Creation of Security definition
Examples of Creation of Security in a sentence
For the avoidance of doubt, nothing in this Section 2 (Creation of Security) will prevent the Grantors from permitting to subsist or granting any other Permitted Security.
The Parties agree that the Notice of Intent to Succeed to the extent it relates to any succession rights of the Lenders under this Section 11.2 (Creation of Security) shall not be binding upon the Lenders or their designee and shall not constitute a Succession Notice.
Upon the delivery of a Succession Notice, the Lenders (or their designee or Transferee) shall be granted an additional period of one hundred and eighty (180) Days within which to cure, remedy, or procure the cure or remedy of any such Seller Event of Default (the “Extended Cure Period”) that is required to be cured pursuant to Section 11.2 (Creation of Security).
Any delay in calling such Event of Default or acceptance of payments of Additional Interest for Non – Creation of Security shall not be construed as a waiver of, or an estoppel against, the right of the Lender to call an Event of Default at their sole discretion at such time as they deem fit.
Procure that Viking Gas will, within the period which is 10 days from the Effective Date, notify to the Secretary of State for Trade and Industry of the United Kingdom all information required under paragraph 5 of the Open Permission (Creation of Security Rights Over Licenses) in relation to the creation of a Lien over the Natural Gas Field Licenses as contemplated by the UK Debenture.
Notwithstanding any other provision of this Deed, there shall be excluded from the Security created by this Clause 3 (Creation of Security) and from the other provisions of this Deed (including any further assurance provisions) any asset which is secured pursuant to the Existing Security Documents.
Creation of Security Interest ......................................................................................................................
Section 2.1 Creation of Security Interest in Collateral ..................................................
Each Assignor shall promptly give notice of the assignment in Clause 2 (Creation of Security Interests) substantially in the form set out in Schedule 3 (Form of notice of assignment of Agreements) (or in such other form as is acceptable to the Security Trustee) and shall use its best endeavours to ensure that each recipient of any such notice promptly signs and returns the relevant form of acknowledgement.
Clause 8 (“Security Trustee indemnity and limitation of liability”) of the Master Security Trust Deed (as amended by the Notice of Creation of Security Trust) applies to this document as if it were set out in full in this document with any necessary amendments to clause references, references to parties and references to applicable documents.