Common use of Fixed Charge Security Clause in Contracts

Fixed Charge Security. If CIBC determines in its sole discretion that there has been a Material Adverse Change (including the occurrence of a Borrowing Base Shortfall) and CIBC considers it necessary for its adequate protection, the Borrower, at the request of CIBC, shall forthwith grant or cause to be granted to CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in such of the Borrower's property as CIBC shall, in its sole discretion, determine as security for all then present and future indebtedness of the Borrower to CIBC and/or PLC under this Financing Commitment. In this connection, the Borrower shall: (i) provide CIBC with such information as is reasonably required by CIBC to identify the property to be so charged; (ii) do all such things as are reasonably required to grant in favour of CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in respect of such property to be so charged; (iii) provide CIBC and/or PLC with all corporate resolutions and other action, as reasonably required for the Borrower, to grant to CIBC and/or PLC a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in their respective property identified by CIBC to be so charged; (iv) provide CIBC and/or PLC with such security instruments and other documents which CIBC, acting reasonably, deems are necessary to give full force and effect to the provisions of this Section 7.1(p); (v) assist CIBC and/or PLC in the registration or recording of such agreements and instruments in such public registry offices in Canada or any Province thereof as CIBC, acting reasonably, deems necessary to give full force and effect to these provisions; and (vi) pay all reasonable costs and expenses incurred by CIBC and/or PLC in connection with the preparation, execution and registration of all agreements, documents and instruments, including any amendments to the Security, made in connection herewith.

Fixed Charge Security. If CIBC determines in its sole discretion that there has been a Material Adverse Change (including the occurrence of a Borrowing Base Shortfall) and CIBC considers it necessary for its adequate protection, the Borrower, at the request of CIBC, shall forthwith grant or cause to be granted to CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in such of the Borrower's property as CIBC shall, in its sole discretion, determine as security for all then present and future indebtedness of the Borrower to CIBC and/or PLC under this Financing Commitment. In this connection, the Borrower shall: (i) provide CIBC with such information as is reasonably required by CIBC to identify the property to be so charged; (ii) do all such things as are reasonably required to grant in favour of CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in respect of such property to be so charged; (iii) provide CIBC and/or PLC with all corporate resolutions and other action, as reasonably required for the Borrower, to grant to CIBC and/or PLC a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in their respective property identified by CIBC to be so charged; (iv) provide CIBC and/or PLC with such security instruments and other documents which CIBC, acting reasonably, deems are necessary to give full force and effect to the provisions of this Section 7.1(p10.1(p); (v) assist CIBC and/or PLC in the registration or recording of such agreements and instruments in such public registry offices in Canada or any Province thereof as CIBC, acting reasonably, deems necessary to give full force and effect to these provisions; and (vi) pay all reasonable costs and expenses incurred by CIBC and/or PLC in connection with the preparation, execution and registration of all agreements, documents and instruments, including any amendments to the Security, made in connection herewith.

Fixed Charge Security. If CIBC determines in its sole discretion that there has been a Material Adverse Change (including the occurrence of a Borrowing Base Shortfall) and CIBC considers it necessary for its adequate protection, the Borrower, at the request of CIBC, shall forthwith grant or cause to be granted to CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in such of the Borrower's ’s property as CIBC shall, in its sole discretion, determine as security for all then present and future indebtedness of the Borrower to CIBC and/or PLC under this Financing Commitment. In this connection, the Borrower shall: (i) provide CIBC with such information as is reasonably required by CIBC to identify the property to be so charged; (ii) do all such things as are reasonably required to grant in favour of CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in respect of such property to be so charged; (iii) provide CIBC and/or PLC with all corporate resolutions and other action, as reasonably required for the Borrower, to grant to CIBC and/or PLC a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in their respective property identified by CIBC to be so charged; (iv) provide CIBC and/or PLC with such security instruments and other documents which CIBC, acting reasonably, deems are necessary to give full force and effect to the provisions of this Section 7.1(p10.1(p); (v) assist CIBC and/or PLC in the registration or recording of such agreements and instruments in such public registry offices in Canada or any Province thereof as CIBC, acting reasonably, deems necessary to give full force and effect to these provisions; and (vi) pay all reasonable costs and expenses incurred by CIBC and/or PLC in connection with the preparation, execution and registration of all agreements, documents and instruments, including any amendments to the Security, made in connection herewith.

Fixed Charge Security. If CIBC determines in its sole discretion that there has been a Material Adverse Change (including the occurrence of a Borrowing Base Shortfall) and CIBC considers it necessary for its adequate protection, the Borrower, at the request of CIBC, shall forthwith grant or cause to be granted to CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in such of the Borrower's property as CIBC shall, in its sole discretion, determine as security for all then present and future indebtedness of the Borrower to CIBC and/or PLC under this Financing Commitment. In this connection, the Borrower shall: (i) provide CIBC with such information as is reasonably required by CIBC to identify the property to be so charged; (ii) do all such things as are reasonably required to grant in favour of CIBC and/or PLC, a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in respect of such property to be so charged; (iii) provide CIBC and/or PLC with all corporate resolutions and other action, as reasonably required for the Borrower, to grant to CIBC and/or PLC a fixed charge and security interest (subject only to Permitted Encumbrances which under applicable law rank in priority thereto) in their respective property identified by CIBC to be so charged; (iv) provide CIBC and/or PLC with such security instruments and other documents which CIBC, acting reasonably, deems are necessary to give full force and effect to the provisions of this Section 7.1(p9.1(p); (v) assist CIBC and/or PLC in the registration or recording of such agreements and instruments in such public registry offices in Canada or any Province thereof as CIBC, acting reasonably, deems necessary to give full force and effect to these provisions; and (vi) pay all reasonable costs and expenses incurred by CIBC and/or PLC in connection with the preparation, execution and registration of all agreements, documents and instruments, including any amendments to the Security, made in connection herewith.