The Rights Offering and Backstop Commitment Clause Samples

The Rights Offering and Backstop Commitment. The Rights Offering (a) The Company will commence, administer and consummate the Rights Offering in accordance with the RSA. The Rights Offering shall be conducted and consummated by and among the Company and the purchasers thereof on the terms, subject to the conditions and limitations and in accordance with the procedures set forth herein and in the RSA. (b) Subject to the Company’s compliance with the terms hereof, the Backstop Provider hereby agrees to subscribe for its portion of Rights Offering Units offered pursuant to the Rights Offering as calculated in accordance with the RSA and Definitive Documentation (the “Subscription Purchase”). (c) On or before October 28, 2015 (the “Subscription Expiration Date”), the Company shall notify the Backstop Provider in writing (the “Subscription Purchase Notice”) as to the amount of its Subscription Purchase. The Backstop Provider hereby agrees to take all action and execute and deliver all documents required to execute its Subscription Purchase and exercise all its obligations pursuant to the Rights Offering through the Payment Date (as defined below).