- The sukuk issuance includes
negative pledge provision, as well as financial reporting obligations, Senaat event, change of control and cross-default terminology.
On Monday, December 12, the month of the year, 2561 February 26, 2018 the Ministry of Commerce in collaboration with the Economic Research Institute for ASEAN and East Asia (ERIA) organized a capacity building workshop on the formulation of trade liberalization: positive transfer table service promised to table a
negative pledge ( "T rade In Services Liberalization Method: Migrating from Positive to negative Scheduling (Positive to Negative List)"), chaired by HE Health Sophea, Commerce Under Secretary Jeremy Gross, head of the Institute for Capacity Building ERIA Ms.
The main two supporting factors for this rating are first a security package which provides 100 per cent coverage of the Sukuk issue amount and second a
negative pledge on other real estate assets covering a further 20 per cent of issue value.
The agreement includes standard terms and obligations and also generally includes the
negative pledge, limitations on distributions, financial covenants and event of defaults applicable to the company's series F through I debentures, with certain modifications.
"Our request for a
negative pledge on Ibrox to prevent it being used by anyone else as security was not accepted.
For example, they would restrict the enforceability of covenants, such as a
negative pledge clause, to relatively sophisticated lenders who later make material investments and who would likely screen the debtor for other risk factors such as cash flow, credit record, and asset ownership.
The terms and conditions of the documentation include a change of control clause, a
negative pledge clause and a cross default provision.
The bond includes a
negative pledge provision binding Arcelik, as well as financial reporting obligations, a restriction on certain corporate reorganisations, and a covenant limiting transactions with affiliates that do not comply with an arms-length principle.
Con el objeto de dar claridad respecto de algunas figuras propias del sistema anglosajon comunmente utilizadas en la documentacion del Project Finance, se hara referencia a las clausulas
Negative Pledge y Cross Default o incumplimiento forzado, al igual que al negocio juridico conocido como Trust.
Among other standard conditions, the trust certificates benefit from a
negative pledge, a change of control, and a cross-default provision.
This could not be done without permission from the beneficiaries of the
negative pledge, but the bond contracts had no mechanism for that permission to be given short of a unanimous vote of the affected bondholders, which was impossible to obtain as a practical matter.
The arrangement is subject to a
negative pledge, by which DCD is not entitled to create any encumbrances such as a mortgage on the security assets without getting the prior consent of the bank.
