Common use of Immovables Clause in Contracts

Immovables. Each time that the Borrower acquires immovable tangible assets, in one or in a series of related transactions, having an aggregate value in excess of $3,000,000, the Borrower shall immediately notify NIB and shall (i) as soon as possible but in any event within thirty days, provide to NIB an Immovables Hypothec with respect to such immovable tangible assets shall apply for registration of such Immovables Hypothec in the appropriate registers (and deliver to NIB such register’s acknowledgment of such application being made) and (ii) shall take all steps to ensure such registration takes place as soon as possible, all in order to provide in favour of the Secured Parties a first priority security interest with respect to such immovable tangible assets.

Immovables. Each time that the Borrower acquires immovable tangible assets, in one or in a series of related transactions, having an aggregate value in excess of $3,000,000, the Borrower shall immediately notify NIB EDC and shall (i) as soon as possible but in any event within thirty days, provide to NIB EDC an Immovables Hypothec with respect to such immovable tangible assets shall apply for registration of such Immovables Hypothec in the appropriate registers (and deliver to NIB EDC such register’s acknowledgment of such application being made) and (ii) shall take all steps to ensure such registration takes place as soon as possible, all in order to provide in favour of the Secured Parties a first priority security interest with respect to such immovable tangible assets.

Immovables. Each time that the Borrower acquires immovable tangible assets, in one or in a series of related transactions, having an aggregate value in excess of $3,000,000, the Borrower shall immediately notify NIB the Bank and shall (i) as soon as possible but in any event within thirty days, provide to NIB the Bank an Immovables Hypothec with respect to such immovable tangible assets assets, shall apply for registration of such Immovables Hypothec in the appropriate registers (and deliver to NIB the Bank such register’s acknowledgment of such application being made) and (ii) shall take all steps to ensure such registration takes place as soon as possible, all in order to provide in favour of the Secured Parties a first priority security interest with respect to such immovable tangible assets.