Persons entitled
- Midland Bank PLC
Amount secured
The aggregate principal amount of a loan not exceeding us$32,500,000 due to midland bank PLC (the "bank") under a loan facility agreement dated 27TH june 1997 made between (1) trassey shipping limited (the "borrower") and (2) the bank as lender (the "loan agreement"); the aggregate principal amount of a loan not exceeding us$10,000,000 due to the bank under a loan agreement dated 27TH june 1997 and made between fred. Olsen finance limited and the bank (the "revolving credit facility agreement"); all other sums of any nature including costs (together with all interest on any of those sums) which from time to time may be payable by the borrower or fred. Olsen finance limited to the bank pursuant to the security documents (as defined below); any damages or other sums payable following a final and non-appealable judgement of a court as a result of any breach by the borrower of any of the security documents or as a result of any of the obligations of the borrower under or pursuant to any of the security documents being disclaimed by a liquidator or any other person, or, where the context permits, the amount thereof for the time being outstanding (together the "indebtedness")
Short particulars
All of the pledgor's rights, powers and remedies whatsoever attaching to the original shares and any additional shares except for the voting rights (each as defined below). Original shares means the thirty five thousand class a shares with a par value of NGL1,000 per share pledged by the pledgor to the bank. Additional shares means any bonus shares in timex group B.V. (the " company") at anytime legally and beneficially owned by the pledgor in addition to the original shares, such bonus shares having been accquired by the pledgor as dividend distribution in kind on original shares.. See the mortgage charge document for full details.