Examples of Standard Bank Facility in a sentence
The Company and MIE shall ensure that all revenues relating to the Daan Production Sharing Contract is paid in US$ into a bank account established outside of the PRC (an “Offshore Bank Account”) in the name of MIE, but only to the extent required by the Standard Bank Facility or to the extent that such remittance to an Offshore Bank Account is commercially reasonable for the operation of MIE’s business.
During the period from the Completion Date until the Required Shareholding Ownership Expiration Date, all the issued and outstanding shares of MIE will be free and clear of any and all Encumbrances, other than any share charge as contemplated by the Standard Bank Facility.
During the period from the Completion Date until Required Shareholding Ownership Expiration Date, the Shares held by FEEL and its Affiliates will be free and clear of any and all Encumbrances, other than any share charge as contemplated by the SPA, the Standard Bank Facility or the Standard Bank Equity Agreements.
During the period from the Effective Date until the Required Shareholding Ownership Expiration Date, the shares held by the FEEL Shareholders in FEEL will be free and clear of any and all Encumbrances, other than any Encumbrance as contemplated by the Standard Bank Facility.
Except as set forth in the Standard Bank Facility, neither the Company nor MIE is a party or subject to any agreement, understanding or contractual rights, and, to the knowledge of the Company and MIE, there is no agreement, understanding or contractual rights with any Person, which affects or relates to distribution of dividends or the voting or giving of written consents with respect to any security or by a director of the Company or MIE.
Anydifference will be dealt with following the Effective Date and calculated in accordance with the formula set out in the Adjustment Schedule appearing in Annexure 10 of the Circular.2.5.2 Mara Delta will either procure the release, with effect from the Effective Date, of the security granted by Rockcastle to Standard Bank in connection with the Standard Bank Facility Outstandings or will discharge the Standard Bank Facility Outstandings completely on the Effective Date.
The shareholders of MIE as of the date of this Agreement and immediately prior to the Completion are set forth in Schedule 1 and at Completion the Company will be the sole person holding any interest in the shares of MIE or in relation to any unissued shares in MIE (other than any security interest that may have been granted to Standard Bank pursuant to the Standard Bank Facility).
The proceeds of this Facility and cash on hand were utilised to retire the balance of the Standard Bank Facility on 11 September 2009.
Except as set forth in the Standard Bank Facility, each of the Company and MIE has full power and authority and full legal capacity to execute, deliver and perform its obligations under this Agreement and the other Transaction Agreements to which it is a party.
On 19 December 2013, the Standard Bank Plc transferred all of its rights, title and interest in (and obligations under) the Standard Bank Facility to BNP Paribas, Singapore Branch.