Hi Names
I think you need to understand how a Shortfsll underwriting agreement works. The underwriter applies for the underwritten amount on the amount of shortfall. This amount is not known till close. Read page 7 of the Prospectus under the FAQ section to better understanding the process.
The wording in Section 1 that you refer to I agree is a little ambiguous - but you need to apply this against how shortfall underwriting agreements work. You are better off thinking almost backwards - in that the underwriter is on the hook for subscriptions up to $7m (ie. $11m less the underwriting amount of $4). Their commitMent to apply for shortfall shares is reduced for every application over $4m less than the total CR.
I think Page 7 gives you the best language to understand shortfall underwrites. Hope this makes sense to you.
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