Dealing with the Secured Assets Sample Clauses
The "Dealing with the Secured Assets" clause defines the rights and obligations of parties regarding the management, use, or disposition of assets that have been pledged as security under an agreement. Typically, this clause outlines what actions the secured party may take with the assets, such as selling, transferring, or otherwise handling them, especially in the event of a default by the debtor. It may also specify any restrictions on the debtor’s ability to use or dispose of the secured assets during the term of the agreement. The core function of this clause is to protect the interests of the secured party by ensuring clear rules for handling the collateral, thereby reducing uncertainty and mitigating risk in the event of non-performance.
Dealing with the Secured Assets. At any time before the Security constituted hereunder becomes enforceable, the Trustee may, at the cost and request of the Company, and if authorized by approval from Debenture Holders with Special Majority, do or concur with the Company in doing all or any of the things which the Company might have done in respect of the Secured Assets as if no security had been created and particularly but not by way of limitation may sell, call in, collect, convert, lease, purchase, substitute, exchange, surrender, develop, deal with or exercise any right in respect of all or any of the Secured Assets on such terms and for such consideration as the Trustee may deem fit, provided that all properties of any description and all net capital monies arising from or receivable upon any such dealing as aforesaid and remaining after payment therefrom of the costs and expenses of and incidental to such dealing shall become part of the Secured Assets and shall be paid or vested in or specifically charged in favour of the Trustee in such manner as Trustee may require.
Dealing with the Secured Assets. Notwithstanding the other terms in this Clause 3 (Grant of Security), prior to the occurrence of an Event of Default, the Chargor may, continue to exercise all and any of its rights under and in connection with the Bank Accounts, the Account Deposits, the Insurance Policies, the Assigned Contracts or any of the other Secured Assets specified in Clause 3.1 (Fixed Charges).