Technical Banks definition
Examples of Technical Banks in a sentence
If the Borrowers fail to deliver a Reserve Report within the time period provided for, then the Administrative Agent and the Lenders shall have the right to rely on the last Reserve Report previously delivered by the Borrowers with any such adjustments and taking into account any additional information as the Technical Banks may deem appropriate in their sole discretion.
The Technical Banks and the Modelling Bank (though the Agent) shall confirm to the Obligors’ Agent and the Lenders, the Borrowing Base Amount for each Calculation Period ending on or before the Facility Maturity Date that will be applicable upon the adoption of such Banking Case.
The Technical Banks and the Lenders shall have received all fees and expenses required to be paid on or before the Closing Date pursuant to the Fee Letter and other arrangements and for which invoices have been presented.
The Technical Banks, the Administrative Agent, the Joint Lead Arrangers, the Joint Book Running Managers and the Lenders shall have received all fees and expenses that have been invoiced at least one Business Day before the Effective Date and are required to be paid on or before the Effective Date pursuant to each Fee Letter and other arrangements and for which invoices have been presented.
The Borrowing Base will be determined by the Technical Banks in their sole discretion based upon the total assets, cash flow and liabilities of the Borrowers and upon the value of Proved Reserves attributable to the Borrowing Base Properties of the Borrowers determined by the Technical Banks in their sole discretion, and will be determined by the Technical Banks in accordance with paragraph (d) of this Section 4.9, subject to approval by Super Majority Lenders or all of the Lenders, as the case may be.
The Borrowers’ Representative shall provide at least 5 Business Days’ advance written notice to the Technical Banks of any Specified Disposition.
If at any time after the Closing Date, the Borrowers fail to provide title documents reasonably satisfactory to the Administrative Agent for a sufficient number of Borrowing Base Properties to meet the Continuing 70% Test, such failure shall not constitute an Event of Default, but the Technical Banks may redetermine the Borrowing Base by written notice to the Borrowers’ Representative as required to bring the Borrowers into compliance with the Continuing 70% Test until such title documents are provided.
The Borrowing Base will be determined by the Technical Banks in their sole discretion based upon the total assets, cashflow and liabilities of the Borrowers and upon the value of Proved Reserves attributable to the Borrowing Base Properties of the Borrowers by the Technical Banks in their sole discretion, and will be determined by the Technical Banks in accordance with paragraph (d) of this subsection 4.9, subject to approval by Required Lenders or all of the Lenders, as the case may be.
Unless otherwise agreed by the Technical Banks, each Obligor shall ensure that the CATS Transportation and Processing Agreement is duly executed by each of the parties thereto substantially in the same form as the version of such agreement most recently provided to the Original Lenders prior to the date of this Agreement.
The Borrower shall not (unless the Majority Lenders and the Technical Banks otherwise consent) acquire or agree to acquire any interest in any Petroleum Asset other than the Development Asset.