Scope of Security. (1) To the extent that the creation of the Security would constitute a breach or permit the acceleration or termination of any agreement, right, licence or permit of the Guarantor (each, a “Restricted Asset”), the Security shall not attach to the Restricted Asset but the Guarantor shall hold its interest in the Restricted Asset in trust for the Bond Trustee, and shall be deemed to have granted a Security in such Restricted Asset to the Bond Trustee or as it may direct immediately, and such Security shall attach to the Restricted Asset, upon obtaining the consent of the other party.
Appears in 7 contracts
Samples: General Security Agreement, General Security Agreement, General Security Agreement
Scope of Security. (1) To the extent that the creation of the Security would constitute a breach or permit the acceleration or termination of any agreement, right, licence or permit of the Guarantor LP (each, a “"Restricted Asset”"), the Security shall not attach to the Restricted Asset but the Guarantor LP shall hold its interest in the Restricted Asset in trust for the Bond Trustee, and shall be deemed to have granted a Security in such Restricted Asset to the Bond Trustee or as it may direct immediately, and such Security shall attach to the Restricted Asset, upon obtaining the consent of the other party.
Appears in 2 contracts
Samples: General Security Agreement (RBC Covered Bond Guarantor Limited Partnership), General Security Agreement (RBC Covered Bond Guarantor Limited Partnership)
