Backstop Commitments definition

Backstop Commitments means the commitments, on the terms set forth in the Backstop Agreement, of the Backstop Parties thereto to backstop the Rights Offering and in an amount equal to the amount of the New Secured Notes, in the aggregate.

Backstop Commitments means the commitments, on the terms set forth in the Backstop Commitment Agreement, of the Commitment Parties to backstop the Equity Rights Offering.

Backstop Commitments means “Aggregate Backstop Commitments” as defined in the Backstop Commitment Letters.

Examples of Backstop Commitments in a sentence

• The issuance of Reorganized Parent Participating Preferred Stock to the Commitment Parties in respect of the Backstop Commitments will be exempt from the registration requirements of the securities laws pursuant to Section 4(a)(2) and/or Regulation D of the Securities Act, or another available exemption from registration.

• The Commitment Parties and the Debtors will enter into an agreement setting forth the terms and conditions of the Backstop Commitments described above (the “Backstop Commitment Agreement”), in form and substance reasonably acceptable to the Requisite Commitment Parties and the Debtors.

• A put option premium in an amount equal to 6.00% of the principal amount of the Backstop Commitments shall be paid in additional DIP Term Loans to the Backstop Parties on the Initial Draw Date, ratably based on their respective Backstop Commitments on the Initial Draw Date.

• Closing Fee: 4.00% of the principal amount of the DIP Term Facility shall be paid in additional DIP Term Loans to the Backstop Parties on the Initial Draw Date, ratably based on their respective Backstop Commitments on the Initial Draw Date, which Closing Fee shall be shared with the other Term Lenders pursuant to the Syndication Procedures.

• Several Obligations The Investors’ respective Backstop Commitments and obligations under the Backstop Agreement shall be several obligations and neither joint nor joint and several obligations and, unless otherwise expressly agreed in writing by an Investor, no Investor shall have any liability for any obligation of another Investor.

More Definitions of Backstop Commitments

Backstop Commitments means the Backstop Commitments of all of the Backstop Parties collectively.

Backstop Commitments means the $256.3 million in aggregate backstop equity commitments provided pursuant to the Plan Sponsor Backstop Commitment Agreement and the Noteholder Backstop Commitment Agreement.

Backstop Commitments means, collectively, the commitments of the Commitment Parties pursuant to the Rights Offering Backstop Commitment Agreement.

Backstop Commitments has the meaning set forth in the Backstop Commitment Agreement.

Backstop Commitments means the Investors’ commitments to backstop the Rights Offering on the terms and conditions set forth in the Backstop Agreement.

Backstop Commitments means, with respect to any Backstop Commitment Party, the right, on the terms and conditions set forth in the Backstop and Equity Commitment Documents, of the Debtors to require such Backstop Commitment Party to (a) purchase the Unsubscribed Shares (which, for the avoidance of doubt, shall result in an aggregate purchase price for all Rights Offering Shares equal to the Aggregate Rights Offering Amount), (b) solely in the event that the Non-Ascent Restructuring Toggle occurs, purchase the Ascent Default Shares for an aggregate purchase price equal to the Ascent Default Amount, and (c) solely in the event that the Non-Ascent Restructuring Toggle does not occur and the Net Cash Amount is less than $23 million (but not less than $20 million), purchase the Net Cash Shortfall Shares for an aggregate purchase price equal to the Net Cash Shortfall Amount, in each case, in a proportion based on the Backstop Commitment Percentage of such Backstop Commitment Party.

Backstop Commitments means, with respect to any Backstop Party, the commitment, on the terms set forth in the Commitment Letter and in the Backstop Unit Purchase Agreement, of such Backstop Party to fund a portion of the Rights Offering Amount to the extent that the Rights Offering is not fully subscribed pursuant to the Plan. The Backstop Commitments of the Backstop Parties are several, not joint, obligations of the Backstop Parties, such that no Backstop Party shall be liable or otherwise responsible for the Backstop Commitment of any other Backstop Party.