Lenders approve Sample Clauses
The "Lenders approve" clause establishes that certain actions, decisions, or changes within an agreement require the formal consent of the lenders involved. In practice, this means that the borrower or other parties must seek and obtain approval from the lenders before proceeding with specified matters, such as amendments to loan terms, additional borrowing, or significant business transactions. This clause ensures that lenders retain control over key aspects of the agreement, protecting their interests and mitigating risks associated with unauthorized changes or actions.
Lenders approve. Other than in the case of a Hedging Desktop Banking Case, if the Majority Lenders approve, or are deemed to have approved (as the case may be):
(a) the use of each of the Assumptions for the preparation of the relevant Banking Case (other than a Hedging Desktop Banking Case); and/or
(b) the use of each of the Baobab FPSO Renovation Desktop Assumptions for the preparation of the relevant Banking Case if it is a Baobab FPSO Renovation Desktop Banking Base; and/or
(c) any Hydrocarbon Asset being designated a Borrowing Base Asset and the conditions precedent relating thereto; and/or
(d) any existing Borrowing Base Asset ceasing to be designated a Borrowing Base Asset and the conditions precedent relating thereto, then (as the case may be):
(i) the draft Banking Case shall be adopted as the current Banking Case in accordance with Clause 6.9 (Adoption of Banking Cases); and/or
(ii) the relevant Hydrocarbon Asset shall become a Borrowing Base Asset (upon satisfaction of relevant conditions precedent) pursuant to Clause 6.9 (Adoption of Banking Cases); and/or
(iii) the relevant existing Borrowing Base Asset shall cease to be a Borrowing Base Asset (upon satisfaction of relevant conditions precedent) pursuant to Clause 6.9 (Adoption of Banking Cases).
Lenders approve. If the Majority Lenders approve, or are deemed to have approved pursuant to paragraph (D) of Clause 17.7 (Consideration of Draft Forecast by ▇▇▇▇▇▇▇):
(A) the use of each of the Forecast Assumptions for the preparation of the relevant Forecast;
(B) any Hydrocarbon asset being designated a Borrowing Base Asset and the conditions precedent relating thereto; and/or
(C) any existing Borrowing Base Asset ceasing to be so designated and the conditions precedent relating thereto, then (as the case may be):
(i) the draft Forecast shall be adopted as the current Forecast in accordance with Clause 17.10 (Adoption of Forecasts);
(ii) the relevant Hydrocarbon asset shall become a Borrowing Base Asset pursuant to Clause 17.10 (Adoption of Forecasts); and/or
(iii) the relevant existing Borrowing Base Asset shall cease to be a Borrowing Base Asset pursuant to Clause 17.10 (Adoption of Forecasts).
Lenders approve. If (as the case may be) the Majority Lenders approve, or are deemed to have approved:
(a) the use of each of the Assumptions for the preparation of the relevant Banking Case; and/or
(b) any Increased Field Interest being designated as part of the Borrowing Base Asset and the CPs relating thereto; and/or
(c) the relevant part of the Borrowing Base Asset ceasing to be so designated and the CPs relating thereto, then (as the case may be):
(d) the draft Banking Case shall be adopted as the current Banking Case in accordance with Clause 6.9 (Adoption of Banking Cases); and/or
(e) the Increased Field Interest shall be designated as part of the Borrowing Base Asset in accordance with Clause 6.9 (Adoption of Banking Cases); and/or
(f) the relevant part of the Borrowing Base Asset shall cease to be so designated in accordance with Clause 6.9 (Adoption of Banking Cases).
Lenders approve. If (as the case may be):
7.7.1 the Majority Lenders approve, or are deemed to have approved, the use of each of the Assumptions for the preparation of the relevant Projection; and/or
7.7.2 the Majority Lenders approve, or are deemed to have approved, any Petroleum Asset being designated a Borrowing Base Asset and the CPs relating thereto; and/or
7.7.3 the Majority Lenders approve, or are deemed to have approved, any existing Borrowing Base Asset ceasing to be so designated and the CPs relating thereto and/or
7.7.4 the Majority Lenders approve, or are deemed to have approved, any proposed Economic Assumption submitted pursuant to Clause 7.4.2 (Preparatory steps), then (as the case may be):
7.7.5 the draft Projection shall be adopted in accordance with Clause 7.9 (Adoption of Projections); and/or
7.7.6 the draft Projection shall be adopted in accordance with Clause 7.9 (Adoption of Projections) and the proposed new Petroleum Asset shall become a Borrowing Base Asset (upon satisfaction of such CPs); and/or
7.7.7 the draft Projection shall be adopted in accordance with Clause 7.9 (Adoption of Projections) and the relevant existing Borrowing Base Asset shall cease to be a Borrowing Base Asset (upon satisfaction of such CPs); and/or
7.7.8 the relevant proposed Economic Assumption submitted pursuant to Clause 7.4.2 (Preparatory steps) shall be used in the preparation of the relevant draft Projection.
Lenders approve. If (as the case may be):
(a) the Majority Lenders approve, or are deemed to have approved, the use of each of the Assumptions for the preparation of the relevant Projection; and/or
(b) the Technical Bank and Majority Lenders approve, or are deemed to have approved, any Petroleum Asset being designated a Borrowing Base Asset and the conditions relating thereto; and/or
(c) the Majority Lenders approve, or are deemed to have approved, any existing Borrowing Base Asset ceasing to be so designated and the conditions relating thereto, then (as the case may be):
(a) the draft Projection shall be adopted in accordance with Clause 6.10 (Adoption of Projection) as the current Projection for the purposes of this Agreement; 118798-4-1-v6.0 - 38 - 70-40539524
(b) the proposed new Petroleum Asset shall become a Borrowing Base Asset (upon satisfaction of the relevant conditions); and/or
(c) the relevant existing Borrowing Base Asset shall cease to be a Borrowing Base Asset (upon satisfaction of such the relevant conditions).
Lenders approve. If (as the case may be):
7.7.1 the Majority Lenders approve, or are deemed to have approved, the use of each of the Assumptions for the preparation of the relevant Projection; and/or
7.7.2 the Majority Lenders approve, or are deemed to have approved, any Petroleum Asset being designated a Borrowing Base Asset and the CPs relating thereto; and/or
7.7.3 the Majority Lenders approve, or are deemed to have approved, any existing Borrowing Base Asset ceasing to be so designated and the CPs relating thereto, then (as the case may be):
7.7.4 the draft Projection shall be adopted pursuant to Clause 7.9 (Adoption of Projections); and/or
7.7.5 the proposed new Petroleum Asset shall become a Borrowing Base Asset (upon satisfaction of such CPs); and/or
7.7.6 the relevant existing Borrowing Base Asset shall cease to be a Borrowing Base Asset (upon satisfaction of such CPs).
Lenders approve. If (as the case may be):
Lenders approve. If the Majority Lenders approve, or are deemed to have approved, the use of each of the Assumptions for the preparation of the relevant Projection then the draft Projection shall be adopted as the current Projection in accordance with Clause 7.9 (Adoption of Projections).