Security Creation Clause Samples

Security Creation. (a) The Concessionaire shall be entitled to create Security over all of its rights, title and interests in and to the Concession Agreement and the Escrow Agreement in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project, provided that the creation of such Security will not result in any financial liability to the Jal ▇▇▇▇▇ or NMCG. (b) The Concessionaire shall be entitled to include the Lenders as co-insured and/or additional loss payees in any of the insurances taken by the Concessionaire in accordance with Clause 11.2 and/or grant Security over the proceeds of such insurance. (c) Except for any Security created by operation of law and any Security created pursuant to this Clause 10.2, the Concessionaire shall not be entitled to create any other Security over the Concession Agreement, the Escrow Agreement or insurance policies taken by it in favour of any third Persons, without the prior written consent of the Jal ▇▇▇▇▇, which consent the Jal ▇▇▇▇▇ may deny in its sole discretion. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof, or any of the Facilities or the Power Plant, if any, whether in favour of the Lenders or any third Persons.

Security Creation. It is a condition the Company shall execute the Deed of Hypothecation within 30 (Thirty) days of the closure of the issue or offer in respect of the first series/ tranche of Debentures, and that in case of delay in execution of the Deed of Hypothecation and/or creation of Security so as to ensure that the Asset Cover Ratio is maintained at or above the Minimum Security Cover beyond the said period of 30 (Thirty) days of the closure of issue or offer in respect of the first series/ tranche of the Debentures, the Company will refund the subscription amount in respect of Debentures subscribed till then with agreed coupon rate or pay additional interest of 2 % (Two percent) per annum over the coupon rate till the Security is created, at the option of the Debenture Holders;

Security Creation. The Concessionaire shall be entitled to create Security over all of its rights, title and interests in and to the Concession Agreement and the Escrow Agreement in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project, provided that the creation of such Security will not result in any financial liability to the KMC or NMCG. The Concessionaire shall be entitled to include the Lenders as co-insured and/or additional loss payees in any of the insurances taken by the Concessionaire in accordance with Article 11.2 and/or grant Security over the proceeds of such insurance. Except for any Security created by operation of law and any Security created pursuant to this Article 10.2, the Concessionaire shall not be entitled to create any other Security over the Concession Agreement, the Escrow Agreement or insurance policies taken by it in favour of any third Persons, without the prior written consent of the KMC, which consent the KMC may deny in its sole discretion. The Concessionaire shall not be entitled to create any Security over the Site or any part thereof, or any of the Facilities or the Power Plant, if any, whether in favour of the Lenders or any third Persons. INSURANCE AND INDEMNITIES

Security Creation. (a) To the extent permitted by the Applicable Laws, the SPD shall be entitled to create Security over all of its rights, title and interest in and to the Unit and this Agreement in favour of Lenders to obtain Financial Assistance for the Unit, provided that the creation of such Security shall not result in any financial or other liability of any nature whatsoever of the Procurer or RUMSL beyond those already envisaged under the Project Agreements. (b) The SPD shall not be entitled to create any Security over any part of the Unit Land, whether in favour of the Lenders or any third Persons. For the avoidance of doubt, it is hereby clarified that the SPD may assign its rights under the Unit LUPA in favour of the Lenders, if the assignment is permitted under the provisions of the Unit LUPA. (c) The Procurer and RUMSL agree that the shareholders shall have the right to create Security over the Capital of the SPD in favour of Lenders, subject to compliance with the requirements of Article 5.