Common use of Charged Shares Clause in Contracts

Charged Shares. (a) Subject to the terms of the Intercreditor Agreement each Company shall, on the date of this Debenture or as soon as reasonably practicable thereafter but in any event by 15 May 2001 and from time to time, deliver to the Security Trustee (or a nominee specified by the Security Trustee acting on its behalf), or procure the delivery to the Security Trustee (or such a nominee) of, and the Security Trustee (or such nominee) shall be entitled to hold and retain, all of the Charged Shares or the certificates or documents of title to or representing the same held or acquired by such Company or its nominee(s) together with: (i) if any of the Charged Shares is not in the sole name of such Company, a declaration of trust in respect of such Charged Shares in favour of such Company duly executed by each Person other than each Company in whose name such Charged Shares are registered or held; and (ii) any instrument of transfer or assignment of such Charged Shares specified by the Security Trustee duly executed by each Person in whose name any of such Charged Shares are registered or held (with the name of the transferee or assignee, the consideration and the date left blank). (b) The Security Trustee may following the occurrence of an Event of Default (which is subsisting) have any of the Charged Shares registered in its name or in the name of a nominee specified by the Security Trustee acting on its behalf.

Charged Shares. (a) Subject to the terms of the Intercreditor Agreement each Company shall, on the date of this Debenture or as soon as reasonably practicable thereafter but in any event by 15 May 15, 2001 and from time to time, deliver to the Security Trustee (or a nominee specified by the Security Trustee acting on its behalf), or procure the delivery to the Security Trustee (or such a nominee) of, and the Security Trustee (or such nominee) shall be entitled to hold and retain, all of the Charged Shares or the certificates or documents of title to or representing the same held or acquired by such Company or its nominee(s) together with: (i) if any of the Charged Shares is not in the sole name of such Company, a declaration of trust in respect of such Charged Shares in favour of such Company duly executed by each Person other than each Company in whose name such Charged Shares are registered or held; and (ii) any instrument of transfer or assignment of such Charged Shares specified by the Security Trustee duly executed by each Person in whose name any of such Charged Shares are registered or held (with the name of the transferee or assignee, the consideration and the date left blank). (b) The Security Trustee may following the occurrence of an Event of Default (which is subsisting) have any of the Charged Shares registered in its name or in the name of a nominee specified by the Security Trustee acting on its behalf.