Common use of Scope of Security Interest Clause in Contracts

Scope of Security Interest. (1) To the extent that an assignment of amounts payable and other proceeds arising under or in connection with, or the grant of a security interest in any agreement, licence, permit or quota of the Obligor would result in the termination of such agreement, licence, permit or quota (each, a “Restricted Asset”), the Security Interest with respect to each Restricted Asset will constitute a trust created in favour of the Security Agent, for the benefit of the Finance Parties, pursuant to which the Obligor holds as trustee all proceeds arising under or in connection with the Restricted Asset in trust for the Security Agent, for the benefit of the Finance Parties, on the following basis:

Scope of Security Interest. (1) To the extent that an assignment of amounts payable and other proceeds arising under or in connection with, or the grant of a security interest interest, in any agreement, licence, permit or quota of the Obligor (each, a “Restricted Asset”) would result in the termination or breach of such agreement, licence, permit or quota (each, a “Restricted Asset”)quota, the Security Interest with respect to each Restricted Asset created hereunder will constitute a trust created in favour of the Security Collateral Agent, for the benefit of the Finance PartiesSecured Creditors, pursuant to which the Obligor holds shall hold as trustee all proceeds arising under or in connection with the Restricted Asset in trust for the Security Collateral Agent, for the benefit of the Finance PartiesSecured Creditors, on the following basis: