Security transfer Sample Clauses
A Security Transfer clause outlines the process and conditions under which security interests, such as collateral or guarantees, can be transferred from one party to another. Typically, this clause specifies the requirements for consent, documentation, and notification that must be met before a security interest is assigned or transferred, and may address scenarios like mergers, acquisitions, or changes in ownership. Its core practical function is to ensure that all parties are aware of and agree to any changes in the holder of security interests, thereby maintaining the integrity and enforceability of the security arrangement.
Security transfer. In the event of any assignment, transfer, novation or disposal of a part or all of its rights and obligations by any Beneficiary under each and any of the Finance Documents to which such Beneficiary is a party, such Beneficiary hereby expressly maintains, which the Pledgor accepts, all its rights and privileges hereunder for the benefit of its successor, in accordance with the terms of Article 1278 of the (French) Civil Code (Code Civil) so that the Pledge herein created will secure, until the Discharge Date, the Secured Liabilities to the rateable benefit of such successor, without further formalities.
Security transfer. In the event of any assignment, transfer or disposal, by way of novation, of a part or all of its rights and obligations by any Beneficiary under each and any of the Finance Documents to which such Beneficiary is a party, such Beneficiary hereby expressly maintains, which the Pledgor accepts, all its rights and privileges for the benefit of its successor or transferee, in accordance with the terms of Article 1278 of the French Civil Code (Code Civil) so that the Pledge will secure the Secured Liabilities to the benefit of such successor, without further formalities.
Security transfer. In the event of any assignment, transfer, novation or disposal of a part or all of its rights and obligations by any Assignee under the Senior Bridge Facilities Agreement to which such Assignee is a party, such Assignee hereby expressly maintains, which the Assignor accepts, all its rights and privileges hereunder for the benefit of its successor, in accordance with the terms of Article 1278 of the (French) Civil Code (Code Civil) so that each Assignment will secure the Secured Liabilities to the rateable benefit of such successor, without further formalities.
Security transfer if the Schemes become Effective, accept a transfer of the Scheme Securities as contemplated by clause 2.2(b)(i) and execute instruments of transfer in respect of the Scheme Securities as contemplated by clause 4.1(u);
Security transfer. (a) In the event that any Beneficiary assigns, transfers or otherwise disposes of any part or all of its rights and obligations under the Guaranty, it is expressly provided hereby – and the Pledgor expressly accepts – that such assignment, transfer or disposal shall not result in a reduction, obsolescence or extinction of any of its security rights and privileges hereunder in respect of the rights so assigned, transferred or otherwise disposed of under this Agreement and the Statement of Pledge. All rights and privileges under this Agreement and the Statement of Pledge shall continue to secure the Secured Obligations, to the pro rata benefit of the assignee(s), transferee(s) or successor(s), without any further formality.
(b) In the event that such assignment, transfer or disposal occurs by way of novation, or is deemed to occur by novation, each Beneficiary expressly reserves and maintains the security rights and privileges under this Agreement and the Statement of Pledge for the pro rata benefit of its assignees, transferees or successors in accordance with the provisions of article 1334 of the French Civil Code (Code civil) without further formalities.