General negative pledge. In this 28.1
General negative pledge. (a) In this clause 29.2, Quasi-Security means an arrangement or transaction described in paragraph (c) below.
General negative pledge. The Borrower shall not permit any Security Interest to exist, arise or be created or extended over all or any part of its assets except for:
(a) those granted or expressed to be granted by any of the Security Documents; and
General negative pledge. Neither the Borrower nor any of the Upstream Guarantors shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets except for:
(a) those granted or expressed to be granted by any of the Security Documents;
(b) Permitted Security Interests; and
(c) (except in relation to Collateral) any lien arising by operation of law in the ordinary course of trading and not as a result of any default or omission by any Obligor.
General negative pledge. The Lessee shall not create or permit to subsist any Lien (other than a Permitted Lien) to exist, arise or be created or extended over the Rig or any other property assigned or charged to the Lessor or any Finance Parties.
General negative pledge. (a) No Owner shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets.
(b) Clause 27.2(a) above does not apply to any Security Interest, listed below:
General negative pledge. 26.1.1 No Obligor shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets except for:
(a) those granted or expressed to be granted by any of the Security Documents and the Junior Security Documents;
(b) in relation to the Ship, Permitted Maritime Liens;
(c) in relation to the Beta Ship, Permitted Maritime Liens (as defined in the Beta Facility Agreement).
26.1.2 (Without prejudice to clauses 26.2 (Financial Indebtedness) and 26.6 (Disposals)), no Obligor shall:
(a) sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or re-acquired by, any other Group Member other than pursuant to disposals permitted under clause 26.6 (Disposals);
(b) sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the discounting of bills or notes in the ordinary course of business);
(c) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or
(d) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.
General negative pledge. (a) In this clause 27.2, Quasi-Security means an arrangement or transaction described in paragraph (c) below.
(b) The Borrower shall not create or permit to subsist any Security Interest in respect of Financial Indebtedness over any of its assets.
(c) (Without prejudice to clause 18.29 (Security and Financial Indebtedness)), the Borrower shall not:
(i) sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to, or re-acquired by, an Obligor or any Affiliate of an Obligor;
(ii) sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms;
(iii) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or
(iv) enter into any other preferential arrangement having a similar effect,
(v) in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.
(d) Paragraph (b) and (c) above do not apply to any Security Interest or (as the case may be) Quasi-Security, listed below:
(i) those granted or expressed to be granted by any of the Security Documents;
(ii) in relation to the Ship, Permitted Maritime Liens; and/or
(iii) Permitted Security Interests.
General negative pledge. In this 29.1, Quasi-Security means an arrangement or transaction described in clause 29.1.3.
29.1.1 No Owner shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets.
29.1.2 (Without prejudice to clauses 29.2 (Financial Indebtedness) and 29.5 (Disposals)), no Owner shall:
(a) sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or re-acquired by, any other Group Member other than pursuant to disposals permitted under clause 29.5 (Disposals);
(b) sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the discounting of bills or notes in the ordinary course of business);
(c) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or
(d) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.
General negative pledge. In this 29.1, Quasi-Security means an arrangement or transaction described in clause 29.1.4.
29.1.1 No Borrower shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets.
29.1.2 (Without prejudice to clauses 29.2 (Financial Indebtedness) and 29.6 (Disposals)), no Borrower shall:
(a) sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or re-acquired by, any other Group Member other than pursuant to disposals permitted under clause 29.6 (Disposals);
(b) sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the discounting of bills or notes in the ordinary course of business);
(c) enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or
(d) enter into any other preferential arrangement having a similar effect, in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.
29.1.3 The Guarantors shall not permit any Security Interest to be granted or created in respect of the share capital or membership interests of the Borrowers.
29.1.4 Clauses 29.1.1, 29.1.2 and 29.1.3 above do not apply to any Security Interest or (as the case may be) Quasi-Security, listed below:
(a) those granted or expressed to be granted by any of the Security Documents; and
(b) in relation to a Mortgaged Ship, Permitted Liens.
