Legal Charge. The Academy Trust must
Legal Charge. (a) The Recipient shall, as a condition precedent to the payment of any instalment of Grant, execute a Legal Charge in favour of the Secretary of State in the form contained in Schedule [9] (subject to appropriate adjustments to be made by the Secretary of State) over any Fixed Asset or Assets to secure:
(i) repayment of Grant pursuant to all or any of clauses 8.2(b), 8.3(d), 12.3, 12.7, 12.8 and 12.9; and
(ii) payment of Excess Profit where applicable.
(b) The Grant Recipient must take all such steps as are necessary to complete and register the Legal Charge within the appropriate priority period at Companies House and at the Land Registry and the Grant Recipient shall, within 5 Working Days of completion of registration of the Legal Charge, supply a copy of the updated registered title to the Fixed Asset to the principal contact listed at paragraph 2 of the Project Specific Conditions at Schedule 1 of the Funding Agreement and to any other party nominated by the Secretary of State ]
Legal Charge. Without prejudice to the generality of Clause 19.1 (General), the Chargor will forthwith at the request of the Security Trustee execute a legal mortgage, charge or assignment over all or any of the Security Assets subject to or intended to be subject to any fixed security hereby created in favour of the Security Trustee (as agent and trustee as aforesaid) in such form as the Security Trustee may require.
Legal Charge. In consideration that it has or will be obtaining a legal interest in the Land, such acquisition being financed by the Secretary of State, the Company:
Legal Charge. The Special Guardians charge by way of legal mortgage and with full title guarantee all the Property to the Council with the payment (in accordance with the covenants contained in this charge) of the Principal Sum and other money covenanted in this charge to be paid by the Special Guardians.
Legal Charge. To the extent that the Proceeds are not effectively assigned under Clause 3.2 above, the Assignor charges and agrees to charge by way of first fixed charge all its right, title and interest, present and future, in and to the Proceeds.
Legal Charge. Without prejudice to the generality of Clause 17.1 (General), the Chargor will forthwith at the request of the Administrative Agent execute a legal mortgage, charge or assignment over all or any of the Security Assets subject to or intended to be subject to any fixed security hereby created in favour of the Administrative Agent (as agent and trustee as aforesaid) in such form as the Administrative Agent may require but containing terms no more onerous than those in this Deed.
Legal Charge. 10.1. Following acquisition of the Site, the Grant Recipient shall charge by way of legal mortgage the Site to the Council in the form of the Legal Charge for the sum of the First Instalment as security and for the sums payable by the Council under this Agreement, and the Grant Recipient agrees to lodge such charge with the registrar of Industrial and Provident Societies and shall register the Legal Charge against the title to the Site at HM Land Registry and the Council shall register the Legal Charge (at the Council’s expense) in the Council’s Register of Local Land Charges.
10.2. In granting the legal mortgage referred to in clause 10.1, the Grant Recipient shall be deemed to have confirmed that as at the date of such grant it has obtained such consents as it may require for the disposal by way of legal mortgage and that there are no other beneficial interests whether by way of mortgage or otherwise affecting the Site which would otherwise require the consent of a third party to the creation of the Legal Charge which will be created by this Agreement except those already existing and recorded on the title to the Site prior to the date of this Agreement.
10.3. The Grant Recipient shall take all reasonable steps as are necessary to assist the Council in so registering the Legal Charge including without prejudice to the generality of the aforesaid, complying promptly with any requisitions raised by HM Land Registry.
10.4. The Legal Charge shall stay in full force and effect for the Term but shall be released with immediate effect in the event that:
10.4.1. this Agreement terminates in accordance with clause 2 provided that no payment is made to the Grant Recipient in accordance with this Agreement; or
10.4.2. this Agreement terminates in accordance with clause 15 provided that the entirety of any sums paid by the Council to the Grant Recipient under this Agreement prior to such termination is repaid in accordance with Clause 8; or
10.4.3. Practical Completion is reached; or
10.4.4. at any time prior to the expiry of the Term, the Grant Recipient repays to the Council the Grant or such proportion thereof which it has received from the Council under Clause 6;
10.5. On the happening of any of the events specified in clause 10.4 the Council shall at the Grant Recipient’s expense:
10.5.1. deliver to the Grant Recipient such documentation (currently form DS1) as required to discharge the Legal Charge and all entries relating to it at Companies House and HM Land ...
Legal Charge. 10G) Not Used. 10H) If the Company is unable to use the Land or any part thereof as the permanent site of the Academy but the Secretary of State agrees not to terminate this Agreement on that basis, the Secretary of State may give notice to the Company that:-
Legal Charge. 8.1 In consideration that it has obtained a legal interest in the Land, such acquisition being financed by the Secretary of State, the Company:
a. shall enter into the Legal Charge upon completion of the acquisition of said interest;
b. shall, within 21 days from the entry into of the Legal Charge, register the Legal Charge with Companies House or if required by the Secretary of State shall use all reasonable endeavours to assist the Secretary of State to register the Legal Charge at Companies House, including signing and executing any documents, deeds and/or forms as required;
c. shall, within 28 days from the date of the Legal Charge, apply to the Land Registry for the Legal Charge to be entered on the charges register, using forms AP1 (Rule 13 LRR 2003) and CH1 (Rule 103 LRR 2003) or such form as may be required by the Secretary of State;
d. shall take any further steps required to ensure that the Legal Charge is entered on the charges register;
e. shall provide the Secretary of State with confirmation of the registration of the Legal Charge as soon as reasonably practicable after it receives notification from the Land Registry; and
f. in the event that it has not registered the Legal Charge, hereby consents to the registration of the Legal Charge by the Secretary of State. To enable the Secretary of State to do so, the Company shall use all reasonable endeavours to assist the Secretary of State to register the Legal Charge, including signing and executing any documents, deeds and/or forms as required, specifically but not limited to providing the Secretary of State with the executed Legal Charge and completed AP1/CH1 forms, and dealing with any requisitions raised by the Land Registry.
