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.

  • The Senior Notes Backstop Parties who previously would have received an additional 2.70% of the New Valaris Equity in exchange for their commitments as set forth in the Backstop Agreement will instead receive 2.634%, with the remaining 0.066% reserved for the Lender Backstop Parties.

  • The Senior Notes Backstop Parties will have the exclusive right and obligation to participate in 97.6% of the Holdback, and the Lender Backstop Parties will have the exclusive right and obligation to participate in 2.4% of the Holdback.

  • 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 Senior Notes Backstop Parties who previously would have received $50 million in New Secured Notes for the Backstop Premium under the Third Amended Plan, will instead receive $48.786 million in New Secured Notes, with the remaining $1.214 million reserved for the Lender Backstop Parties.

  • Besides unreacted CaS and the CaCO3, there is CaSO4 formed at 800 oC according to the XRD pattern, indicating the occurrence of Reaction (2).

  • By: /s/ Dxxxx Xxxxxxx Name: Dxxxx Xxxxxxx Title: Authorized Signatory By: /s/ Dxxxx Xxxxxxx Name: Dxxxx Xxxxxxx 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.

Related to Lender Backstop Parties

  • Backstop Parties means those parties that agree to backstop the Rights Offering pursuant to the Backstop Commitment Letter, each in its respective capacity as such.

  • Commitment Parties means the “Commitment Parties” as defined in the Commitment Letter.

  • Backstop Commitment Agreement means that certain Backstop Commitment Agreement, by and between CEOC and the PropCo Preferred Backstop Investors party thereto from time to time, as the same may be amended, amended and restated, supplemented, or otherwise modified from time to time in accordance with its terms, the form of which shall be included in the Plan Supplement.

  • Initial Lenders has the meaning specified in the recital of parties to this Agreement.

  • Backstop Commitment has the meaning set forth in Section 2.2(b).

  • DIP Lenders has the meaning assigned to such term in Section 2.05(b).

  • Investor Parties has the meaning set forth in the Preamble.

  • Second Lien Lenders means the “Lenders” under and as defined in the Second Lien Credit Agreement.

  • Bank Parties means Administrative Agent and the Banks.

  • Bank Lenders means the banks and financial institutions party to the Bank Credit Agreement.

  • Original Lenders shall have the meaning assigned to such term in the recitals.

  • DIP Lender means a lender under the DIP Facility.

  • Backstop Agreement has the meaning set forth in the recitals to this Agreement.

  • Prepetition Lenders means the Persons identified as "Lenders" under the Prepetition Credit Agreement, in their capacities as lenders under the Prepetition Credit Agreement, together with their successors and permitted assigns.

  • Lender Parties means, collectively, the Administrative Agent, the Lenders, the Issuing Bank, the Specified Derivatives Providers, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 12.7, any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns.

  • Exit Facility Lenders means each of the lenders under the Exit Facility Credit Agreement, solely in their respective capacities as such.

  • New Lenders has the meaning set forth in Section 2.16(c).

  • Term Loan Secured Parties means the “Secured Parties” as defined in the Term Loan Credit Agreement.

  • Consenting Lenders has the meaning specified in Section 2.13(b).

  • Existing Lenders as defined in the recitals hereto.

  • Lenders means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

  • Co-Lender Agreement With respect to any Loan Combination, the co-lender agreement, intercreditor agreement, agreement among noteholders or similar agreement, dated as of the date set forth in the Loan Combination Table under the column heading “Date of Co-Lender Agreement” and governing the relative rights of the holders of the related Mortgage Loan and Companion Loan(s), as the same may be amended, restated or otherwise modified from time to time in accordance with the terms thereof. A Co-Lender Agreement exists with respect to each Loan Combination as of the Closing Date.

  • Incremental Lenders has the meaning set forth in Section 2.14(c).

  • Majority Revolving Credit Facility Lenders the Majority Facility Lenders in respect of the Revolving Credit Facility.

  • Term Loan Lenders means the lenders from time to time party to the Term Loan Agreement.

  • Majority Investors means, as of any date, the holders of a majority of the Investor Shares outstanding on such date.