Spanish Security Sample Clauses
The Spanish Security clause establishes the terms under which security interests are created and governed in accordance with Spanish law. It typically outlines the types of assets that can be used as collateral, the procedures for perfecting and registering security interests, and the rights and obligations of both the secured party and the debtor. For example, it may specify requirements for notarization or registration with Spanish authorities to ensure the enforceability of the security. The core function of this clause is to ensure that security arrangements are legally valid and enforceable in Spain, thereby protecting the interests of lenders or secured parties in cross-border or domestic transactions.
Spanish Security. The Security Documents governed by Spanish law will be granted in favor of each and every Lender to secure the secured obligations (expressly excluding any parallel debt structure) and shall not be held on trust unless expressly permitted by law. At this respect, each Lender (other than the Administrative Agent) hereby irrevocably authorizes and empowers the Administrative Agent (with full power to appoint and to substitute and to delegate) to act on its behalf and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in connection with the acceptance, preparation, amendment, novation, extension, confirmation, release, execution, enforcement, or, where necessary, notarization of a Spanish public document and delivery of the Security Documents subject to Spanish law and the perfection (including, where mandatory, registration) and monitoring of the Collateral. Therefore, the Administrative Agent shall be entitled to accept the Collateral subject to Spanish law in the name and on behalf of the Lenders by virtue of the powers that herein are granted by each Lender. Nothing in this Section 11.29 shall limit or be deemed to modify the exculpatory provisions, or any other rights, immunities and protections, afforded to the Administrative Agent under this Agreement or any other Loan Document.
Spanish Security. If an Event of Default is continuing each of the Group Companies incorporated under the law of Spain which has entered into a Security Document which is listed in paragraphs 25-28 of Schedule 14 will, at the request of the Security Agent, enter into one or more notarial deeds (“escritura publica”) in form and substance satisfactory to the Security Agent in respect of such Security Document and take all other action reasonably required by the Security Agent to ensure that the Security Interests created by such Security Documents (including such notarial deeds (“escritura publica”)) are legal, valid and binding and, subject to the Reservations enforceable, and fully protected in accordance with Spanish law.
Spanish Security. 199 Section 11.2911.30 ............................................................................................................................
Spanish Security. (a) Notwithstanding any other provision in this Clause 3, as security for the fulfilment by the Company of all the Secured Obligations and up to an amount of Euro 100,000,000, the Company hereby grants an in rem right of pledge (hereinafter, the “Spanish Pledge”) in favour of the Agent over the Credit Rights (as defined below). The Agent hereby accepts the Spanish Pledge granted herein over the Credit Rights.
(b) For the purposes of this Clause 3.5 and Schedule 4 (Spanish Pledge Agreement), the terms and expressions indicated below, when they appear in capital letters, will have the following meaning: