Standard Security Clause Samples
Standard Security. Foster Wheeler Energy will on the date of this Agreement, as security ▇▇▇ ▇▇▇▇▇▇▇ ▇f the Secured Liabilities, enter into and deliver to the Collateral Agent a validly subscribed Standard Security in the form set out in Schedule 9 in respect of Scottish Property belonging to Foster Wheeler Energy on the date of this Agreement, together with (1) ▇ ▇▇▇▇▇▇ ▇▇▇ registration dues (2) a cheque for Companies House dues (3) a Form 10/12 report in respect of the Scottish Property, together with personal searches against and a Search in the Register of Charges/Mortgage Register and the Company file of Foster Wheeler Energy, all brought down to a date as near as practica▇▇▇ ▇▇ ▇▇▇ ▇▇▇e of this Agreement and showing no entries adverse to Foster Wheeler Energy's interest in the Scottish Property or to its a▇▇▇▇▇▇ ▇▇ ▇▇▇▇t the Standard Security and (4) Foster Wheeler Energy solicitor's letter of obligation in normal form.
Standard Security. 2.1 In continuing security for payment and discharge of all the Secured Liabilities, the Company hereby grants a Standard Security in favour of the NLF over the Property.
2.2 The Standard Conditions specified in Schedule 3 of the Conveyancing and Feudal Reform (Scotland) Acts 1970 and 1971 as varied (i) herein and by (ii) the Contribution Agreement and by (iii) the Debenture shall apply and where any inconsistency shall arise between (a) the said Standard Conditions, and (b) the terms of the Contribution Agreement or (c) the terms of the Debenture, then the terms of the Contribution Agreement shall prevail and shall have effect in preference to the said Standard Conditions and the Debenture and where any inconsistency shall arise between (a) the said Standard Conditions and (b) the terms of the Debenture then the terms of the Debenture shall prevail and shall have effect in preference to the said Standard Conditions; Notwithstanding this clause 2.2 nothing shall prevent or restrict NLF rights and powers under Standard Condition 10; Provided Always that (i) the Company shall not be deemed to be in breach of any Standard Conditions (a) if it has complied with the obligations imposed on it by the Contribution Agreement which relates to the same subject matter as the relevant Standard Condition and (b) where such breach is as a consequence of the Company complying with its obligations under the Contribution Agreement and (ii) the Standard Conditions shall not be construed so as to impose more onerous obligations on the Company to the NLF than under the Contribution Agreement.
2.3 Without prejudice to the generality of the foregoing Clause 2.2, the Standard Conditions referred to therein shall be varied so that (i) notwithstanding Standard Condition 5, Insurance shall be effected in accordance with Clause 7.6 of the Debenture and (ii) notwithstanding Standard Condition 9, default of the Company in terms hereof shall be determined exclusively by reference to the Default Events contained in Clause 17 of the Contribution Agreement and the Company shall only be held to be in default where such an Default Event is continuing.
2.4 The Company acknowledges the rights and powers of the NLF under this Standard Security are subject to Clause 1.5 of the Debenture.
2.5 The Company hereby confirms that it is the sole legal and beneficial owner of the Property.