Charges and Security Interests Clause Samples
The 'Charges and Security Interests' clause establishes the rights of a party to secure its interests in certain assets or property as collateral for obligations under the agreement. Typically, this clause outlines the types of charges or security interests that may be created, the process for perfecting such interests, and the obligations of the party granting the security, such as not encumbering the assets further. Its core practical function is to protect the secured party by ensuring they have a legal claim to specific assets if the other party defaults, thereby reducing credit risk and providing a mechanism for recovery.
Charges and Security Interests. (i) The Current Issuer will procure that each of the charges and other security interests created by or contained in the Current Issuer Deed of Charge is registered within all applicable time limits in all appropriate registers; and
(ii) Funding will procure that each of the charges and other security interests created by or contained in the Funding Deed of Charge, the Deeds of Accession and the Current Deed of Accession is registered within all applicable time limits in all appropriate registers;
Charges and Security Interests. (i) The Master Issuer will procure that each of the charges and other security interests created by or contained in the Issuer Deed of Accession is registered within all applicable time limits in all appropriate registers; and
(ii) Funding 2 will procure that each of the charges and other security interests created by or contained in the Funding 2 Deed of Charge is registered within all applicable time limits in all appropriate registers.
Charges and Security Interests. No Limited Partner will, without the prior written consent of the General Partner, (such consent not be to unreasonably withheld) mortgage, charge, create any security interest in, or otherwise encumber the whole or any part of its Committed Capital or assign or otherwise purport to deal with its Partnership Interest or any right relating thereto separate from the legal ownership of such Partnership Interest otherwise than in accordance with this Agreement. This clause 23.3 does not apply to any mortgage, charge or other encumbrance created by any current or future security document used in the ordinary course of a Limited Partner's respective business operations.