Backstop Payment definition
Examples of Backstop Payment in a sentence
It is hereby agreed that the relative benefits to the Indemnifying Party on the one hand and all Indemnified Persons on the other hand shall be deemed to be in the same proportion as (i) the total value received or proposed to be received by the Company pursuant to the sale of Notes contemplated by this Commitment Agreement bears to (ii) the payments made or proposed to be made (including the Backstop Payment and the Termination Payment) to the Investors in connection with such sale.
If as of the Effective Date the Backstop Commitment Agreement has not been terminated, the Backstop Payment shall be paid on the Effective Date in an amount equal to the greater of (x) $15 million (payable in cash) and (y) 6% of the Amount (50% paid in cash and 50% in the form of Common Shares, based on the Conversion Price).
The cash portion of the Backstop Payment will be made by wire transfer of immediately available funds on the Effective Date.
The Backstop Payment will be payable whether or not there are any Unsubscribed Notes and will be fully earned and nonrefundable when paid on the Effective Date; provided, however, that in no event shall the Investors receive both the Backstop Payment and the Termination Payment.
To the extent the Contractor receives a Vaccination Backstop Payment and Contractor is later able to receive payment from the individual’s health insurer or COVID-19 Uninsured Program Portal, Contractor shall return the Vaccination Backstop Payment to DPH within 30 days, either by directly returning payment or by reducing the amount billed to DPH on the next invoice.
The percentage of the Backstop Payment allocated to each Investor is as set forth on Schedule 1(h) hereto.
The Interim Backstop Payment shall be made no later than the third Business Day following the Six Month Anniversary Date (the "Interim Closing") by wire transfer of immediately available funds to an account or accounts designated in writing by the Investor prior to the Interim Closing.
For illustrative purposes, if the Customer pays the LTSA fee to the Company on a quarterly basis (i.e. four (4) times per year), then the pro-rata quarterly LD Backstop Payment from Company to Distributor would be $7.50/kW/quarter.
Fifty percent of the aggregate Backstop Payment shall be payable in cash and fifty percent of the aggregate Backstop Payment shall be payable in Common Shares based upon the Conversion Price; provided, however, that an Investor may elect to receive the full amount of its Backstop Payment in Common Shares by notice delivered to the Company in accordance with Section 13 not later than the Escrow Date.
If such calculation would otherwise exceed the Maximum Payment Obligation, then the Interim Backstop Payment and/or Aggregate Buyback Amount will be appropriately reduced.