Backstop definition

Backstop means a barrier that stops or redirects bullets fired on a shooting range, usually directly behind the target line.

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Backstop means an unobstructed earthen mound or bank at least eight feet in height which must stop the progress of and contain all projectiles, fragments, and ricochets in a safe manner.

Backstop means the obligations of the Backstop Provider pursuant to the Forward Purchase Agreement to purchase, upon the terms and subject to the conditions thereof, newly issued shares of FPAC Class A Common Stock at $9.50 per share for an aggregate purchase price equal to the number of Public Shares in excess of 20,000,000 shares redeemed multiplied by $10.00.

Examples of Backstop in a sentence

No Takeover Statute is applicable to this Agreement, the Backstop Commitment and the other transactions contemplated by this Agreement.
This Agreement is intended to create a contractual relationship between the Backstop Investor, on the one hand, and the Company, on the other hand, and is not intended to create, and does not create, any agency, partnership, joint venture or any like relationship between the parties.
The Backstop Investor has had the opportunity to consult its own advisors, including financial and tax advisors, regarding this Agreement or the arrangements contemplated hereunder and the Backstop Investor hereby acknowledges that neither the Company nor any representative or affiliate of the Company has provided or will provide the Backstop Investor with any financial, tax or other advice relating to this Agreement or the arrangements contemplated hereunder.
Notwithstanding anything in this Agreement to the contrary, the Backstop Investor agrees that the Company shall have the right to publicly disclose the nature of the Backstop Investor’s commitments, arrangements and understandings under and relating to this Agreement in any filing by the Company with the SEC.
Notwithstanding the foregoing, the Backstop Investor may transfer its rights, interests and obligations hereunder to one or more investment funds or accounts managed or advised by the Backstop Investor (or a related party or affiliate) and to the extent such transferee is not a party to this Agreement, such transferee shall agree to be bound by the terms hereof prior to any such transfer being effectuated.

More Definitions of Backstop

Backstop means the NBOKS commitment, subject to the availability of capital it has committed to all special purpose acquisition companies sponsored by CC Capital and NBOKS on a first come first serve basis, to allocate up to an aggregate of $300,000,000 to subscribe for shares of Class A Common Stock at $10.00 per share in connection with the Business Combination, which subscription amount shall not exceed the number of shares of CCNB1 subject to Redemption, pursuant to the terms and subject to the conditions of the Backstop Agreement.

Backstop means the issuance of a standby letter of credit, in form and substance satisfactory to the Administrative Agent, issued by an issuer satisfactory to the Administrative Agent, in an amount equal to 103% of the stated amount of all outstanding Letters of Credit. “Backstopped” has a correlative meaning. Nothing in this definition shall be deemed a consent by the Administrative Agent or the Lenders to the incurrence by Borrower of Obligations (contingent or otherwise) with respect to any such letter of credit unless such Obligations constitute Debt permitted under Section 6.01 and, if secured, such Obligations are secured by Liens permitted under Section 6.02. SECOND AMENDED AND RESTATED ABL CREDIT AGREEMENT

Backstop means the financing committed by the Company Equityholder, up to an aggregate amount of $100,000,000, pursuant to the Business Combination Agreement, whereby, to the extent that any Class A Ordinary Shares are properly redeemed at the General Meeting, H-D shall cause the Company Equityholder to

Backstop means, collectively, the Initial Backstop and the Additional Backstop;

Backstop means the Total Standby Commitment Amount, and

Backstop means a commitment of the Backstop Parties to backstop the New Money Rights Offering, as set forth in the Term Sheet, subject to definitive documentation and acceptable to the Participating Noteholders in their sole and absolute discretion. The terms of the Backstop shall be negotiated in good faith among the Companies and the Backstop Parties, and which, if accepted by the Companies and the Participating Noteholders, shall be appended to, and made part of, this Agreement.

Backstop means the affecting of sales or purchases by Lodi which offset the physical flow of Customers’ nominations in the event of a potential or actual curtailment of service at Lodi’s sole discretion.