Common use of Scope of Security Interest Clause in Contracts

Scope of Security Interest. (1) To the extent that the creation of the Security Interest would constitute a breach or permit the acceleration or termination of any agreement, right, licence or permit of the Obligor (each, a "RESTRICTED ASSET"), the Security Interest shall not attach to the Restricted Asset but the Obligor shall hold its interest in the Restricted Asset in trust for the Agent and the Lenders, and shall assign such Restricted Asset to the Agent for the benefit of the Agent and the Lenders or as the Agent may direct immediately upon obtaining the consent of the other party.

Scope of Security Interest. (1) To the extent that the creation of the Security Interest would constitute a breach or permit the acceleration or termination of any agreement, right, licence license or permit of to which the Obligor (each, Debtor is a "RESTRICTED ASSET")party, the Security Interest shall not attach to the Restricted Asset thereto but the Obligor Debtor shall hold its interest in the Restricted Asset therein in trust for the Agent and the LendersCorporation, and shall assign such Restricted Asset agreement, right, license or permit to the Agent for the benefit of the Agent and the Lenders Corporation or as the Agent it may direct immediately forthwith upon obtaining the consent of the other partyparty thereto.

Scope of Security Interest. (1) To the extent that the creation of the Security Interest would constitute a breach or permit the acceleration or termination of any agreement, agreement right, licence or permit of to which the Obligor (each, Corporation is a "RESTRICTED ASSET")party, the Security Interest shall not attach to the Restricted Asset thereto but the Obligor Corporation shall hold its interest in the Restricted Asset therein in trust for the Agent and the LendersLender, and shall assign such Restricted Asset agreement, right, license or permit to the Agent for the benefit of the Agent and the Lenders Lender or as the Agent it may direct immediately forthwith upon obtaining the consent of the other partyparty thereto.

Scope of Security Interest. (1) To the extent that the creation of the Security Interest would constitute a breach or permit the acceleration or termination of any agreement, right, licence or permit of the Obligor Corporation (each, a "RESTRICTED ASSET"), the Security Interest shall not attach to the Restricted Asset but the Obligor Corporation shall hold its interest in the Restricted Asset in trust for the Agent and the LendersLender, and shall assign such Restricted Asset to the Agent for the benefit of the Agent and the Lenders or as the Agent may direct Lender immediately upon obtaining the consent of the other party.