Backstop LC definition

Backstop LC has the meaning ascribed thereto in the definition of the term “Cash Collateralize”.
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Backstop LC means the Letter of Credit set forth on Schedule 1.01(a) hereto.
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Backstop LC an irrevocable standby letter of credit (a) that is issued prior to the occurrence of a Ratings Decline, (b) that is issued as a direct letter of credit by a Backstop LC Issuer on behalf of Sponsor in favor the Administrative Agent, as security for the payment of LC Obligations, (c) that has an expiration no earlier than one hundred twenty (120) days after the Third Amendment Effective Date, (d) that contains draw rights in favor of the Administrative Agent to, upon the occurrence of an Event of Default, draw on all amounts provided by such letter of credit for purposes of applying the proceeds thereof as Cash Collateral hereunder (including, but not limited to, as permitted under Section 7.2.2), (e) that is not issued under this Agreement, (f) that is not guaranteed by an Obligor and (g) in respect of which no Obligor provides any collateral or any other form of credit support in favor of the Backstop LC Issuer.
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Examples of Backstop LC in a sentence

  • The Issuing Bank may resign at any time by giving thirty (30) days’ prior written notice to the Administrative Agent, the Backstop LC Lenders, the Loan Insurer and the Borrower.

  • In consideration and in furtherance of the foregoing, each Backstop LC Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such Lender’s Pro Rata Percentage of each Backstop LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower (or, if applicable, another party pursuant to its obligations under any other Credit Document) forthwith on the date due as provided in Section 2.02(f).

  • The Administrative Agent shall promptly give each Backstop LC Lender notice thereof.

  • All program approval requests, regardless of funding source, must follow the steps in Figure 5.

  • Where a private security company has been engaged by a ship owner to provide armed guards, such a private security company shall be in possession of a valid license issued by the flag administration of the country.

  • Students demonstrated increased confidence in their rights and a change in attitudes towards teen pregnancy resulting from teacher-student relationships.82 Women’s City Centers are an integrated program from the Secretariat of Social Inclusion in El Salvador that consolidates services from public institutions to provide prevention and education programs on violence against women and to support women who are victims of violence.

  • If the L/C Issuer shall, following payment in full of the Reimbursement Obligations, receive any payment from the Backstop L/C Issuer with respect to any L/C Reimbursement Demand, the L/C Issuer agrees to turn over any such payment to the Account Party within two Business Days of receipt.

  • Upon payment in full to the L/C Issuer of any Reimbursement Obligation, the Account Party shall be subrogated to all of the L/C Issuer’s rights against the Backstop L/C Issuer in respect of the Backstop Letter of Credit, including without limitation the L/C Issuer’s rights under the Credit Agreement, the Backstop Letter of Credit and the First Lien Security Agreement.

  • In addition, on the Closing Date, the Backstop LC shall be issued hereunder.

  • The Issuing Bank shall as promptly as possible give telephonic notification, confirmed by fax, to the Administrative Agent and the Borrower of such demand for payment and whether the Issuing Bank has made or will make a Backstop LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Issuing Bank and the applicable Lenders with respect to any such Backstop LC Disbursement.

Related to Backstop LC

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

  • Backstop Agreement means that certain backstop commitment agreement by and among the Backstop Parties, Valaris, and the other Debtor parties thereto, as amended by that certain amended backstop commitment agreement, dated February 5, 2021, by and among the Backstop Parties, Valaris, and the other Debtor parties thereto, as may be further amended, supplemented, or modified from time to time, setting forth, among other things, the terms and conditions of the Rights Offering and the Backstop Commitments, attached as Exhibit 2 to the Restructuring Term Sheet.

  • 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.

  • Backstop Parties means, collectively, the Initial Backstop Parties and the Additional Backstop Parties.

  • Equity Commitment Letters has the meaning set forth in Section 6.6(a).

  • Placement Agent Warrants shall have the meaning set forth in the Subscription Agreement.

  • Commitment Letters has the meaning set forth in Section 4.5(b).

  • Equity Commitment Letter has the meaning set forth in Section 3.4(a).

  • Bridge Facility means the Commitments and any Advances made thereunder.

  • Debt Commitment Letters shall have the meaning set forth in Section 5.7(a), as supplemented by Section 6.11, as applicable.

  • Company Credit Facility means the Credit Agreement, dated as of March 24, 2016, as amended and restated as of December 14, 2017, as further amended and restated as of May 7, 2019, as further amended and restated as of September 11, 2019, and as further amended and restated as of November 12, 2019, by and among Centene, the various financial institutions named therein, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced (in whole or in part) from time to time, whether or not with the same lenders or agent.

  • Debt Commitment Letter has the meaning set forth in Section 4.20.

  • Rights Offering Amount means $50 million.

  • Rights Offering has the meaning set forth in Section 4.1(b);

  • Next Equity Financing means the next sale (or series of related sales) by the Company of its Preferred Stock following the Date of Issuance from which the Company receives gross proceeds of not less than $1,000,000 (excluding the aggregate amount of securities converted into Preferred Stock in connection with such sale (or series of related sales)).

  • Closing Warrants shall have the meaning ascribed to such term in Section 2.1(a)(ii).

  • Equity Commitment means (a) options, warrants, convertible securities, exchangeable securities, subscription rights, conversion rights, exchange rights, or other Contracts that could require a Person to issue any of its Equity Interests or to sell any Equity Interests it owns in another Person; (b) any other securities convertible into, exchangeable or exercisable for, or representing the right to subscribe for any Equity Interest of a Person or owned by a Person; (c) statutory pre-emptive rights or pre-emptive rights granted under a Person's Organizational Documents; and (d) stock appreciation rights, phantom stock, profit participation, or other similar rights with respect to a Person.

  • SBIC Equity Commitment means a commitment by the Borrower to make one or more capital contributions to an SBIC Subsidiary.

  • Unsubscribed Shares means the Rights Offering Shares that have not been duly purchased by the Rights Offering Participants in accordance with the Rights Offering Procedures and the Plan.

  • New Credit Facility is defined in Section 9.8.

  • Letter of Credit Commitment Amount means, on any date, a maximum amount of $10,000,000, as such amount may be reduced from time to time pursuant to Section 2.2.

  • Exit Financing means the financing under the Exit Facility.

  • Incremental Commitment Agreement means each Incremental Commitment Agreement in substantially the form of Exhibit P (appropriately completed, and with such modifications as may be reasonably satisfactory to the Administrative Agent) executed and delivered in accordance with Section 2.15.

  • Initial Commitment means, as to the Lender, its obligation to make an Initial Loan to the Borrower pursuant to Section 2.01(a) in an aggregate amount not to exceed the amount set forth opposite the Lender’s name in Schedule 1.01A under the caption “Initial Commitment”, as such amount may be adjusted from time to time in accordance with this Agreement (including Section 2.14). The initial aggregate amount of the Initial Commitments is $75,000,000.

  • Commitment Shares shall have the meaning set forth in Section 12.04.

  • Rights Offering Shares means, collectively, the shares of New Common Stock issued in the Rights Offering.