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The Standby Purchaser shall pay the purchase price for the Exchangeable Note to FLMHC by a wire transfer of immediately available funds as and when Advances (as defined in the Exchangeable Note) are requested in accordance with the terms thereof, to an account designated by FLMHC.\n(b) Subject to the terms, conditions and limitations of this Agreement and to the availability of Shares after purchases made in the Subscription Offering, the Standby Purchaser agrees to purchase from the Company in the Community Offering, at the Subscription Price, the greater of (i) such number of Shares as shall result in the sale of Shares in the Offering equal to the number of Shares at the Minimum of the Valuation Range, or (ii) at least the lesser of: (A) 2,800,000 Shares (including any Shares issued as a result of the exchange of the Exchangeable Note), or (B) such number of Shares, that when added to (x) any Shares for which subscriptions have been accepted in the Subscription Offering, plus (y) any Shares for which orders have been accepted in the Community Offering from other than the Standby Purchaser, shall equal the number of Shares at the Maximum of the Valuation Range in the Offering. With the consent of the Company, the Standby Purchaser may purchase such additional Shares above the maximum number of Shares offered in the Offering as shall result in the Standby Investor owning 2,800,000 Shares (the number of Shares purchased by the Standby Purchaser are referred to herein as the \u201cPurchased Shares\u201d).\n(c) Payment of the purchase price for the Purchased Shares shall be made by the Standby Purchaser, on the Closing Date, against delivery of certificates or a book entry statement evidencing the Purchased Shares, in United States dollars by means of a wire transfer of immediately available funds to the escrow account for the Offerings.", "snippet_links": [{"key": "date-of", "type": "clause", "offset": [11, 18]}, {"key": "filing-of-the-registration-statement", "type": "clause", "offset": [23, 59]}, {"key": "issue-to", "type": "definition", "offset": [157, 165]}, {"key": "exchangeable-note", "type": "definition", "offset": [193, 210]}, {"key": "deliver-to", 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Subject to the terms and conditions of this Agreement, each Standby Purchaser affirms its agreement to purchase its Percentage of the Backstop Commitment Amount.", "snippet_links": [{"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [15, 53]}, {"key": "to-the-extent", "type": "clause", "offset": [62, 75]}, {"key": "unsubscribed-shares", "type": "definition", "offset": [76, 95]}, {"key": "by-the-company", "type": "clause", "offset": [114, 128]}, {"key": "pursuant-to-the", "type": "clause", "offset": [144, 159]}, {"key": "exercise-of-rights", "type": "definition", "offset": [160, 178]}, {"key": "the-rights-offering", "type": "clause", "offset": [182, 201]}, {"key": "standby-purchasers", "type": "definition", "offset": [215, 233]}, {"key": "agrees-to", "type": "clause", "offset": [241, 250]}, {"key": "from-the-company", "type": "clause", "offset": [260, 276]}, {"key": "the-company-hereby", "type": "clause", "offset": [282, 300]}, {"key": "to-sell", "type": 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by the Standby Purchaser in the Rights Offering pursuant to its Basic Subscription Privilege.\n(ii) The Standby Purchaser and the Company hereby agree that it is the intent of both parties that the Standby Purchaser, by virtue of acting hereunder, shall not be deemed an \u201cunderwriter\u201d within the definition of Section 2(a)(11) of the Securities Act or deemed to be engaged in broker-dealer activity requiring registration under Section 15 of the Exchange Act, and the Standby Purchaser and Company shall in the fulfillment of their obligations hereunder act in accordance with this mutual understanding.", "snippet_links": [{"key": "to-the-extent", "type": "clause", "offset": [11, 24]}, {"key": "unsubscribed-shares", "type": "definition", "offset": [25, 44]}, {"key": "by-the-company", "type": "clause", "offset": [63, 77]}, {"key": "other-stockholders", "type": "definition", "offset": [80, 98]}, {"key": "pursuant-to-the", "type": "clause", "offset": [99, 114]}, {"key": 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following the expiration of the Rights Offering, the Standby Purchaser hereby agrees to purchase from the Company all of the Unsubscribed Shares at the Subscription Price (the \u201cCommitment Amount\u201d), subject to each party\u2019s right to terminate this Agreement in accordance with Section 1(d) of this Agreement.", "snippet_links": [{"key": "to-the-extent", "type": "clause", "offset": [7, 20]}, {"key": "unsubscribed-shares", "type": "definition", "offset": [31, 50]}, {"key": "following-the", "type": "definition", "offset": [51, 64]}, {"key": "the-rights-offering", "type": "clause", "offset": [79, 98]}, {"key": "standby-purchaser", "type": "definition", "offset": [104, 121]}, {"key": "agrees-to", "type": "clause", "offset": [129, 138]}, {"key": "from-the-company", "type": "clause", "offset": [148, 164]}, {"key": "subscription-price", "type": "definition", "offset": [203, 221]}, {"key": "commitment-amount", "type": "definition", "offset": [228, 245]}, {"key": "subject-to", "type": "definition", "offset": [249, 259]}, {"key": "each-party", "type": "clause", "offset": [260, 270]}, {"key": "right-to-terminate-this-agreement", "type": "clause", "offset": [273, 306]}, {"key": "in-accordance-with", "type": "definition", "offset": [307, 325]}], "size": 3, "samples": [{"hash": "dPMnwxLjO86", "uri": "/contracts/dPMnwxLjO86#standby-purchase-commitment", "label": "Standby Purchase Agreement (SWK Holdings Corp)", "score": 23.6762491444, "published": true}, {"hash": "7dZMYgj0fvj", "uri": "/contracts/7dZMYgj0fvj#standby-purchase-commitment", "label": "Standby Purchase Agreement (SWK Holdings Corp)", "score": 23.1177275838, "published": true}], "hash": "624149ff8ad3392eec46efd921074a22", "id": 9}, {"snippet": "Section 2(b) of the Standby Agreement is amended to add the following sentence at the end of Section 2(b): \u201cShares acquired by the Standby Purchaser upon the conversion of the Exchangeable Note shall count towards the number of Shares that the Standby Purchaser is required or may purchase under this Section 2.\u201d", "snippet_links": [{"key": "standby-agreement", "type": "definition", "offset": [20, 37]}, {"key": "add-the-following", "type": "clause", "offset": [52, 69]}, {"key": "end-of-section", "type": "clause", "offset": [86, 100]}, {"key": "shares-acquired", "type": "clause", "offset": [108, 123]}, {"key": "by-the-standby-purchaser", "type": "clause", "offset": [124, 148]}, {"key": "conversion-of", "type": "clause", "offset": [158, 171]}, {"key": "exchangeable-note", "type": "definition", "offset": [176, 193]}, {"key": "number-of-shares", "type": "clause", "offset": [218, 234]}, {"key": "this-section-2", "type": "clause", "offset": [296, 310]}], "size": 3, "samples": [{"hash": "dBBz1d0brb3", "uri": "/contracts/dBBz1d0brb3#standby-purchase-commitment", "label": "Standby Stock Purchase Agreement (Positive Physicians Holdings,inc.)", "score": 28.0568104038, "published": true}, {"hash": "6TpoyjSAXX1", "uri": 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["allocation-of-unsubscribed-shares", "Allocation of Unsubscribed Shares"], ["deliveries-at-closing", "Deliveries at Closing"]], "id": "standby-purchase-commitment", "related": [["purchase-commitment", "Purchase Commitment", "Purchase Commitment"], ["purchase-commitments", "Purchase Commitments", "Purchase Commitments"], ["the-letter-of-credit-commitment", "The Letter of Credit Commitment", "The Letter of Credit Commitment"], ["issuance-of-commitment-shares", "Issuance of Commitment Shares", "Issuance of Commitment Shares"], ["default-exceeding-10-of-firm-units-or-option-units", "Default Exceeding 10% of Firm Units or Option Units", "Default Exceeding 10% of Firm Units or Option Units"]], "related_snippets": [], "updated": "2025-07-07T12:37:39+00:00", "also_ask": ["What negotiation leverage does a standby purchase commitment provide to each party?", "Which essential terms must be included to ensure enforceability of the commitment?", "What are the most significant risks or pitfalls in drafting this clause?", "How does this clause compare to firm commitment and best efforts purchase agreements?", "What factors do courts consider when determining if a standby purchase commitment is binding?"], "drafting_tip": "Specify purchase conditions and triggers to prevent disputes; define parties' obligations to ensure enforceability; set clear timelines to avoid uncertainty.", "explanation": "A standby purchase commitment is a contractual provision in which a party, often an underwriter or investor, agrees to purchase securities or assets that remain unsold after an initial offering. In practice, this means that if the issuer is unable to sell all of the offered shares or bonds to the public, the standby purchaser will buy the remaining amount, ensuring the issuer receives the intended capital. This clause provides assurance to the issuer that the offering will be fully subscribed, thereby reducing the risk of insufficient funding."}, "json": true, "cursor": ""}}