Persons entitled
- Midland Bank PLC
Amount secured
The aggregate principal amount of a loan not exceeding us$10,000,000 due to midland bank PLC (the "bank") under a loan agreement dated 27TH june 1997 made between fred. Olsen finance limited (the "borrower") and the bank as lender (the "revolving credit facility agreement"); all other sums of any nature including costs (together with all interest on any of those sums) which form time to time may be payable by the borrower to the bank pursuant to the revolving credit facility agreement, a joint and several guarantee and indemnity of the guarantors (the "guarantee") and the charge of part of the issued share capital of timex group B.V. (the "shares charge") or (where the context permits) any one or more of them, and any other agreement or document which may be agreed between the borrower and the bank and which may at any time be executed by any person as security for the payment of all or any part of the indebtedness (as defined below) (the "security documents"); 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
The right of set-off contained in clause 12.1 of the revoving credit facility agreement in respect of any credit balance from time to time standing on any account of the borrower (whether current or otherwise and whether or not subject to notice) with any branch of the bank in or towards satisfaction of the indebtedness.