Security Condition definition

Security Condition means receipt by Homes England of:

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Security Condition means, with respect to any property owned or acquired by a Credit Party, the condition that immediately, in the case of ABL Priority Collateral, or promptly as required pursuant hereto and to the Security Documents, in the case of other Collateral, upon the effectiveness of such ownership or acquisition, (i) such property shall constitute “Collateral” and shall be subject to a valid and continuing security interest in favor of the Collateral Agent, in each case, to the extent required hereby and by the Security Documents, (ii) to the extent required hereby and by the Security Documents, such property shall be subject to a perfected First Priority Lien (in the case of the ABL Priority Collateral) or perfected Second Priority Lien (in the case of non-ABL Priority Collateral) of the Collateral Agent for the benefit of the Secured Parties, provided, with respect to property received by a Credit Party in exchange or replacement for other Collateral, the priority of the Collateral Agent’s security interest in such replacement or exchange Collateral shall be the same as the priority of the Collateral Agent’s security interest in such Collateral being so exchanged or replaced, (iii) all filings necessary or desirable to perfect the liens and the security interest intended to be granted to the Collateral Agent pursuant to the Security Documents shall have been made and are effective, (iv) in the case of notes, instruments, Chattel Paper or investment property or other similar negotiable property, to the extent required by the Security Documents, such property shall be delivered to the Collateral Agent (or the Noteholder Collateral Agent, as applicable in accordance with the terms of the Intercreditor Agreement), duly endorsed, together with all necessary transfer powers duly executed, and (v) all other steps shall have been taken to the Administrative Agent’s reasonable satisfaction to assure the effectiveness and priority of the Liens as referred to immediately above.

Security Condition means all documents and instruments required to create and perfect the Agent’s security interests in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing (or arrangements reasonably satisfactory to the Required Lenders shall have been made for the execution, delivery and filing of such documents and instruments substantially concurrently with the consummation of the transactions occurring on such date).

Examples of Security Condition in a sentence

• Each Party shall provide prompt verbal notice to the other Party describing: (i) the nature and extent of any Emergency or Network Security Condition that may be reasonably anticipated to affect the other Party’s equipment, facilities or operations, (ii) the impact on operations, and (iii) all corrective action.

• In the event of an Emergency or Network Security Condition contemplated by Section 10.3.1, each Party shall provide to the other such information, documents, and data as are necessary for operation of the Transmission System and Distribution System, including, without limitation, such information as is to be supplied to any Governmental Authority, ERO, RRO, Transmission System Operations Center, or Balancing Authority.

• The Contractor shall protect OFFICIAL and OFFICIAL-SENSITIVE information provided to it or generated by it in accordance with the requirements detailed in this Security Condition and any other conditions that may be specified by the Authority.

• The Defence Supplier shall protect UK OFFICIAL and UK OFFICIAL-SENSITIVE material provided to or generated by it in accordance with the requirements detailed in this Security Condition and any other conditions that may be specified by the Authority.

• The Security Condition shall have been satisfied to the reasonable satisfaction of the Required Lenders.

• The Transmission Provider may, ------------------------------- consistent with Good utility Practice, take whatever actions or inactions with regard to the Transmission System the Transmission Provider deems necessary during an Emergency or Network Security Condition in order to: (1) preserve public health and safety; (2) preserve the reliability of the Transmission System; (3) limit or prevent damage; or (4) expedite restoration of service.

• The enclosed Security Condition outlines the minimum measures required to safeguard OFFICIAL-SENSITIVE assets and information.

• Absent the existence of an Emergency or Network Security Condition, the Party scheduling removal of a facility from service will use good faith efforts to schedule such removal on a date mutually acceptable to both Parties, in accordance with Good Utility Practice.

• The Agency shall make employees aware of the current Security Condition (SECON) level and any associated requirements for their facility/office.

• Except in case of an Emergency or Network Security Condition, the Parties shall coordinate, and if necessary negotiate in advance in good faith, the timing of such curtailments, interruptions, reductions of deliveries in order to minimize adverse effects on both Parties.

More Definitions of Security Condition

Security Condition means the security conditions set out in Appendix 1 (UK Official and UK Official-Sensitive Contractual Security Conditions) of Annex E (Security Aspects Letter);

Security Condition shall have the meaning provided in the recitals to this Agreement.