Examples of Deed of Cross Guarantee in a sentence
It is a condition of the Class Order that the Company and each of the subsidiaries enter into a Deed of Cross Guarantee.
These entities which are also referred to in the Directors’ declaration are, together with the Company, all members of the ‘Extended Closed Group’ as defined under the ASIC Corporations Instrument and are parties to a Deed of Cross Guarantee dated 20 January 2006 which provides that the parties to the Deed will guarantee to each creditor payment in full of any debt of these entities on winding up of that entity.
It is a condition of the legislative instrument that the Company and each of the subsidiaries enter into a Deed of Cross Guarantee.
The following wholly-owned entities have entered into a Deed of Cross Guarantee.
As a condition of the Class Order, Prime Media Group Limited and its 100% owned Australian resident subsidiaries entered into a Deed of Cross Guarantee on 17 October 2006 (the “Closed Group”) as amended from time to time by assumption deed for the addition and removal of controlled entities.
It thus sets obstacles to the capacity of States for determining the level of taxation they wish.
These are the only members of the Deed of Cross Guarantee and therefore these companies also represent the ‘Extended Closed Group’.
PTB Group Limited and its subsidiaries, excluding PTB Finance Limited and Pacific Turbine Inc, represent a ‘Closed Group’ for the purposes of the Class Order, and as there are no other parties to the Deed of Cross Guarantee that are controlled by PTB Group Limited, they also represent the ‘Extended Closed Group’.
CONTINGENT LIABILITIES OF PRIME MEDIA GROUP LIMITED By virtue of being a member of the Deed of Cross Guarantee mentioned above, the Company has guaranteed to pay any deficiency in the event of winding up Golden West Network Pty Limited (GWN), a wholly owned subsidiary and party to the Deed of Cross Guarantee.
The entities within the Deed of Cross Guarantee are referred to in Note 20.