Negative pledge. Il Beneficiario si impegna a non costituire o permettere la sussistenza di alcun Gravame su:
Negative pledge. So long as any of the Notes remains outstanding (as defined in the Trust Deed), the Issuer will not, and will procure that none of its Subsidiaries (as defined below) will, create or have outstanding any mortgage, charge, lien, pledge or other security interest (each a “Security Interest”) other than a Permitted Security Interest upon, or with respect to, any of the present or future business, undertaking, assets or revenues of the Issuer and/or any of its Subsidiaries to secure any Relevant Indebtedness (as defined below), unless the Issuer, in the case of the creation of the Security Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary to ensure that:
Negative pledge. So long as any Note or Coupon remains outstanding (as defined in the Trust Deed), neither the Issuer nor the Guarantor will create or have outstanding any mortgage, charge, lien, pledge or other security interest, upon the whole or any part of its present or future undertaking, assets or revenues (including any uncalled capital) to secure any Relevant Indebtedness or to secure any guarantee or indemnity in respect of any Relevant Indebtedness, without at the same time or prior thereto according to the Notes and the Coupons the same security as is created or subsisting to secure any such Relevant Indebtedness, guarantee or indemnity or such other security as either (i) the Trustee shall in its absolute discretion deem not materially less beneficial to the interest of the Noteholders or (ii) shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders.
Negative pledge. Fermo restando quanto previsto dal Piano e dalla Proposta, le Società si obbligano, ciascuna per quanto si propria competenza, a non costituire o permettere la sussistenza di alcun Vincolo su tutti o alcuni dei propri beni a favore di soggetti diversi dalle Banche, per obbligazioni proprie e/o di terzi.
Negative pledge. So long as any Note or Coupon remains outstanding, neither the Issuer nor any of its Subsidiaries will create or have outstanding any mortgage, charge, lien, pledge or other security interest (each a "Security Interest"), upon, or with respect to, the whole or any part of its present or future business, undertaking, assets or revenues (including any uncalled capital) to secure any Relevant Indebtedness or to secure any guarantee or indemnity in respect of any Relevant Indebtedness (other than Refinancing Indebtedness), unless the Issuer, in the case of the creation of a Security Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary to ensure that (a) all amounts payable by it under the Notes and the Coupons are secured by the Security Interest equally and rateably with the Relevant Indebtedness; or (b) such other Security Interest or other arrangement (whether or not it includes the giving of a Security Interest) shall be provided as is approved by an Extraordinary Resolution of the Noteholders; provided that, the foregoing provisions shall not apply to any Security Interest (i) arising by operation of law or (ii) created by an entity which becomes a Subsidiary after the date of creation of such Security Interest where the Security Interest was not created in connection with or in contemplation of such entity becoming a Subsidiary and does not extend to or cover any undertaking, assets or revenues (including any uncalled capital) of the Issuer or any of its other Subsidiaries.
Negative pledge. So long as any Note or Coupon remains outstanding (as defined in the Trust Deed), the Issuer will not and ensure that none of its Subsidiaries will, create or have outstanding any Security Interest (except for a Permitted Security Interest), upon the whole or any part of its present or future undertaking, assets or revenues (including any uncalled capital) to secure any Relevant Indebtedness, without at the same time or prior thereto all amounts payable by the Issuer under the Notes, the Coupons and the Trust Deed being secured by the Security Interest equally and rateably with the Relevant Indebtedness, either (i) to the reasonable satisfaction of the Trustee or (ii) approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders.