Common use of Enforceability of Security Clause in Contracts

Enforceability of Security. (a) For the purposes of all powers implied by the LPA or any other applicable statute, the Secured Liabilities shall be deemed to have become due and payable upon the date of this Deed. (b) Save as provided in Clause 5.3 (Effect of Moratorium) below, the Security shall become immediately enforceable upon: (i) the occurrence of an Event of Default which is continuing; or (ii) a petition being presented or application made for the appointment of an administrator in respect of the Chargor; or (iii) notice being given by a person entitled to do so of the intention to appoint an administrator or such notice being filed with the court, and the power of sale conferred by section 101 of the LPA and all other powers conferred on mortgagees and Receivers by law (as varied and extended by this Deed) shall be exercisable in relation to the Security and the Chargee may take possession, hold or dispose of any Charged Asset at any time after the Security has become enforceable.