Backstop Facility definition

Backstop Facility means a backstop facility in an aggregate stated principal amount equal to the sum of $1,641,000,000 minus the stated principal amount of the Syndicated Exit Facility on terms and conditions set forth in the Backstop Term Sheet and otherwise reasonably acceptable to the Company and the Requisite Commitment Parties (in their sole discretion) (provided, that to the extent inconsistent with the Backstop Term Sheet or this Agreement, any economic treatment provided thereunder shall be acceptable to the Company and the Commitment Parties in their sole discretion (or Requisite Commitment Parties or majority Commitment Parties to the extent explicitly provided for in the Backstop Term Sheet).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Backstop Facility means a revolving credit agreement that may be entered into following the date hereof between the Company and the institutional lender and its affiliates that are lenders under the Debt Financing pursuant to which the Company may borrow from time to time up to an additional currently expected amount of $25,000,000, at the option of the Company, the availability of which is conditioned upon the Closing.

Backstop Facility means any Indebtedness Incurred following the date hereof and on or prior to the FundingRelease Date under a Backstop Agreement.

Examples of Backstop Facility in a sentence

• The Borrower acknowledges that the Administrative Agent, each Lender and the L/C Issuer is entering into this Agreement and is extending its Commitments in reliance upon the subordination provisions of the Put Backstop Facility of the Borrower, the Put Backstop Replacement Facility of the Borrower, the Subordinated Note Indenture or applicable Permitted Subordinated Debt Document.

• The Backstop Facility Agreement will reflect the terms set out in Schedule 2.

• The issue of the Bonds will result in a mandatory cancellation of the Revolving Liquidity Backstop Facility.

• The commitments under the Backstop Facility were subsequently reduced to $0 upon the effectiveness of the amendment to the Second Amended and Restated Credit Agreement entered into on November 17, 2022.

• The Revolving Liquidity Backstop Facility was arranged by the Joint Lead Managers and provides for the possibility of the Issuer to draw loans in EUR and other currencies during an availability period of 17 months following the signing date.

• The equivalent price per Common Share paid by the Investor for the Common Shares acquired pursuant to the Backstop Facility, calculated based on the total Redemption Consideration paid by the Investor, is referred to herein as the "Backstop Price".

• Upon obtaining any Permitted Replacement Backstop Facility pursuant to this Section 6.17(g), the terms set forth in this Agreement applicable any Backstop Facility shall apply equally to such Permitted Replacement Backstop Facility received in lieu thereof and each reference to a Backstop Facility shall be deemed to include a reference to such Permitted Replacement Backstop Facility.

• The Company shall give Parent prompt notice if the Company receives notice of any breach or default (or alleged or purported breach or default) by any party to the Backstop Facilities of which the Company has become aware or any termination or repudiation (or alleged or purported termination or repudiation) of any Backstop Facility.

• Except as set forth in Section 6.16(d) of the Company Disclosure Letter, the Company is not a party to any other agreement with any of the counterparties thereto relating to the New Financing or the financing contemplated by the Backstop Facility Commitment.

• The Company shall, and shall cause TNMP to, satisfy on a timely basis all of the conditions to borrowings under the applicable Backstop Facility when and if any borrowing thereunder would be required hereunder.

More Definitions of Backstop Facility

Backstop Facility has the meaning set forth in Section 7.01(e).

Backstop Facility means an agreement entered into by and between the Borrower and a party satisfactory to the Administrative Agent on the terms and conditions to be agreed among the Borrower and the Lenders in the Consent Fee Letter.

Backstop Facility means any Indebtedness Incurred following the date hereof and on or prior to the Funding Date under a Backstop Agreement.

Backstop Facility means a credit agreement or other contractual arrangement which provides (i) for advances thereunder if one or more parties to a Soft Capital Facility shall fail to make an advance under such Soft Capital Facility and (ii) that recourse for the obligations incurred thereunder are limited to the collateral securing such Soft Capital Facility.

Backstop Facility has the meaning ascribed to it in Section 2.1(a) of the Agreement.

Backstop Facility. A senior unsecured revolving credit facility in an aggregate principal amount of $400.0 million (the “Backstop Facility”), which Backstop Facility shall be available in dollars, Euro, Sterling, Yen, Canadian dollars, Australian dollars and (subject to the consent of the Administrative Agent and the Backstop Facility Lenders) other lawful currencies that are readily available, freely transferable and convertible into dollars (all of the foregoing currencies, other than dollars, “Alternative Currencies”); provided that the aggregate outstanding amount of Backstop Facility Loans denominated in, and letters of credit issued in, Alternative Currencies shall not exceed $100,000,000 (the “Alternative Currency Sublimit”). Lenders with commitments (“Backstop Commitments”) under the Backstop Facility are collectively referred to as “Backstop Facility Lenders” and the loans thereunder, together with (unless the context otherwise requires) the swingline borrowings referred to below, are collectively referred to as “Backstop Loans”.