New Secured Notes Term Sheet definition
Examples of New Secured Notes Term Sheet in a sentence
New Secured Notes The New Secured Notes to be issued by NSNCo on the terms set out in the New Secured Notes Term Sheet.
Security for New Secured Noteholders As described in the New Secured Notes Term Sheet.
NSNCo A second new intermediate holding company, NSNCo, to be put in place as a direct wholly-owned subsidiary of IHCo. The Company’s interests in SDLP, Seadrill Capricorn Holdings LLC and Seadrill Operating LP to be moved down to sit below new individual holding companies put in place as direct wholly-owned subsidiaries of NSNCo. Other assets to be moved under NSNCo as set out in the New Secured Notes Term Sheet set out in Annex 4 to Exhibit A of the RSA (the “New Secured Notes Term Sheet”).
The ranking of claims against the IHCo Bank Accounts (as defined in the New Secured Notes Term Sheet) shall be as set forth above in the New Secured Notes Term Sheet.
Upon completion of the delivery, filing and other actions specified in the relevant Security Documents, the Collateral Agent under the Indenture shall have a fully perfected security interest in the NSN Collateral on the terms set forth in the New Secured Notes Term Sheet (to the extent a security interest in the NSN Collateral can be perfected through taking of such actions), as security for the obligations under the Indenture.
All amendments/consents/confirmations required to grant security for the Secured Facility Agreements as contemplated above and by the Intercreditor Term Sheet, and for the New Secured Notes as contemplated in the New Secured Notes Term Sheet and by the Intercreditor Term Sheet, to be given.
NSNCo Structure Assets subject to First Ranking New Secured Notes Security (as defined in the New Secured Notes Term Sheet) to be transferred prior to closing so that they are owned by NSNCo and/or its subsidiaries (the “NSNCo Group”) where practicable and consistent with legal constraints and as further described in the New Secured Notes Term Sheet, but excluding any subsidiary of Seadrill Limited party to a newbuild contract.
The New Secured Notes will receive a second ranking guarantee from RigCo as described in the New Secured Notes Term Sheet.
Holders of the Subscription Rights, including the Backstop Parties, shall receive the opportunity to subscribe for up to $312.5 million of the New Secured Notes in accordance with and pursuant to the Plan, the Rights Offering Procedures, the Backstop Agreement, and the New Secured Notes Term Sheet; provided that the New Money Participating Credit Facility Creditors shall have the right and obligation to purchase New Secured Notes as provided in the Restructuring Term Sheet and Backstop Agreement.
On the Effective Date, unless otherwise specified in the Plan Supplement or any document related thereto, the Reorganized Debtors and New Valaris Holdco shall consummate the Rights Offering in accordance with the Rights Offering Procedures, the Backstop Agreement, and the New Secured Notes Term Sheet.