Backstop Percentage definition

Backstop Percentage means the percentage set forth opposite the name of such Preferred Backstop Investor under the heading “Backstop Percentage” on Schedule I hereto (as such Schedule I may be updated pursuant to Section 10.9 hereof and/or to reflect the increase or deduction of Backstop Commitments or Default Shares acquired or disposed of pursuant to the last paragraph of Section 8(a) and Section 8(b)(i) and/or to reflect the removal of a potential Preferred Backstop Investor pursuant to the definition of Preferred Backstop Investor).

Backstop Percentage means the percentage initially equal to the principal amount of First Lien Notes designated by a Preferred Backstop Investor in writing to KKWC (which amount may not exceed the amount Held by such Preferred Backstop Investor on January 12, 2015) divided by the aggregate principal amount of First Lien Notes designated by all Preferred Backstop Investors. Such Backstop Percentage shall be set forth opposite the name of such Preferred Backstop Investor under the heading “Backstop Percentage” on Schedule I hereto (as such Schedule I may be updated pursuant to Section 10.9 hereof and/or to reflect the increase or deduction of Backstop Commitments or Default Shares acquired or disposed of pursuant to the last paragraph of Section 8(a) and Section 8(b)(i) and/or to reflect the removal of a potential Preferred Backstop Investor pursuant to the definition of Preferred Backstop Investor). Schedule I hereto shall not be available to the Preferred Backstop Investors, but each Preferred Backstop Investor shall be entitled to obtain its Backstop Percentage as soon as reasonably practicable after receipt of written request by KKWC.1

Backstop Percentage means the applicable percentage set forth in Schedule 2 to the Backstop Commitment Letter.

Examples of Backstop Percentage in a sentence

• This Agreement may be terminated by the mutual written consent of CEOC and the Preferred Backstop Investors representing more than 75% of the aggregate Backstop Percentage.

• The Company shall have the right, exercisable in its sole discretion, to require the Backstopper or an Affiliate thereof, if designated by the Backstopper, to deliver to the Company at Closing an amount equal to the Backstop Percentage multiplied by the Required Backstop Amount, by delivering written notice of the decision to exercise such right to the Backstopper no less than three (3) Business Days prior to the Closing.

• Each Preferred Backstop Investor shall have the right to purchase its pro rata share of such amount, based on its Backstop Percentage and to the extent any Preferred Backstop Investor elects to not purchase its pro rata share, such share(s) shall be made available to the Preferred Backstop Investors that are purchasing their pro rata share.

• To the extent the Defaulting Preferred Backstop Investor had agreed to purchase more than its Backstop Percentage of the PropCo Preferred Equity Upsize Shares or the Available Put Shares, such shares may be reallocated to Non-Defaulting Preferred Backstop Investors who have agreed to purchase less than their respective Backstop Percentages of such shares up to their respective Backstop Percentages, in each case in proportion to their respective Backstop Percentages.

• Each Equity Backstop Party, severally (in accordance with its Equity Backstop Percentage) and not jointly, represents and warrants as to itself only (unless otherwise set forth herein, as of the date of this Agreement and as of the Closing Date) as set forth below.

More Definitions of Backstop Percentage

Backstop Percentage means, with respect to a Backstop Party, the figure expressed as a percentage, calculated by dividing: (a) such Backstop Party’s Backstop Commitment; by (b) the Aggregate Commitment Amount. Such percentages are set forth opposite each Backstop Party’s name in Schedule 1 attached hereto.

Backstop Percentage means, with respect to each Backstopper, its Backstop Commitment divided by the aggregate Backstop Commitments of all Backstoppers.

Backstop Percentage means the percentage set forth opposite the name of such Preferred Backstop Investor under the heading “Backstop Percentage” on Schedule I hereto (as such Schedule I may be updated pursuant to Section 10.8 hereof).

Backstop Percentage means, with respect to each Backstop Party, the percentages set forth opposite each Backstop Party’s name in Schedule 2 attached hereto.

Backstop Percentage means the percentage initially equal to the amount of Senior Secured Bonds designated by a Preferred Backstop Investor in writing to KKWC (which amount may not exceed the amount Held by such Preferred Backstop Investor on January 12, 2015) divided by the aggregate amount of Senior Secured Bonds designated by all Preferred Backstop

Backstop Percentage means, with respect to any Consenting Noteholder, the quotient, expressed as a percentage, of (x) the aggregate principal amount of Notes that such Consenting Noteholder tenders in the Unsecured Exchange (without giving effect to Section 8 of this Amended Agreement), divided by (y) the aggregate principal amount of all Notes that all Consenting Noteholders tender in the Unsecured Exchange (without giving effect to Section 8 of this Amended Agreement).

Backstop Percentage means the percentage set forth for each Backstop Party on Annex I.