Examples of Permitted Security in a sentence
The Seller shall not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim, other than Adverse Claims in favour of the Purchaser or which are Permitted Security Interests, upon or with respect to, any or all of the Purchased Assets (including without limitation upon or with respect to any account to which any Collections are deposited) except as herein provided or as provided in the Security Sharing Agreement.
However, subject to maintenance of security coverage ratio, the company may create any mortgage or charge on any of the Secured Assets, other than the Permitted Security Interest, without obtaining the prior written approval of the Majority Debenture Holders and Debenture Trustee.
The Issuer shall not, and shall procure that none of its Subsidiaries, provide, prolong or renew any security over any of its/their assets (present or future) to secure any loan or other indebtedness, provided however that the Group Companies have a right to (i) provide, prolong and renew any Permitted Security, and (ii) retain, but not prolong or renew, any existing security in relation to indebtedness held by an entity acquired by a Group Company.
Other than the relevant Group Issuer Permitted Disposal and relevant Group Issuer Permitted Security Interest, any Group Issuer assigns, disposes, charges or otherwise encumbers or places a Security Interest on any of its assets without the prior written approval of the Group Issuer Debenture Trustee; or Other than Group Issuer Permitted Disposal, any Group Issuer sells, any of its assets without the prior written approval of the Group Issuer Debenture Trustee.
The Guarantor shall not create or permit to subsist any security over any of its assets or enter into arrangements having a similar effect other than the Permitted Security.