Common use of Security Enforced Clause in Contracts

Security Enforced. an encumbrancer takes possession or an administrator or other receiver or other similar officer is appointed of the whole or a material part of the property, assets or turnover of an Obligor;

Security Enforced. an encumbrancer takes possession or an administrator administrative or other receiver or an administrator or other similar officer is appointed of the whole or a material part of the property, assets or turnover of an Obligorthe Company or any of its Principal Subsidiaries (as the case may be) and is not discharged within 30 days;