Common use of Material Contracts Containing Prohibition on Charging Clause in Contracts

Material Contracts Containing Prohibition on Charging. (a) Until the relevant consent has been obtained, there shall be excluded from the charge created by Clause 3.1 (Fixed Charges) without prejudice to Clause 4.2 (Non-Assignable Material Contracts), any Material Contract which by its terms either precludes absolutely the Chargor from creating any charge over such Material Contract or requires the consent of any third party prior to the creation of such Charge, and such consent has not previously been obtained (each an “Excluded Property”).