Security over undertaking Sample Clauses

Security over undertaking. (a) The Security Grantor creates a security interest (by way of first ranking security interest under the Moveables Security Law) over all of its rights, title and interest from time to time in and to its entire present and future tangible and intangible movable property. (b) The Security Grantor will, to the extent not prohibited by any other Debt Document, be free to deal with, use, dispose, operate, transact business, grant any (other) Permitted Security and take all other action in relation to the Security Assets without reference to, or any requirement for the consent or authority of or any requirement for any notice to, any other person, until notified by the Security Agent to the contrary, which notice may only be given by the Security Agent following the occurrence of an Acceleration Event which is continuing, and no term of this Agreement shall (or shall be construed to) prohibit, restrict or condition the Security Grantor dealing in any manner whatsoever with any Security Asset prior to any such notice being given by the Security Agent. (c) For the avoidance of any doubt, any Security Asset disposed of (or similar) or over which the Security Grantor grants any (other) Permitted Security to the extent not prohibited by any other Debt Document shall immediately and automatically fall outside of (and will not be within the scope of) the relevant security interest created by this Agreement (and will cease to be part of the Security Assets).