Security over Assets Clause Samples

Security over Assets. (a) To secure the performance of the obligations of the Borrower under the Credit Documents and the Hedging Agreements made with Lenders, the Borrower and each Guarantor must provide in favour of the Agent and the Lenders security over all of their assets, tangible and intangible, present and future, including their assets consisting of shares or other ownership interests in any Credit Party. (b) On or prior to the date of the initial Borrowing hereunder, the Borrower and each Guarantor must also enter into account control agreements in respect of securities accounts of the Credit Parties maintained with brokers other than the Agent.

Security over Assets. (1) To secure the performance of the Obligations and Other Secured Obligations, each Obligor organized in Canada or the United States or which has assets located in Canada and the United States must provide in favour of the Agent and the Lenders security over all of its material personal and real property, tangible and intangible, present and future, provided that, subject to the following sentence, such security shall only be required to be created and perfected under the laws in effect in Canada and the United States. The Equity Interest of the Borrower and its Subsidiaries in Material Subsidiaries must also be pledged to the Agent and the Lenders. The Borrower must ensure, to the extent permitted by law, that such Equity Interests are evidenced by certificates and must deliver to the Agent all such certificates (along with stock powers duly executed in blank). The Borrower shall not be required to deliver or cause the delivery of security by a Material Subsidiary or a pledge of the Equity Interests of a Material Subsidiary if doing so is prohibited by or exceeds the amount permitted by Applicable Law (in which case the security of such Material Subsidiary will be limited to such maximum amount) or if the Agent, in consultation with the Borrower, determines that the cost of obtaining such security or pledge is excessive in relation to the value of the security or pledge to the Lenders. The Agent confirms that, in accordance with the foregoing, the Agent has determined that no pledge shall be required in respect of the Equity Interests of any Subsidiary incorporated under the laws of Burkina Faso. (2) Notwithstanding Section 3.2(1), until the occurrence and during the continuance of an Event of Default, the security to be provided by any Obligor shall not be required to be perfected on mining rights other than those associated with the mines commonly known as Côté Gold, Ontario and Westwood, Québec (as such mines are further described in the Security Documents). For greater certainty, any Obligor may sell or otherwise dispose of, or deal with, any mining rights in respect of which the security is not required to be perfected, unless an Event of Default has occurred and is continuing or unless such sale, disposition or other dealing would be prohibited by Section 7.5. The Agent and the Lenders agree that, at the request and expense of the Borrower, the Agent and the Lenders will promptly provide any further assurances that may be reasonably necessary in co...

Security over Assets. To secure the performance of the obligations of the Borrower under the Term Facility, each Credit Party will provide in favour of the Agent (for the benefit of the Secured Parties) security over (i) the same collateral which otherwise secures such Credit Party's obligations under or in connection with the Senior Credit Agreement from time to time (the security as of the Effective Date, the “Current Security Package”); and (ii) in the event the Current Security Package does not provide for security over all of the personal (movable) assets, tangible and intangible, present and future of the Credit Parties, or if there is no Current Security Package, all of its personal (movable) assets, tangible and intangible, present and future (the security described in paragraphs (i) and (ii), collectively, the “Security Package”). Such Security Package must be valid and perfected under the laws of the Applicable Jurisdictions, it being understood that such security will rank immediately after the security granted under or in connection with the Senior Credit Agreement save and except for security over cash and cash equivalents as set out in the Intercreditor Agreement. For greater certainty the Security Package will include security over Deposit Accounts with an obligation of the Credit Parties to maintain a minimum amount of US$35,000,000, in the aggregate, in such Deposit Accounts as set out in Section 8.3(o) .

Security over Assets. (a) Subject to the delay provided for in Section 1.2, to the extent applicable, to secure the performance of all of the obligations (a) of the Borrower under the Facility, and (b) of the Credit Parties under (i) the Hedging Agreements (other than Excluded Swap Obligations), (ii) the Credit Card Obligations, (iii) the Transfer and Deposit Obligations (iv) the LC Obligations and (v) any Erroneous Payment Subrogation Rights, each Material Credit Party must provide in favour of the Agent and the Lenders security over all of their assets, movable/personal and immovable/real, tangible and intangible, corporeal and incorporeal, present and future, including their assets consisting of shares or other ownership interests in any Credit Party. (b) Each Material Credit Party must also enter into blocked account agreements and account control agreements in respect of, respectively, each deposit accounts held by the Borrower, as well as accounts maintained with brokers other than the Agent consisting of (i) securities accounts, and (ii) bullion, metal or other commodities accounts not constituting securities accounts under applicable securities transfer legislation; it is however understood that: