Security assignments. Each Chargor, with full title guarantee, as security for the payment or discharge of all Secured Sums, assigns and agrees to assign absolutely (subject to a proviso for reassignment on redemption) to the Security Agent (as trustee for the Beneficiaries): (a) all of its rights, title and interest from time to time in respect of any sums payable to it pursuant to the Insurance Policies; (b) all of its rights, title and interest from time to time in respect of the Hedging Agreements; and (c) all of its rights, title and interest from time to time in respect of any Intra-Group Loans, save that, subject to the terms of any other Finance Document and prior to the Security constituted by this Debenture becoming enforceable, all rights and remedies, any discretions or judgements, the giving of any waivers or consents and any entitlement to proceeds and claims arising under such Insurance Policies, Hedging Agreements and Intra- Group Loans shall be exercised by and at the sole discretion of the relevant Chargor.
Appears in 2 contracts