Royal Security definition
Royal Security means the security issued or granted to or held by Royal as described in Section III of Schedule A hereto and any modification, extension, renewal or substitution thereof or therefor in effect from time to time;
Examples of Royal Security in a sentence
The Borrower acknowledges that in the event that any of the Secured Parties shall make any payments upon the Undertaking, then as between such Secured Party and the Borrower, such Secured Party shall, to the extent of any such payment but subject to the Standstill Agreement, become subrogated to and entitled to all rights, benefits and security held by Royal in respect of the Royal Construction Loan and Royal Security, without any further consents or approvals from the Borrower.