SP Facility definition

SP Facility is defined in the Recitals, above.
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SP Facility means that certain uncommitted revolving standby prepayment facility of up to $10 million provided by Teck Resources Limited to Borrower pursuant to that certain Standby Prepayment Facility Agreement, dated as of June 5, 2025.
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SP Facility has the meaning set forth in Recital B.
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Examples of SP Facility in a sentence

  • The SP Facility shall be made available by the Lender, on an uncommitted basis, to the Borrowers, on a joint and several basis, in Advances to be made from time to time during the Availability Period, provided that the aggregate outstanding principal amount of Advances made shall not at any given time exceed the Maximum Facility Amount.

  • The SP Facility will bear interest at a rate equal to 13.5% per annum until June 30, 2027 and at a rate equal to 15% per annum thereafter, calculated and capitalized quarterly.

  • The proceeds of the SP Facility shall be used solely to finance (i) operating and other capital costs relating to the Mine as approved by the Lender, (ii) working capital of the Obligors, and (iii) payment of accrued and unpaid interest on the Monetary Metals Note, in each case, in accordance with the relevant budgets that are attached to the relevant Advance Request and which are approved by the Lender.

  • Each Obligor hereby represents and warrants to the Lender as of the date of this Agreement and as of each Funding Date (unless otherwise specified in Exhibit “C”) and so long as any Obligations remain outstanding, as set out in Exhibit “C” and acknowledges that the Lender is relying upon such representations and warranties in entering into this Agreement and agreeing to provide the SP Facility, which representations and warranties shall survive the execution and delivery of this Agreement.

  • Notwithstanding the foregoing, the interest rate set out in this Section 2(f) shall increase automatically concurrently with any increase to the interest rate in effect from time to time applicable to the S▇▇▇▇▇ ▇▇ Obligations and the Monetary Metals Loans such that the applicable interest rate on the Advances under the SP Facility shall not, at any time, be lower than the highest interest rate in effect from time to time applicable to the S▇▇▇▇▇ ▇▇ Obligations and the Monetary Metals Loan.

  • The Borrowers shall provide no less than 20 Business Days prior written notice to the Lender of any requested Advance under the SP Facility by delivery to the Lender of an Advance Request.

  • The SP Facility is a revolving credit facility and any amount repaid or prepaid, as the case may be, may be reborrowed.

  • The SP Facility is uncommitted and may be terminated in whole or in part at any time by the Lender, in its sole and unfettered discretion, upon written notice to the Borrowers.