Common use of Financial Indebtedness and Security Clause in Contracts

Financial Indebtedness and Security. 17.10.1. The Borrower does not have any Financial Indebtedness outstanding, except as expressly permitted under Clause 20.5 (Financial Indebtedness). 17.10.2. No Security exists over the whole or any part of the assets of the Borrower, except as expressly permitted under Clause 20.3 (Negative pledge). 17.10.3. Subject (on the Signature Date only) to filing and registration required by law (where applicable) with the appropriate statutory public register, each Security Document creates the security interests which it purports to create, and the Security so established: 17.10.3.1. is valid and effective; 17.10.3.2. constitutes first priority Security of the type described, over the assets referred to, in the relevant Security Document and those assets are not subject to any prior or pari passu Security in favour of any other person; 17.10.3.3. is not subject to avoidance in the event of any winding-up, dissolution or administration involving the Borrower.