Common use of Future Real Property Clause in Contracts

Future Real Property. (a) Each Chargor shall immediately notify the Common Security Agent of any contract, conveyance, transfer or other disposition for the acquisition by it (or its nominee) of any Real Property. (b) In respect of any estate or interest in any Real Property acquired by any Chargor after the date of this Deed, that Chargor shall (at its own cost): (i) immediately following the acquisition, execute and deliver, or procure that there is executed and delivered, to the Common Security Agent one of the following: (A) if that estate or interest relates to Real Property in England and Wales, a first legal mortgage of that Real Property in favour of the Common Security Agent, in the form required by the Common Security Agent, that is supplemental to, and on the terms and conditions of, this Deed; or (B) if that estate or interest relates to Real Property outside England and Wales, an instrument appropriate to create a security interest equivalent to that set out in paragraph (A) above in that jurisdiction in respect of that Real Property in favour of the Common Security Agent, containing such terms and conditions as the Common Security Agent may require, in each case, to secure the payment and discharge of the Secured Obligations (and, pending the execution of any such instrument, that Chargor shall hold all its estate and interest in that Real Property on trust for the Common Security Agent, as security for the Secured Obligations); (ii) if title to that estate or interest is (either before or after the acquisition) registered or required to be registered under the LRA 2002, within five Business Days after the acquisition: (A) duly register its acquisition of that Real Property at the Land Registry; (B) as part of the application to the Land Registry referred to in paragraph (A) above, make a due application (or procure that such an application is made) to register the first legal mortgage created in accordance with paragraph (b)(i)(A) above and to enter a restriction and a notice on the relevant registers of title in accordance with paragraph (a) of Clause 10.8 (Land Registry and perfection) or otherwise as required by the Common Security Agent; and (C) immediately following the completion of the Land Registry application referred to in paragraphs (A) and (B) above, notify the Common Security Agent of the same and supply updated official copies of the relevant registers of title to the Common Security Agent or as the Common Security Agent may otherwise direct; and (iii) if that estate or interest is leasehold property, immediately following the acquisition provide a written notice to the relevant landlord, and procure that such landlord delivers to the Common Security Agent a written acknowledgment of that notice, in each case, in accordance with paragraph (c) of Clause 10.8 (Land Registry and perfection) or otherwise as required by the Common Security Agent.

Future Real Property. (a) Each Chargor shall immediately notify the Common Security Collateral Agent of any contract, conveyance, transfer or other disposition for the acquisition by it (or its nominee) of any Real Property. (b) In respect of any estate or interest in any Real Property acquired by any Chargor after the date of this Deed, that Chargor shall (at its own cost): (i) immediately following the acquisition, execute and deliver, or procure that there is executed and delivered, to the Common Security Collateral Agent one of the following: (A) if that estate or interest relates to Real Property in England and Wales, a first legal mortgage of that Real Property in favour of the Common Security Collateral Agent, in the form required by the Common Security Collateral Agent, that is supplemental to, and on the terms and conditions of, this Deed; or (B) if that estate or interest relates to Real Property outside England and Wales, an instrument appropriate to create a security interest equivalent to that set out in paragraph (A) above in that jurisdiction in respect of that Real Property in favour of the Common Security Collateral Agent, containing such terms and conditions as the Common Security Collateral Agent may require, in each case, to secure the payment and discharge of the Secured Obligations (and, pending the execution of any such instrument, that Chargor shall hold all its estate and interest in that Real Property on trust for the Common Security Collateral Agent, as security for the Secured Obligations); (ii) if title to that estate or interest is (either before or after the acquisition) registered or required to be registered under the LRA 2002, within five Business Days after the acquisition: (A) duly register its acquisition of that Real Property at the Land Registry; (B) as part of the application to the Land Registry referred to in paragraph (A) above, make a due application (or procure that such an application is made) to register the first legal mortgage created in accordance with paragraph (b)(i)(A) above and to enter a restriction and a notice on the relevant registers of title in accordance with paragraph (a) of Clause 10.8 (Land Registry and perfection) or otherwise as required by the Common Security Collateral Agent; and (C) immediately following the completion of the Land Registry application referred to in paragraphs (A) and (B) above, notify the Common Security Collateral Agent of the same and supply updated official copies of the relevant registers of title to the Common Security Collateral Agent or as the Common Security Collateral Agent may otherwise direct; and (iii) if that estate or interest is leasehold property, immediately following the acquisition provide a written notice to the relevant landlord, and procure that such landlord delivers to the Common Security Collateral Agent a written acknowledgment of that notice, in each case, in accordance with paragraph (c) of Clause 10.8 (Land Registry and perfection) or otherwise as required by the Common Security Collateral Agent.