Lease Backstop definition
Lease Backstop means an obligation of Buyer to remit to Seller all amounts that Seller becomes liable to pay following the Closing Date under the Modified Headend Lease by reason of an inability, in connection with the transfer of the Modified Headend Lease to Buyer, to remove Seller as a party to or a guarantor of the obligations under the Modified Headend Lease, provided that such amount shall not exceed $85,000.
Examples of Lease Backstop in a sentence
Without limiting the generality of the foregoing, following the Closing Buyer will (i) promptly send and remit to Seller, in the same form received by Buyer, all payments Buyer receives with respect to the Excluded Accounts Receivable; and (ii) promptly pay all Lease Backstop obligations.