Chargee Security definition
Examples of Chargee Security in a sentence
The Chargee may enforce the Chargee Security at any time which is an Enforcement Time or if the Chargor requests it to do so.
The Chargor will notify the Chargee as soon as it becomes aware of any matter which might reasonably be expected to have an adverse effect on the Rights of the Chargee under the Chargee Security.
This includes any costs and expenses relating to the enforcement or preservation of the Chargee Security or the Charged Assets and to any amendment, waiver, consent or release required in connection with the Chargee Security.
The Chargee Security has or will have first ranking priority and it is not subject to any prior ranking or pari passu ranking Security.
If any Tax or other sum must be deducted from any amount payable by the Chargor under the Chargee Security Documents, the Chargor will pay such additional amounts as are necessary to ensure that the recipient receives a net amount equal to the full amount it would have received before such deductions.
All payments by the Chargor under the Chargee Security Documents will be made in full, without any set-off or other deduction.
The Chargor will, on demand, pay all legal and other costs and expenses (including any stamp duty, registration or other similar taxes) incurred by the Chargee or by any Receiver in connection with the Chargee Security.
If the Chargee receives notice that any Security has been created over the Charged Assets which the Finance Documents do not permit to rank in priority to the Chargee Security, the Chargee will be treated as if it had immediately opened a new account for the Chargor, and all payments received by the Chargee from the Chargor will be treated as if they had been credited to the new account and will not reduce the amount then due from the Chargor to the Chargee.
The Obligations of the Chargor under the Finance Documents and the security created by the Chargee Security will continue until the Secured Indebtedness have been irrevocably and unconditionally paid or discharged in full, regardless of any intermediate payment or discharge in whole or in part.
If the Chargor fails to make a payment under the Chargee Security Documents, it will pay interest to that person on the amount concerned at the Default Rate from the date it should have made the payment until the date of payment (after, as well as before, judgment).