Security covenant Clause Samples

Security covenant. (a) ACM Shanghai hereby assigns, transfers and conveys to ACM all of ACM Shanghai's right, title and interest in and to the Security Covenant. ACM Shanghai disclaims any further interest in the SMC Note or the Security Covenant after the Effective Time. (b) ACM hereby assumes all of ACM Shanghai’s obligations under the Security Covenant arising or accruing on or after the date of this Agreement. (c) SMC hereby consents to the assignment of the Security Covenant by ACM Shanghai to ACM pursuant to this Subsection 1.2 and agrees that all rights, title and interest formerly held by ACM Shanghai in the Security Covenant shall by owned and held by ACM as of the Effective Time.

Security covenant. The Security Covenant is in full force and effect in accordance with its terms and has not been amended or modified. No act or omission on the part of SMC or ACM Shanghai has occurred that, alone or with the passage of time, would constitute a default under the Security Covenant.

Security covenant. The Receivables Ratio shall not at any time be less than 1.00:1.00.

Security covenant. The Borrower shall ensure and procure that the ratio of Total Loans to Total Security Value will not at any time exceed 0.75 to 1. If the ratio is exceeded, within ten Business Days of the Lender giving notice of this to the Borrower, the Borrower shall: (a) prepay or repay the outstanding Loans made to it; and/or (b) increase the Total Security Value, so that immediately after such prepayment, repayment and/or increase, the ratio of Total Loans to Total Security Value does not exceed 0.75 to 1.