Lender Backstop Parties definition

Lender Backstop Parties means the Holders of Credit Facility Claims party to the Backstop Agreement.
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Lender Backstop Parties means the Consenting Lenders that elected the RCF New Money Participation Treatment and have committed to participate in a portion of the Rights Offering prior to the RCF New Money Participation Deadline on the terms set forth in the Restructuring Term Sheet and the Backstop Agreement.
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Lender Backstop Parties shall receive a backstop premium (the “Backstop Premium”), paid-in-kind, of Notes equal to 10% of the aggregate amount of New Secured Notes (i.e., $50 million principal amount of New Secured Notes) multiplied by such party’s Backstop Commitment Percentage (as defined in the Backstop Agreement) as of the date hereof. The Lender Backstop Parties shall be entitled to receive approximately $1.2 million of the New Secured Notes reserved for the Backstop Premium. The Noteholder Initial Backstop Parties shall be entitled to receive approximately $48.8 million of the New Secured Notes reserved for the Backstop Premium. The Lender Backstop Parties shall receive an additional approximately 0.07% of the New Valaris Equity in exchange for their commitments as set forth in the Backstop Agreement. The Senior Notes Backstop Parties shall receive approximately 2.63% of the New Valaris Equity in exchange for their commitments as set forth in the Backstop Agreement. All Backstop Parties shall maintain their commitment under the Backstop Agreement for 10 months commencing from August 18, 2020. In connection with such commitment, the Noteholder Initial Backstop Parties received a commitment fee (the “Backstop Commitment Fee”) of $20 million, divided in accordance with each Noteholder Initial Backstop Party’s Backstop Commitment Percentage (as defined in the Backstop Agreement). On the Plan Effective Date, an amount equal to the Backstop Commitment Fee shall be lent to the Reorganized Company (as defined below) in exchange for $20 million in principal amount of New Senior Notes which shall reduce the principal amount of the New Senior Notes issued to the Noteholder Initial Backstop Parties pursuant to the Backstop Premium in an equal amount. The Company Parties shall have the option to extend the commitment from all Backstop Parties for an additional two months in exchange for an incremental fee of 2.0% of the aggregate amount of New Senior Notes, paid in cash, to the Noteholder Initial Backstop Parties and the Lender Backstop Parties in accordance with each party’s Backstop Commitment Percentage. All Backstop Parties shall be required to join the Amended Restructuring Support Agreement. For a period of at least 15 business days after the commencement of the chapter 11 cases, qualified holders of Senior Notes Claims were eligible to become Backstop Parties; provided that if holders of Senior Notes Claims (by principal amount) that were entitled to more than 23% of the Senior N...
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Examples of Lender Backstop Parties in a sentence

  • For the avoidance of doubt, the Backstop Commitment Percentages of the RCF Lender Backstop Parties in the aggregate shall be 2.427%] Exhibit A Amendment to the Backstop Agreement, dated January 22, 2021 See attached.

  • In addition to the Participation Equity associated with the Holdback Notes for which the Backstop Parties subscribe, the Lender Backstop Parties shall receive the Lender Equity Backstop Premium and the Senior Notes Backstop Parties shall receive the Senior Notes Equity Backstop Premium in exchange for their commitments as set forth in the Backstop Agreement.

  • The Lender Backstop Parties that were signatories to the Backstop Agreement shall receive the Lender PIK Notes Backstop Premium on the Effective Date.

  • By: /s/ D▇▇▇▇ ▇▇▇▇▇▇▇ Name: D▇▇▇▇ ▇▇▇▇▇▇▇ Title: Authorized Signatory By: /s/ D▇▇▇▇ ▇▇▇▇▇▇▇ Name: D▇▇▇▇ ▇▇▇▇▇▇▇ Title: Authorized Signatory [To be updated to reflect the addition of the RCF Lender Backstop Parties on the date hereof in a manner consistent with the Plan and Restructuring Support Agreement.