Greek Security Clause Samples
The Greek Security clause establishes a legal mechanism by which a party provides collateral or security interest over assets located in Greece to secure the performance of obligations under an agreement. Typically, this involves the creation of a pledge, mortgage, or other recognized security right over Greek property, such as real estate, shares, or receivables, in accordance with Greek law. The core function of this clause is to protect the secured party by granting them priority rights over specified assets in the event of default, thereby reducing credit risk and enhancing the enforceability of the agreement in cross-border or local transactions involving Greek assets.
Greek Security. (a) The Security Trustee shall obtain any Security Interest provided under or pursuant to a Security Document governed by Greek law (the Greek Security) in its own name.
(b) The Security Trustee shall have full and unrestricted entitlement to and authority in respect of the Greek Security, provided that it shall be under an obligation to exercise such rights (and perform such obligations) in accordance with the contractual undertakings set out in any Finance Document.