Common use of Right of appropriation Clause in Contracts

Right of appropriation. To the extent that any of the Charged Property constitutes “financial collateral” and this Debenture and the obligations of any Company hereunder constitute a “security financial collateral arrangement” (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the “Regulations”) the Security Agent shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (1) in the case of cash, the amount standing to the credit of each of the Accounts, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (2) in the case of Included Investments and/or Shares, the fair market price of such Included Investments and/or Shares reasonably determined by the Security Agent by reference to a public index or by such other process as the Security Agent may reasonably select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Debenture shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.

Right of appropriation. To the extent that any of the Charged Property constitutes “financial collateral” and this Debenture and the obligations of any Company the Charging Companies hereunder constitute a “security financial collateral arrangement” (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the “Regulations”) the Interim Security Agent shall at any time following the occurrence of an Enforcement Event which is continuing have the right to appropriate all or any part of such financial collateral in or towards discharge of the Secured Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (1a) in the case of cash, the amount standing to the credit of each of the Accounts, together with any accrued but unposted interest, at the time the right of appropriation is exercised; exercised and (2b) in the case of Included Investments and/or SharesInvestments, the fair market price of such Included Investments and/or Shares reasonably determined by the Interim Security Agent (acting reasonably) by reference to a public index or by such other process as the Interim Security Agent may reasonably select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Debenture shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.

Right of appropriation. To the extent that any of the Charged Property constitutes “financial collateral” and this Debenture and the obligations of any Company each Chargor hereunder constitute a “security financial collateral arrangement” (in each case as defined in, and for the purposes of, the Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003 No. 3226) (the “Regulations”) the Security Agent Trustee shall have the right to appropriate all or any part of such financial collateral in or towards discharge of the Secured UK Obligations. For this purpose, the parties agree that the value of such financial collateral so appropriated shall be (1a) in the case of cash, the amount standing to the credit of each of the Accounts, together with any accrued but unposted interest, at the time the right of appropriation is exercised; and (2b) in the case of Included Investments and/or Shares, the fair market price of such Included Investments and/or Shares reasonably determined by the Security Agent Trustee by reference to a public index or by such other process as the Security Agent Trustee may reasonably select, including independent valuation. In each case, the parties agree that the method of valuation provided for in this Debenture shall constitute a commercially reasonable method of valuation for the purposes of the Regulations.