"hash": "lEMQKMQlMYn", "uri": "/contracts/lEMQKMQlMYn#backstop-commitment", "label": "Investment Agreement (Seadrill LTD)", "score": 28.6988372803, "published": true}, {"hash": "ka6GvN9uD8A", "uri": "/contracts/ka6GvN9uD8A#backstop-commitment", "label": "Investment Agreement (North Atlantic Drilling Ltd.)", "score": 28.6988372803, "published": true}], "snippet": "Pursuant to the terms and conditions of the Investment Agreement, Hemen Investments Limited has agreed to purchase any Creditor Equity Rights Offering Securities not subscribed for by the other Eligible Holders.", "hash": "47b9bf390901497d7b11851e951771b6", "id": 6}, {"snippet_links": [{"key": "subject-to-the-terms", "type": "clause", "offset": [0, 20]}, {"key": "conditions-and-limitations", "type": "clause", "offset": [22, 48]}, {"key": "to-provide", "type": "definition", "offset": [67, 77]}, {"key": "the-rights-offering", "type": "clause", "offset": [93, 112]}, {"key": "backstop-parties", "type": "definition", "offset": [143, 159]}, {"key": "exhibit-b", "type": "clause", "offset": [249, 258]}, {"key": "commitment-percentages", "type": "clause", "offset": [272, 294]}, {"key": "series-a-convertible-preferred-stock", "type": "definition", "offset": [330, 366]}, {"key": "sold-to", "type": "clause", "offset": [371, 378]}, {"key": "common-stockholders", "type": "definition", "offset": [394, 413]}], "size": 2, "samples": [{"hash": "d1Zz0BXn0vS", "uri": "/contracts/d1Zz0BXn0vS#backstop-commitment", "label": "Loan Agreement (BioFuel Energy Corp.)", "score": 21.7364826202, "published": true}, {"hash": "9L8pXsi2eMm", "uri": "/contracts/9L8pXsi2eMm#backstop-commitment", "label": "Backstop Rights Offering Agreement (BioFuel Energy Corp.)", "score": 21.7364826202, "published": true}], "snippet": "Subject to the terms, conditions and limitations described herein, to provide assurance that the Rights Offering will be fully subscribed, the Backstop Parties severally and not jointly commit to purchase, in the respective percentages set forth on Exhibit B hereto (the \u201cCommitment Percentages\u201d), all of the additional shares of Series A Convertible Preferred Stock not sold to other Eligible Common Stockholders in the Rights Offering (the \u201cBackstop Commitment\u201d).", "hash": "10a556b6ac5753257be028178b25bd9c", "id": 7}, {"snippet_links": [{"key": "to-the-extent", "type": "clause", "offset": [3, 16]}, {"key": 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{"key": "cayman-islands", "type": "clause", "offset": [1306, 1320]}, {"key": "transaction-of-business", "type": "clause", "offset": [1367, 1390]}], "size": 2, "samples": [{"hash": "hTXcZkLwmat", "uri": "/contracts/hTXcZkLwmat#backstop-commitment", "label": "Consulting Agreement (Mountain & Co. I Acquisition Corp.)", "score": 33.6071166992, "published": true}, {"hash": "bYtSKbyGGV4", "uri": "/contracts/bYtSKbyGGV4#backstop-commitment", "label": "Consulting Agreement (Mountain & Co. I Acquisition Corp.)", "score": 33.6071166992, "published": true}], "snippet": "a. To the extent that the sum of the payments made to the Target on or prior to the Secondary Payment Date by LIBERO in respect of the Total Payment Amounts is less than the Secondary Payment Amount (a \u201cFunding Amount Shortfall\u201d), the Guarantor agrees to pay any Funding Amount Shortfall to LIBERO in exchange for a certain number of Bridgeburg Shares on the terms and conditions set forth in the New SPA(s).1\nb. If LIBERO becomes aware that a Funding Amount Shortfall will occur, LIBERO shall deliver a written notice (the \u201cFunding Notice\u201d) no later than five Business Days (as defined below) prior to the Secondary Payment Date to the Guarantor in accordance with Section 5(a) setting forth (i) the applicable Funding Amount Shortfall and (ii) LIBERO\u2019s wire instructions.\nc. Within four Business Days of receipt of a Funding Notice, the Guarantor shall pay any Funding Amount Shortfall to LIBERO in exchange for a certain number of Bridgeburg Shares on the terms and conditions set forth in the New SPA(s) by wire transfer of immediately available funds to the account specified by LIBERO in the Funding Notice. For purposes of this Agreement, the term \u201cBusiness Day\u201d means a day, other than a Saturday or Sunday, on which commercial banks in New York, New York, Amsterdam, the Netherlands, G\u2587\u2587\u2587\u2587\u2587 Town, Cayman Islands and Barcelona, Spain are open for the general transaction of business.", "hash": "2e79a42dcf08a05ef5611edfdc7b2602", "id": 8}, {"snippet_links": [{"key": "subject-to-the", "type": "definition", "offset": [4, 18]}, {"key": "the-rights-offering", "type": "clause", "offset": [35, 54]}, {"key": "terms-and-conditions-of", "type": "clause", "offset": [60, 83]}, {"key": "approval-of", "type": "definition", "offset": [128, 139]}, {"key": "backstop-purchasers", "type": "definition", "offset": [144, 163]}, {"key": "to-provide", "type": "definition", "offset": [329, 339]}, {"key": "from-the-company", "type": "clause", "offset": [452, 468]}, {"key": "the-company-hereby", "type": "clause", "offset": [474, 492]}, {"key": "to-sell", "type": "clause", "offset": [500, 507]}, {"key": "subscription-price", "type": "definition", "offset": [543, 561]}, {"key": "unsubscribed-shares", "type": "clause", "offset": [575, 594]}, {"key": "in-accordance-with", "type": "definition", "offset": [596, 614]}, {"key": "backstop-percentage", "type": "definition", "offset": [641, 660]}, {"key": "schedule-a", "type": "definition", "offset": [674, 684]}, {"key": "the-backstop-commitment", "type": "clause", "offset": [754, 777]}, {"key": "purposes-of-the", "type": "clause", "offset": [947, 962]}, {"key": "class-a-common-stock", "type": "clause", "offset": [1179, 1199]}, {"key": "equal-to", "type": "definition", "offset": [1200, 1208]}, {"key": "the-excess", "type": "clause", "offset": [1209, 1219]}, {"key": "aggregate-number-of-shares", "type": "definition", "offset": [1240, 1266]}, {"key": "all-rights", "type": "clause", "offset": [1325, 1335]}, {"key": "in-connection-with", "type": "clause", "offset": [1358, 1376]}, {"key": "common-stockholders", "type": "definition", "offset": [1498, 1517]}, {"key": "pursuant-to-the", "type": "clause", "offset": [1541, 1556]}, {"key": "exercise-of-the", "type": "clause", "offset": [1557, 1572]}, {"key": "subscription-rights", "type": "definition", "offset": [1573, 1592]}], "size": 2, "samples": [{"hash": "cMSLnPeDj0q", "uri": "/contracts/cMSLnPeDj0q#backstop-commitment", "label": "Exchange Agreement (Rent the Runway, Inc.)", "score": 36.6358642578, "published": true}, {"hash": "7bP5L1KPngh", "uri": "/contracts/7bP5L1KPngh#backstop-commitment", "label": "Rights Offering Backstop Agreement (Rent the Runway, Inc.)", "score": 34.6358642578, "published": true}], "snippet": "(a) Subject to the consummation of the Rights Offering, the terms and conditions of which shall be subject to the prior written approval of the Backstop Purchasers (not to be unreasonably withheld, conditioned or delayed) and shall be customary for offerings of this type, and the terms and conditions set forth herein, in order to provide assurance that the Rights Offering will be fully subscribed, each Backstop Purchaser hereby commits to purchase from the Company, and the Company hereby agrees to sell to such Backstop Purchaser, at the Subscription Price, any and all Unsubscribed Shares, in accordance with such Backstop Purchaser\u2019s Backstop Percentage set forth on Schedule A attached hereto (the \u201cBackstop Commitment\u201d); provided, however, that the Backstop Commitment of such Backstop Purchaser shall not exceed the amount set forth on Schedule A attached hereto. It is understood that the Unsubscribed Shares shall be allocated for the purposes of the Backstop Commitment among the Backstop Purchasers proportionally in accordance with their respective Backstop Percentage set forth on Schedule A attached hereto. The \u201cUnsubscribed Shares\u201d means a number of shares of Class A Common Stock equal to the excess, if any, of (i) the aggregate number of shares of Class A Common Stock that may be purchased pursuant to all Rights issued by the Company in connection with the Rights Offering, less (ii) the aggregate number of shares of Class A Common Stock that are purchased by the Eligible Common Stockholders in the Rights Offering pursuant to the exercise of the Subscription Rights.", "hash": "c3907d86a5467da4e891f146da836aa0", "id": 9}, {"snippet_links": [{"key": "the-investment-agreement", "type": "clause", "offset": [40, 64]}, {"key": "debt-commitment-parties", "type": "definition", "offset": [70, 93]}, {"key": "agreed-to", "type": "definition", "offset": [99, 108]}, {"key": "rights-offering-securities", "type": "definition", "offset": [127, 153]}, {"key": "eligible-holders", "type": "clause", "offset": [186, 202]}], "size": 2, "samples": [{"hash": "lEMQKMQlMYn", "uri": "/contracts/lEMQKMQlMYn#backstop-commitment", "label": "Investment Agreement (Seadrill LTD)", "score": 28.6988372803, "published": true}, {"hash": "ka6GvN9uD8A", "uri": "/contracts/ka6GvN9uD8A#backstop-commitment", "label": "Investment Agreement (North Atlantic Drilling Ltd.)", "score": 28.6988372803, "published": true}], "snippet": "Pursuant to the terms and conditions of the Investment Agreement, the Debt Commitment Parties have agreed to purchase any Debt Rights Offering Securities not subscribed for by the other Eligible Holders.", "hash": "9eea8dc08042a5d10f90f03e841a0403", "id": 10}], "next_curs": "ClwSVmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjgLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhxiYWNrc3RvcC1jb21taXRtZW50IzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"size": 173, "children": [["closing", "Closing"], ["funding-notice", "Funding Notice"], ["the-backstop-commitment", "The Backstop Commitment"], ["designation-and-assignment-rights", "Designation and Assignment Rights"], ["commitment-party-default", "Commitment Party Default"]], "title": "Backstop Commitment", "parents": [["the-rights-offering-and-backstop-commitment", "The Rights Offering and Backstop Commitment"], ["miscellaneous", "Miscellaneous"], ["backstop-commitment", "Backstop Commitment"], ["subscription-commitment", "Subscription Commitment"], ["whereas", "WHEREAS"]], "id": "backstop-commitment", "related": [["financing-commitment", "Financing Commitment", "Financing Commitment"], ["l-c-commitment", "L/C Commitment", "L/C Commitment"], ["equity-commitment", "Equity Commitment", "Equity Commitment"], ["financing-commitments", "Financing Commitments", "Financing Commitments"], ["revolving-loan-commitment", "Revolving Loan Commitment", "Revolving Loan Commitment"]], "related_snippets": [], "updated": "2026-05-14T05:57:34+00:00", "also_ask": ["What are the most effective negotiation levers when setting backstop terms?", "Which essential provisions must be included to ensure enforceability of a backstop commitment?", "What are the primary risks if the backstop party defaults or withdraws?", "How do backstop commitments differ from guarantees or letters of credit in legal effect?", "What factors do courts consider when determining if a backstop commitment is binding?"], "drafting_tip": "Specify the backstop amount and duration to ensure clarity; define triggering events to prevent disputes; outline party obligations to guarantee enforceability.", "explanation": "A Backstop Commitment clause obligates a party, often an investor or underwriter, to purchase any remaining securities or assets that are not acquired by others in a transaction. In practice, this means if a company issues new shares and existing shareholders or the public do not buy all of them, the backstop provider must buy the unsold portion, ensuring the issuer raises the intended amount of capital. This clause provides certainty and financial security to the issuer by guaranteeing full subscription or funding, thereby mitigating the risk of an unsuccessful offering or shortfall in capital."}, "json": true, "cursor": ""}}