Common use of SECURITY FOR THE DEBENTURES Clause in Contracts

SECURITY FOR THE DEBENTURES. 11.1 The Debenture Trustee (acting for the benefit of the Debenture Holders) shall hold the Security created by the Company under or in terms of the Transaction Documents, in its favour, upon trust, subject to the powers and provisions contained herein, for securing the Secured Obligations. 11.2 The Debentures and all the Secured Obligations shall be secured by first ranking pari- passu charge on the Hypothecated Property. 11.3 The Company hereby declares that it has obtained no objection certificates/ permission, where required, in terms of the existing transaction documents from all the existing charge holders agreeing to cede pari-passu charge on Secured Assets of the Company to secure the Debentures. 11.4 The Company shall ensure that the requisite security cover of 1.00 time to the Secured Obligations shall be maintained throughout the Tenor of the Debentures and this Deed. 11.5 The Company shall create the security set out in Clause 11.2 above prior to listing application of the Debentures. Further, the charge created by Issuer shall be registered with Sub-registrar, Registrar of Companies, CERSAI, Depository etc., as applicable, within 30 days of creation of such charge. In case the charge is not registered anywhere or is not independently verifiable, then the same shall be considered a breach of covenants/ terms of the issue by the Issuer. 11.6 In the event that the Company fails to create and perfect a valid security on the terms set out in this Deed and other Transaction Documents within relevant time period set out, the Company shall be required to either (i) refund the entire subscription amount, or (ii) pay an interest of at least 2% per annum over and above the coupon rate of [insert] on the amounts outstanding on the Debenture, until the security is created and

SECURITY FOR THE DEBENTURES. 11.1 The Debenture Trustee (acting for the benefit of the Debenture Holders) shall hold the Security created by the Company under or in terms of the Transaction Documents, in its favour, upon trust, subject to the powers and provisions contained herein, for securing the Secured Obligations. 11.2 The Debentures and all the Secured Obligations shall be secured by first ranking pari- pari-passu charge on the Hypothecated Property. 11.3 The Company hereby declares that it has obtained no objection certificates/ permission, where required, in terms of the existing transaction documents from all the existing charge holders agreeing to cede pari-passu charge on Secured Assets of the Company to secure the Debentures. 11.4 The Company shall ensure that the requisite security cover of 1.00 time to the Secured Obligations shall be maintained throughout the Tenor of the Debentures and this Deed. 11.5 The Company shall create the security set out in Clause 11.2 above prior to listing application of the Debentures. Further, the charge created by Issuer shall be registered with Sub-registrar, Registrar of Companies, CERSAI, Depository etc., as applicable, within 30 days of creation of such charge. In case the charge is not registered anywhere or is not independently verifiable, then the same shall be considered a breach of covenants/ terms of the issue by the Issuer. 11.6 In the event that the Company fails to create and perfect a valid security on the terms set out in this Deed and other Transaction Documents within relevant time period set out, the Company shall be required to either (i) refund the entire subscription amount, or (ii) pay an interest of at least 2% per annum over and above the coupon rate of [insert] on the amounts outstanding on the Debenture, until the security is created andand perfected in the manner and on the terms set