Backstop Commitment Amount definition

Backstop Commitment Amount has the meaning set forth in Section 6(d) hereof.

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Backstop Commitment Amount means the aggregate purchase price of the Offered Shares required to be purchased by the Plan Sponsor on the Closing Date or Payment Date (as applicable), calculated as follows: (a) the Aggregate Offering Amount minus (b) (A) the product of (x) the total number of Offered Shares purchased in the Follow-on Equity Raise by Persons other than the Plan Sponsor multiplied by (y) the Subscription Price, minus (B) expenses incurred by the Company in connection with the offering of the Offered Shares; provided , if the difference of clause (a) minus clause (b) exceeds $10 million, then the Backstop Commitment Amount shall be $10 million. Notwithstanding the foregoing sentence, in the event of a Private Placement pursuant to Section 2.3(c), the Backstop Commitment Amount shall be equal to $10 million (which, for the avoidance of doubt, is the maximum aggregate purchase price of the Private Placement Shares required to be purchased by the Plan Sponsor on the Payment Date at the Private Placement Price per Share).

Backstop Commitment Amount means, with respect to any Backstop Provider, the sum of the Backstop Pro Rata Amount plus the Backstop Oversubscription Amount for such Backstop Provider as set forth opposite the name of such Backstop Provider under the heading “Backstop Commitment Amount” in “Column D” on Schedule 1 hereto, as such amount may be modified from time to time in accordance with the terms hereof.

Examples of Backstop Commitment Amount in a sentence

Subject to the terms and conditions of this Agreement, each Standby Purchaser affirms its agreement to purchase its Percentage of the Backstop Commitment Amount.
ERO New Common Stock Allocation Any ERO New Common Stock not acquired during the ERO Preemptive Rights Offering Period shall be subscribed and purchased at a price equal to the Subscription Price on the Effective Date by the ERO New Common Stock Backstop Parties (up to the Commitment Creditors ERO New Common Stock Backstop Commitment Amount).
For purposes of this Agreement, (1) “Remaining Backstop Commitment” means, with respect to each Investor, such Investor’s Backstop Commitment Amount set forth on Exhibit A minus its Rights Offering Notes subscribed to pursuant to the Rights Offering in accordance with Section 1(a) and (2) “Remaining Commitment Percentage” means with respect to each Investor, such Investor’s Remaining Backstop Commitment as a percentage of the total Remaining Backstop Commitment of all Investors.
For the avoidance of doubt, the Backstop Shareholders shall participate at a minimum up to their Backstop Shareholders ERO New Common Stock Backstop Commitment Amount (subject to the Backstop Shareholders Cap).
At least one (1) Business Day prior to the Closing Date, each Backstop Commitment Party agrees to transfer its respective expected Backstop Commitment Amount by wire transfer of immediately available funds pursuant to instructions in the Escrow Agreement, which amount shall be held by the Escrow Agent in an escrow fund, subject to the terms of the Escrow Agreement and this Agreement.

More Definitions of Backstop Commitment Amount

Backstop Commitment Amount means $3,000,000.

Backstop Commitment Amount means the aggregate purchase price of the Offered Shares required to be purchased by the Plan Sponsor on the Closing Date or Payment Date (as applicable), calculated as follows: (a) the Aggregate Offering Amount minus (b) (A) the product of (x) the total number of Offered Shares purchased in the Follow-on Equity Raise by Persons other than the Plan Sponsor multiplied by (y) the Subscription Price, minus (B) expenses incurred by the Company in connection with the offering of the Offered Shares; provided, if the difference of clause (a) minus clause (b) exceeds $10 million, then the Backstop Commitment Amount shall be $10 million. Notwithstanding the foregoing sentence, in the event of a Private Placement pursuant to Section 2.3(c), the Backstop Commitment Amount shall be equal to $10 million (which, for the avoidance of doubt, is the maximum aggregate purchase price of the Private Placement Shares required to be purchased by the Plan Sponsor on the Payment Date at the Private Placement Price per Share).

Backstop Commitment Amount has the meaning specified in the Recitals.

Backstop Commitment Amount means (i) in respect of each Additional Backstop Party, its Primary Backstop Commitment Amount, and (ii) in respect of each Initial Backstop Party, its Primary Backstop Commitment Amount and its Secondary Backstop Commitment Amount;

Backstop Commitment Amount means the Rights Offering Shares backstopped by each Backstop Commitment Party pursuant to the Rights Offering Commitment Agreement, which such Backstop Commitment Party is required to subscribe for as shall be notified to the Backstop Commitment Parties in accordance with the Rights Offering Commitment Agreement.

Backstop Commitment Amount means, with respect to any Backstop Party, the amount set forth opposite such Backstop Party’s name under the column titled “Backstop Commitment Amount” on Schedule 1 (as it may be amended, supplemented or otherwise modified from time to time in accordance with this Commitment Agreement), which equals (x) the amount set forth opposite such Backstop Party’s name under the column titled “Aggregate Commitment Amount” on Schedule 1 (as it may be amended, supplemented or otherwise modified from time to time in accordance with this Commitment Agreement) minus (y) such Backstop Party’s Primary Notes, as set forth opposite such Backstop Party’s name under the column titled “Primary Notes” on Schedule 1 (as it may be amended, supplemented or otherwise modified from time to time in accordance with this Commitment Agreement).

Backstop Commitment Amount means, with respect to any Backstop Party, an aggregate principal amount of New First Lien Notes equal to the product of (a) the Unsubscribed Notes multiplied by (b) such Backstop Party’s Backstop Commitment Percentage, rounded among the Backstop Parties solely to (x) avoid fractional notes and (y) comply with the minimum denominations described in the Exchange and Offering Documents, as the Backstop Parties may determine in their sole discretion.