Security enforced definition
Security enforced a secured party takes possession or a receiver, administrative receiver, administrator, examiner, manager or other similar officer is appointed, of the whole or any part of the undertaking, assets and revenues of the Loan Note Issuer or an enforcement action is begun or execution is levied against any of the assets of the Loan Note Issuer; or
Security enforced any mortgage, charge, pledge, lien or other encumbrance, present or future, created or assumed by the Issuer or any of its Subsidiaries becomes enforceable and any step is taken to enforce it (including the taking of possession or the appointment of an administrative or other receiver, manager, administrator or other similar person), where the value of the relevant assets (as determined by the Auditors) equals or exceeds U.S.$10,000,000 or its equivalent; or
Security enforced an encumbrancer takes possession or a receiver, manager or other similar officer is appointed of the whole or any substantial part of the undertaking, property, assets or revenues of the Issuer, the Guarantor or any of the Guarantor's Material Subsidiaries or the Subsidiary Guarantors or any of them or any of their respective Material Subsidiaries; or
Examples of Security enforced in a sentence
In addition, upon the exercise of the option in Condition 4(a) (Covenant Defeasance), Conditions 9(b) (Breach of other obligations), 9(c) (Cross-default of the Issuer, the Co-obligor or Bestsport), 9(d) (Security enforced), 9(e) (Licences) and 9(k) (Unlawfulness or Invalidity) of these Conditions shall cease to apply.