Examples of Bank Finance Documents in a sentence
Obligors The borrowers, guarantors and security providers under the Bank Finance Documents (other than Seadrill Limited).
Subject to the provisions of the Bank Finance Documents, each Financier may separately enforce its rights under any Bank Finance Document.
Senior Debt Liabilities under the Bank Finance Documents and any permitted refinancing thereof designated by Seadrill Limited as “Senior Debt” pursuant to the Intercreditor Agreement.
The Bank Finance Parties in respect of each Secured Facilities Agreement may enforce the relevant First Ranking Asset Level Security through the relevant Existing Security Agent in accordance with the terms of the relevant Bank Finance Documents subject to ongoing regular notification to the Common Security Agent and the Noteholders’ Security Agent and keeping them updated at regular intervals on the progress of the enforcement action.
In all cases, the security documents relating to the RigCo Security and the First Ranking New Secured Notes Security will become enforceable only upon acceleration (as opposed to upon the occurrence of an Event of Default under, and as such term is defined in, the Bank Finance Documents or the New Secured Notes).
The Loan Notes are issued on the condition that each Financier is bound by the provisions of the Bank Finance Documents binding on the Financiers.
The Client will pay to the Bank on demand all costs and expenses incurred by the Bank in connection with: the negotiation, preparation, execution and perfection of the Agreement, the Security Documents and any other agreement or ancillary documentation entered into between the Client and the Bank (Finance Documents) and any related documents; and any amendment, extension, waiver, consent or suspension of rights relating to a Finance Document or any related document.
Further, the Notes shall at all times rank (i) pari passu with the Bank Finance Documents (but subject to the order of application set out in the Intercreditor Agreement), and (ii) at least pari passu with all direct, unconditional, unsubordinated and unsecured obligations of the Issuer, except those obligations which are mandatorily preferred by law.
Authority will also be granted by the Ship Finance Parties for the Common Security Agent to immediately (and without any further consent, sanction, authority or further confirmation from any Ship Finance Party) release their third ranking guarantees from RigCo following a disposal of RigCo which is permitted under the Bank Finance Documents and the New Secured Notes and does not constitute an enforcement of security.
Security Holders The First Ranking Asset Level Security will be held by the existing security agents for the relevant Bank Finance Parties (each an “Existing Security Agent” and together the “Existing Security Agents”) in accordance with the terms of the relevant Bank Finance Documents.