Smedvig definition
Examples of Smedvig in a sentence
The Borrower undertakes to procure at all times the consolidation of the Guarantor’s interest in all Major Shared Enterprises in all financial statements of the Smedvig Group.
The corporate structure diagram of the Smedvig Group set out in Schedule 7 is true, accurate and complete and represents the entire corporate structure of the Smedvig Group.
Each of the Borrower and the Guarantor have fully disclosed in writing to the Lenders through the Facility Agent all facts relating to itself and the Smedvig Group which it knows or should reasonably know and which might reasonably be expected to influence the Lenders in deciding whether or not to enter into this Agreement.
The Borrower will procure that throughout the Loan Period the Minimum Liquidity of the Smedvig Group will not fall below fifty million Dollars (USD50,000,000).
No claims are being asserted against any Group Member with respect to Taxes for an amount exceeding one million Dollars (USD1,000,000) save for a potential claim by the Norwegian tax authorities in respect of “WEST ALPHA” in the amount of approximately thirty million Norwegian Kroner (NOK30,000,000) as noted in the audited consolidated annual accounts of the Smedvig Group for the financial year ended 31 December 2003.
Debt Restriction Test Period Gross Debt Limit 1 July 2010 to 30 September 2010 £ 20,000,000 1 October 2010 to 31 December 2010 £ 20,000,000 All Gross Debt Limits shall be reduced by a sum equal to the value of any indebtedness howsoever arising due and owing to Smedvig or any other party at any time which is subsequently converted into equity prior to the Expiry Date.
Any person (or group of persons acting in concert) other than members of the Smedvig Family and/or Smedvig Family Trusts obtains fifty per cent (50%) or more of the voting rights of the Guarantor without the prior written consent of all of the Lenders.
Each set of financial statements to be provided to the Facility Agent pursuant to Clause 10.2 (Provision of financial and other information) shall be prepared in accordance with Norwegian GAAP consistently applied (or, if not consistently applied, accompanied by details of the inconsistencies) and shall fairly represent the financial condition of the Smedvig Group on a consolidated basis.
Debt Restriction Test Period Gross Debt Limit 1 January 2010 to 31 March 2010 £ 19,800,000 1 April 2010 to 30 June 2010 £ 25,700,000 1 July 2010 to 30 September 2010 £ 31,200,000 1 October 2010 to 31 December 2010 £ 31,500,000 All Gross Debt Limits shall be reduced by a sum equal to the value of any indebtedness howsoever arising due and owing to Smedvig or any other party at any time which is subsequently converted into equity prior to the Expiry Date.
The requirements contained in this Clause 12 as to the financial condition of the Smedvig Group shall be tested as at 31 March, 30 June, 30 September and 31 December in each year (commencing with 30 June 2001) by reference to the financial statements and compliance certificates delivered to the Facility Agent pursuant to Clause 10.2 (Provision of financial and other information).