GREY:TBTEF - Post by User
Comment by
Teamaster99on Jun 08, 2016 9:07pm
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Post# 24948893
RE:What is the point?
RE:What is the point?They have gained time. According to the Credit Facility Agreement (it's post on Sedar):
13.1 Events of Default
The occurrence of any one or more of the following constitutes an Event of Default under this Agreement:
(a) upon default by any Loan Party in payment of any principal, interest or other Obligation (including without limitation, any failure to make a mandatory repayment pursuant to Section 8.1) when due, and such default continues for at least 2 Banking Days;
What is a Banking Day?
"Banking Day" means a day on which banks are open for business in Calgary, Alberta, Montreal, Quebec, Toronto, Ontario and New York, New York (and London, England in respect of Libor Loans), but does not, in any event, include a Saturday or Sunday;
https://www.sedar.com/DisplayProfile.do?lang=EN&issuerType=03&issuerNo=00001562
So, now the facility expires end of tomorrow, 2 Banking Days must pass for TBE to be in default (this is why June 10 was given in yesterday press release), which would mean the default day is next Tuesday.