Block Account Agreement Without Backstop
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How to fill out Blocked Account Agreement?
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FAQ
: something or someone that provides dependable support or protection against failure or loss.
A backstop is a financial arrangement that creates a secondary source of funds in case the primary source is not enough to meet current needs. It can also be thought of as an insurance policy that covers the inadequacy of a source of funds.
Backstop Letter of Credit means an unconditional irrevocable letter of credit from a Seller in a form reasonably acceptable to Buyer, with a face amount equal to (a) the aggregate purchase price payable to the applicable Seller under Section 2.2, multiplied by (b) 0.175, in each case, from a United States bank with ...
Related Content. A term used in the financial industry to mean credit support or backup funds for a financial instrument or transaction. For example, bank revolving credit loans are often obtained to backstop commercial paper in the event that the commercial paper issuer defaults on its payments.
A backstop or back-to-back equity commitment letter commonly used in connection with a private equity club deal buyout. This letter agreement sets out the terms and conditions by which a private equity or other investor commits to satisfy a portion of the sponsor's equity financing commitment.