Examples of Original Security Trustee in a sentence
Should the said general hypothec be cancelled by the Original Security Trustee, the Bondholders will benefit from a first ranking general hypothec over all the assets of the Issuer, both present and future, as security for the Issuer’s obligations under the Bond Issue.
In the event that sufficient Original Bondholders surrender their Original Bonds in favour of the Issuer in exchange for First Tranche Bonds, the first ranking general hypothec will be cancelled by the Original Security Trustee.
Depending on the rate of conversion of Original Bonds into First Tranche Bonds and the extent of Second Tranche Bonds that may be issued, holders of Original Bonds or Secured Bonds shall at all times remain secured for the nominal value of Bonds held by either cash collateral held in the reserve account by the Original Security Trustee or hypothecary rights over immovable property or a combination of the two.
The fixed amounts to be received by the security trustee are set out in a trust deed between the Issuer and the Original Security Trustee dated 9th September 2016, which fixed amounts represent approximately 75% of sales proceeds after deducting commissions payable by the Issuer (and VAT on commissions)and provisional tax on the full sales price.
Depending on the amount of conversions of Eligible Applicants to convert their Original Bonds to First Tranche Bonds, the Original Security Trustee may be required to retain sufficient security over immovables consisting of some of the blocks forming part of Block A to Block E of the Mellieħa Development.
The Original Security Trustee holds funds received on the sale of a unit and,or garage in the Original Reserve Account for the benefit or the Original Bondholders of the Original Bonds.
With respect to the special hypothec over Block A to Block E of the Mellieħa Development, depending on the amount of conversions of Eligible Applicant to convert their Original Bonds to First Tranche Bonds, the Original Security Trustee may be required to retain sufficient security over immovables, consisting of some of the Block A to Block E of the Mellieħa Development.
As part of the issue of the Original Bonds, GDL constituted the following security interests in favour of the Original Security Trustee: (i) a general hypothec over its property, both present and future; and (ii) a special hypothec over Blocks A, B and C of the Qawra Development.
The Original Security Trustee has already undertaken to release from the general hypothec registered against GML, Block A to Block E of the Mellieħa Development, which property will be subject to the special hypothec in favour of the Security Trustee.
The fixed amounts to be received by the Original Security Trustee are set out the Original Trust Deed, which fixed amounts represent approximately 75% of sales proceeds after deducting commissions payable by the Issuer (and VAT on commissions)and provisional tax on the full sales price.