Events affecting the Security Documents Clause Samples
The 'Events affecting the Security Documents' clause defines circumstances or occurrences that may impact the validity, enforceability, or effectiveness of the security documents within a transaction. This clause typically outlines what happens if the security documents are found to be defective, become unenforceable, or are otherwise compromised, and may specify the actions required by the parties to remedy such issues, such as providing replacement security or taking corrective steps. Its core practical function is to ensure that the lender's security interests remain protected throughout the life of the agreement, addressing potential risks that could undermine the security package.
Events affecting the Security Documents. (a) this Agreement or any of the other Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any party thereto (other than the Bank), or if any such party shall deny that it has any, or any further, liability thereunder or it becomes impossible or unlawful for the Borrower to fulfil any of its covenants and obligations contained in this Agreement or any of the Security Documents or for the Bank to exercise the rights vested in it thereunder or otherwise; or
(b) any consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts required by the Borrower to authorise or otherwise in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of this Agreement and/or any of the other Security Documents or the performance by the Borrower of its obligations under this Agreement and/or any of the other Security Documents is modified in a manner unacceptable to the Bank or is not granted or is revoked or terminated or expires and is not renewed or otherwise ceases to be in full force and effect; or
(c) any Encumbrance (other than Permitted Liens) in respect of any of the property (or part thereof) which is the subject of the Security Documents (or any of them) becomes enforceable; or
Events affecting the Security Documents. (a) the Loan Agreement, the Mortgage, this Deed or any of the other Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any party thereto (other than the Mortgagee), or if any such party shall deny that it has any, or any further, liability thereunder or it becomes impossible or unlawful for the Owner to fulfil any of its covenants and obligations contained in the Loan Agreement, the Mortgage, this Deed or any of the Security Documents or for the Mortgagee to exercise the rights vested in it thereunder or otherwise; or
(b) any consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts required by the Owner to authorise or otherwise in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of the Loan Agreement, the Mortgage, this Deed and/or any of the other Security Documents or the performance by the Owner of its obligations under the Loan Agreement, the Mortgage, this Deed and/or any of the other Security Documents is modified in a manner unacceptable to the Mortgagee or is not granted or is revoked or terminated or expires and is not renewed or otherwise ceases to be in full force and effect. The occurrence of any of the circumstances described in this Sub-clause (b) hereinabove would not give rise to an Event of Default if the Owner remedies the relevant circumstances within ten (10) days after the occurrence of such modification, not granting, revocation, termination or expiry or not renewal (as the case may be) of any such consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies or authorities or courts; or
(c) any Encumbrance in respect of any of the property (or part thereof) which is the subject of the Security Documents (or any of them) is enforced; or
(d) the registration of the Mortgage is contested or becomes void or voidable or liable to cancellation or termination, or if the validity or priority of the Mortgage is contested; or
Events affecting the Security Documents. 12.05.01. this Agreement or any of the other Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or the priority, validity or enforceability of the Agreement or any of the other Security Documents at any time and for any reason is contested by any party thereto (other than the Bank), or such party denies that it has any, or any further, liability thereunder or it becomes impossible or unlawful for a Borrower or any other Security Party to fulfill any of its covenants and obligations contained in this Agreement or any of the other Security Documents or for the Bank to exercise the rights or any of it vested in it thereunder or otherwise; or
Events affecting the Security Documents. 14.4.1. If this Agreement or any of the other Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any party thereto (other than the Bank), or if any such party shall deny that it has any, or any further, liability thereunder or shall otherwise repudiate any of the Security Documents or do or cause or permit to be done any act or thing evidencing an intention to repudiate this Agreement or any of the other Security Documents or it becomes impossible or unlawful for the Borrower and/or any other Security Party to fulfil any of its covenants and obligations contained in this Agreement or any of the other Security Documents or for the Bank to exercise the rights or any of them vested in it thereunder or otherwise;
14.4.2. If any Encumbrance in respect of any property or assets (or part thereof) which belong to the Security Parties (or any of them) becomes enforceable.
Events affecting the Security Documents. 14.4.1 If this Agreement or any of the other Security Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Security Documents shall at any time and for any reason be contested by any party thereto (other than the Bank), or if any such party shall deny that it has any, or any further, liability thereunder or shall otherwise repudiate any of the Security Documents or do or cause or permit to be done any act or thing evidencing an intention to repudiate this Agreement or any of the other Security Documents or it becomes impossible or unlawful for the Borrower and/or any other Security Party to fulfill any of its covenants and obligations contained in this Agreement or any of the other Security Documents or for the Bank to exercise the rights or any of them vested in them thereunder or otherwise;
14.4.2 If any Encumbrance in respect of any of the properties (or part thereof) which belongs to the Security Parties (or any of them) becomes enforceable.
14.4.3 If a notice is sent by the Bank under section 6(a) of the Master Swap Agreement, or by any person under section 6(b)(iv) of the Master Swap Agreement, in either case designating an Early Termination Date for the purpose of the Master Swap Agreement, or if the Master Swap Agreement is for any other reason terminated, cancelled, suspended, rescinded, revoked or otherwise ceases to remain in full force and effect; or