Secured Property definition

Secured Property means at any time, any present or future right, property or undertaking of the Company, (other than an amount which has been deposited to, or which is standing to the credit of, the Debt Service Reserve Account or the Debt Protection Account (each as defined in the Facility Agreement) and any Authorised Investment (as defined in the Facility Agreement) from either of those Accounts (or the proceeds of any such Authorised Investment)) of whatever kind or wherever situated which is subject at that time to both—Sch. 1
Secured Property means in relation to each class of Individual Security (and eachcategory of Basket Security to the extent it comprises Individual Securities of that class):
Secured Property means in respect of Commodity Securities of any class, all rights ofthe Issuer under the corresponding Facility Agreement(s), Commodity Contracts, any Guarantee, Security Agreement(s) and Control Agreement(s), to the extent that they apply to payments due in respect of Commodity Securities of that class, or any part thereof, and all rights of the Issuer to the Collateral, and which are subject to the security created in favour of the Trustee pursuant to the Security Deed as it applies in respect of such class

Examples of Secured Property in a sentence

Subject always to Condition 12(b)(i) (Enforcement of Security) above and Condition 12(c) (Non-Petition) below, any amount due under the Bonds and not payable or paid when due by the Issuer in accordance with Condition 12(b)(ii) (Issuer Liability Limited) above will nevertheless continue to be regarded as being outstanding for the purposes of making any demand under, or enforcing any Secured Property created by the Issuer pursuant to, any Transaction Document.

If, or to the extent that, after the Security over the Secured Property has been enforced and as fully as practicable realised and the proceeds thereof have been applied in accordance with the Deed of Charge the amounts recovered on realisation of the Secured Property are insufficient to pay or discharge amounts due from the Issuer to the Bondholders in full for any reason, the Issuer will have no liability to pay or otherwise make good any such insufficiency.

The liability of the Issuer to pay any amounts due under the Bonds shall be limited to, and payable solely out of, the amounts received by the Issuer, or the Security Trustee on behalf of the Secured Creditors (as defined in the Deed of Charge), in respect of the Secured Property and applied in accordance with the Deed of Charge.

Only the Security Trustee may enforce the Security over the Secured Property in accordance with, and subject to the terms of, the Deed of Charge.


More Definitions of Secured Property

Secured Property means the Secured Balancing Agreement Rights, the Secured Agent Rights and the Secured Assets. For the avoidance of doubt, any amount standing to the credit of the Reserve Trust Account shall not constitute Secured Property.
Secured Property means the Premises, the Personal Property and all other rights and interests described in the Granting Clauses of this Deed of Trust.
Secured Property means the assets and contractual rights in respect of the agreements comprising the property on which the Note is secured, as specified in the Issue Deed.
Secured Property means any Assets, the Series Rights and any other assets of the Issuer that are subject to any Additional Security granted by the Issuer in respect of the Notes.
Secured Property means (in respect of Micro Securities of any class and of Commodity
Secured Property means all that property of the MTN Issuer held as security (whether fixed, floating or as a Jersey Security Interest) under this Supplement or the Security Trust Deed and MTN Cash Management Agreement;
Secured Property means all rights, title, interest and benefits whatsoever of the Owner under or in connection with the Master Swap Agreement including, without limitation, all moneys payable by the Bank to the Owner thereunder (including without limitation any payment pursuant to termination provisions thereunder) and all claims for damages in respect of any breach by the Bank of the Master Swap Agreement.