Examples of RBS Facility in a sentence
However, RBS has not taken any action to enforce any right or remedy under the RBS Facility Agreement in connection with this technical breach, has continued to fund TVUK and has confirmed in discussions that it remains supportive of the Tricoya® Project.
In February 2008, using the proceeds from our $68.0 million sale of Freeport LNG, the Company prepaid in full the$20.0 million it had outstanding under its three-year $20.0 million secured term loan facility with The Royal Bank of Scotland plc (the “RBS Facility”) and terminated the RBS Facility.
Of this amount, under the Tricoya® Consortium structure, the Company’s expected share amounts to approximately €12 million, with the balance of equity into TTL expected to be funded by other members of the Tricoya® Consortium and then into TVUK by TTL, MEDITE and BP Chemicals, alongside debt funded to TVUK by RBS under the existing RBS Facility Agreement and an additional facility expected to be entered into between TVUK and RBS.
Any breach of the LTV Covenant (which is not remedied), and any breach of the ICR Covenant is an event of default under the RBS Facility Agreement.In addition to the events of default arising from a breach of the LTV Covenant or the ICR Covenant, the RBS Facility Agreement includes other various events of default customary for a secured facility of this nature, including insolvency events of default which are applicable to each of the Obligors and the Company.
Interest payable under the RBS Facility Agreement is rolled up until the Hull Plant is expected to be cash-flow generative.