Common use of Exceptions to security Clause in Contracts

Exceptions to security. (a) Assets situated outside England and Wales The security created pursuant to Clauses 3.1 (Fixed charges), 3.2 (Assignments) and 3.4 (Floating Charge) shall not extend to any asset situated outside England and Wales to the extent that and for so long as any such security would be unlawful under the laws of the jurisdiction in which such asset is situated;