Examples of Business Interruption Fee in a sentence
Understanding that Aladdin Solutions and Aladdin Merger Sub were acquisition vehicles with limited assets, ADS secured a commitment from BCP V to ensure that the Business Interruption Fee would be paid if Aladdin committed a breach.Stated summarily, the Merger Agreement is clear about those limited instances when Aladdin was on the hook for Blackstone’s conduct.
ADS has sued Aladdin and BCP V, seeking to require them to pay the Business Interruption Fee.
In conjunction with the Merger, BCP V entered into the Limited Guarantee, under which it promised ADS that it would guarantee Aladdin’s payment of the $170 million Business Interruption Fee, as well as up to $3 million in ADS costs related to financing and debt tender offers.
ADS brought this suit alleging that Aladdin breached its obligations under the Merger Agreement by failing to reach an accord with the OCC, and that the Business Interruption Fee is due and owing.
Subject only to Sections 7.02(c)(ii) and (iii) below, neither Parent nor Merger Sub shall have any liability under this Agreement other than the payment of the Business Interruption Fee in the circumstances required by Section 7.02(c)(i).
The Business Interruption Fee shall be paid by wire transfer of immediately available funds to an account specified by the Company in writing to Parent on the second Business Day following termination of this Agreement by the Company.
Such amount shall be credited to the payment of the Business Interruption Fee by Parent Group to the Company.
For the avoidance of doubt, in no event shall Parent be obligated to pay, or cause to paid, the Business Interruption Fee on more than one occasion.
Contemporaneously with such termination, the Company shall be entitled to immediately draw (without any further action on the part of Parent Group) upon the Letter of Credit or the Substitute Letter of Credit, as the case may be, in an amount equal to the Business Interruption Fee.
Blackstone Capital Partners V L.P. (“BCP V”) provided a limited guarantee pursuant to which, among other things, BCP V guarantees payment of the Business Interruption Fee and up to $3.0 million of other amounts for which the Blackstone Entities are liable under the Merger Agreement.