Examples of Senior Notes Backstop Parties in a sentence
Further, the Backstop Parties shall have the right and obligation to subscribe for the Holdback Notes (and the associated Participation Equity) (the “Holdback”) and any Subscription Rights they may hold and, in the case of the Senior Notes Backstop Parties, shall fully backstop the remainder of the Rights Offering (not being subscribed for directly by the New Money Participating Credit Facility Creditors) in accordance with the Backstop Agreement.
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.
Finally, the Senior Notes Backstop Parties that were initial signatories to the Backstop Agreement received a Commitment Fee of $20 million in cash upon entry into the Backstop Agreement (and have committed to purchase a corresponding amount of New Secured Notes on the Effective Date (the “Commitment Fee Notes”)), and on the Effective Date, shall receive the Senior Noteholders PIK Notes Backstop Premium (which includes the $20 million of Commitment Fee Notes).
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.
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 shall have the exclusive right and obligation to participate in approximately 97.6% of the Holdback and the Lender Backstop Parties shall have the exclusive right and obligation to participate in approximately 2.4% of the Holdback.
Finally, the Senior Notes Backstop Parties that were initial signatories to the Backstop Agreement received a Commitment Fee of $20 million in cash upon entry into the Backstop Agreement (and have committed to purchase a corresponding amount of New Secured Notes on the Effective Date (the “Commitment Fee Notes”)), and on the Effective Date, shall receive the Senior Noteholders PIK Notes Backstop Premium (which includes the$20 million of Commitment Fee Notes).
The Senior Notes Backstop Parties will have the exclusive right and obligation to participate in 97.573% of the Holdback, and the Lender Backstop Parties will have the exclusive right and obligation to participate in 2.427% of the Holdback.
Further, the Backstop Parties shall have the right and obligation to subscribe for the Holdback Notes (and the associated Participation Equity) (the “Holdback”) and any Subscription Rights they may hold and, in the case ofthe Senior Notes Backstop Parties, shall fully backstop the remainder of the Rights Offering (not being subscribed for directly by the New Money Participating Credit Facility Creditors) in accordance with the Backstop Agreement.
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.