Security Value. (a) NEGATIVE PLEDGE No Obligor will, and each Obligor will procure that no other member of the Services Group will, create or permit to subsist any Encumbrance on the whole or any part of its respective present or future businesses, assets or undertakings, except for the following:
(i) Encumbrances constituted or evidenced by the Security Documents;
(ii) Encumbrances expressly permitted by a Waiver Letter, provided that, except to the extent permitted by any of the following exceptions, the principal amount of the indebtedness secured by such Encumbrances shall not at any time be increased beyond the amount so permitted, save as permitted by a further Waiver Letter;
(iii) Encumbrances arising by operation of law (or by agreement to the same effect) in the ordinary course of business and not as a result of any default or omission on the part of any member of the Services Group, including without limitation (but subject as aforesaid) (A) any rights of set-off with respect to demand or time deposits with financial institutions and bankers' liens with respect to property held by financial institutions, save in each case where such arrangements are deliberately established for the purpose of affording security to the bank or financial institution concerned and (B) Encumbrances with respect to Taxes;
(iv) Encumbrances over goods and documents of title to goods (and related insurances) created or arising in the ordinary course of letter of credit transactions entered into in the ordinary course of trade;
(v) Encumbrances over assets (other than the Shares) acquired by members of the PA Group and existing at the date of their acquisition but not created in contemplation of their acquisition, provided that the maximum principal amount secured by any such Encumbrances is not prohibited by Clause 21.4 and shall not be increased beyond the maximum principal amount secured thereby at the date of such acquisition unless otherwise permitted pursuant to the other provisions of this Clause;
(vi) Encumbrances over credit balances on accounts of members of the PA Group with a bank or financial institution created in order to facilitate the operation of such accounts and other accounts of such members of the PA Group with the same bank on a net balance basis with or without credit balances and debit balances on the various accounts being netted off for interest purposes or to comply with any net limit, or for cash management purposes, or as part of a back-to-back or similar a...
Security Value. For an approved security, an amount equal to its margin percentage of its market value. A Sponsorship Deed, in form and substance acceptable to ANZ, that:
Security Value. The Security Value is no less than the Security Requirement. Yours faithfully, for and on behalf of GULFMARK OFFSHORE INC. _________________________________ ____________________ [Director] [Chief Financial Officer] [Director] SIGNING PAGE SIGNED for and on behalf of ) GULF OFFSHORE N.S. LIMITED ) by its duly authorised officer ) /s/ David W. Dare David W. Dare ) -------------------------------- xx xxx presence of: ) Duly authorised officer Signature of witness: /s/ Romero [illegible] Name of witness: Romero [illegible] Address of wxxxxxx: 49 Sherwood Close -- W139YW Xxxxxxtion of witness: Despatch Courier
Security Value. The Security Value is no less than the Security Requirement.
Security Value. (a) (Restriction on Encumbrances): No Borrower or Guarantor will create, permit or suffer to exist any Encumbrance over all or any of its assets (including the Security Property) except for:
(i) until the first Utilisation Date, the Nortel/DSC Security; (ii) the Securities; (iii) liens arising by operation of law in the ordinary course of day-to-day trading and securing obligations not more than 90 days overdue; (iv) a banker's lien or right of set-off or combination arising by operation of law or practice over property or money deposited with a banker in the ordinary course of the Obligor's ordinary business; (v) contractual set off rights in respect of the Borrower's transactional banking facilities and arrangements; (vi) arrangements constituted by retention of title (other than an Adverse Title Retention Arrangement) in connection with the acquisition of goods provided the goods are acquired in the ordinary course of the Obligor's business;
Security Value. (a) NEGATIVE PLEDGE: No Obligor will, and each Obligor will procure that no other member of the Company Group will, create or permit to subsist any Encumbrance on the whole or any part of its respective present or future business, assets or undertaking, except for the following:-
(i) Encumbrances constituted or evidenced by the Security Documents;
(ii) Encumbrances expressly permitted by a Waiver Letter, provided that, except to the extent permitted by any of the following exceptions, the principal amount of the indebtedness secured by such Encumbrances shall not at any time be increased beyond the amount so permitted, save as permitted by a further Waiver Letter;
(iii) Encumbrances arising by operation of law (or by agreement to the same effect) in the ordinary course of business and not as a result of any default or omission on the part of any member of the Company Group, including without limitation (but subject as aforesaid) (A) any rights of set-off with respect to demand or time deposits with financial institutions and bankers' liens with respect to property held by financial institutions, save in each case where such arrangements are deliberately established for the purpose of affording security to the bank or financial institution concerned and (B) Encumbrances with respect to Taxes;
(iv) Encumbrances over goods and documents of title to goods (and related insurances) arising in the ordinary course of letter of credit transactions entered into in the ordinary course of trade;
(v) Encumbrances over assets (other than the Shares) acquired by members of the Bidco Group and existing at the date of their acquisition but not created in contemplation of their acquisition, provided that the principal amount secured by any such Encumbrances is not prohibited by Clause 21.4 and shall not be increased beyond the amount secured thereby at the date of such acquisition;
(vi) Encumbrances over credit balances on accounts of members of the Bidco Group with a bank or financial institution created in order to facilitate the operation of such accounts and other accounts of such members of the Bidco Group with the same bank on a net balance basis with or without credit balances and debit balances on the various accounts being netted off for interest purposes or to comply with any net limit, or for cash management purposes, or as part of a back-to- back or similar arrangement;
(vii) any Encumbrance created under or in connection with or arising out of any pooling and s...
Security Value
