Cession in Security definition

Cession in Security means the Cession in Security entered into or to be entered into among the Finance Parties and the Original Borrower before the Demerger Date pursuant to which the Original Borrower will cede in securitatem debiti all of its rights, title and interest in and to the Indemnity Agreement in favour of the Finance Parties, jointly and severally, as security for its obligations under the Finance Documents to which it is a party;

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Cession in Security means the cession in security agreement amongst the Security Agent, the Company and the Guarantors in terms of which the Company and the Guarantors cede in securitatem debiti the Secured Assets (as defined therein) in accordance with the terms of the agreement;

Cession in Security means the written agreement entitled “Cession in Security” to be concluded between Pyramid Freight SA and the Finance Parties pursuant to which Pyramid Freight SA cedes its rights in respect of the loan agreements listed in Schedule 1 thereto in favour of the Finance Parties as security for the obligations of Pyramid Freight SA under the Finance Documents.

Examples of Cession in Security in a sentence

• This Subclause is subject to the payment of any claims having priority over the security under the Cession in Security Agreement.

• Notwithstanding any term of this Agreement or any other Finance Document (save for the Cession in Security), nothing in this Agreement or in any Finance Document (save for the Cession in Security) will result in Pyramid BVI (whether as Guarantor, Borrower or otherwise) being liable to apply assets not located in South Africa in respect of this Agreement or under any other Finance Document (save for the Cession in Security).

• The Parties shall use all reasonable endeavours to obtain the written consent of the Standard Bank of South Africa Limited to the entry by the parties into the Borrower Cession in Security in respect of the Proceeds Account and creation of the security cession pursuant thereto within 30 (thirty) days of the Transaction Implementation Date (the Initial Period).

• Cession and Pledge in Security by Plateau in favour of Plateau Security SPV of rights and interests in: a) Plateau Funding Loan Agreement; b) Cession in Security by Holdco referred to in Part 2 of Schedule 13; c) Shares held by Plateau in Holdco from time to time; d) Claims against Holdco; e) Warranties set out in Schedule 1 to the Holdco Sale of Shares Agreement; f) Bank accounts and credit balances.

• The Obligors will not and will not permit any Subsidiary to amend, modify or waive any provision in the South African Subordination Agreement or the Cession in Security Agreement without prior written consent of the Required Holders.

• The GFL Obligors consent to any splitting of claims that may arise pursuant to any cession, assignment and/or delegation effected in accordance with the provisions of the Senior Cession in Security and the Mezz SPV Reversionary Cession in Security..

• South African Subordination Agreement and Cession in Security Agreement.....................................

• The Borrower shall furnish the Lender with a duly executed original of the Cession in Security (together with a copy of each notice required to be sent, acknowledgement required to be delivered and any other document required to be executed thereunder, duly executed by the persons party thereto).

• In this notice, words and expressions defined in the Pledge and Cession in Security have the same meaning where used in this notice.

• This notice constitutes notice from the Cedent and the Debt Guarantor to you that under the Pledge and Cession in Security the Cedent has ceded securitatem debiti, in favour of the Debt Guarantor, , all of its rights and interests in and to the bank account that it maintains with you under the following account number [●] (including all its claims in respect of amounts standing to the credit of such bank account from time to time) (the " ").

More Definitions of Cession in Security

Cession in Security means the South African law governed cession in security agreement amongst, inter alios, the Intercreditor Agent, the Security SPV, the Management Company and each Mining Company, in terms of which each Mining Company and the Management Company cedes in securitatem debiti the rights in and to certain of its assets listed therein in accordance with the terms of that agreement (including, inter alia, onshore bank accounts, claims and receivables, insurance proceeds, cash and cash equivalents, certain offtake agreements and in respect of the Management Company, its proceeds account and amounts standing to the credit thereof).

Cession in Security means the written agreement titled “Cession in Security”, with SAB (as cessionary) in terms of which, inter alia, the Company cedes in security to SAB, all of its rights, title and interests in and to the Company Account (as defined therein), as security for the payment and performance obligations or indebtedness at any time due, owing, scheduled or contracted to be paid, performed or incurred by the Company to SAB under or in connection with any Finance Document (as defined in the SAB Zenzele Kabili Preference Share Subscription Agreement); “CIPC” means the Companies and Intellectual Property Commission, established pursuant to section 185 of the Companies Act, or its successor body; “Codes” means the Codes of Good Practice on Broad-Based Black Economic Empowerment published by the Minister of Trade and Industry in terms of Section 9 of the BBBEE Act under Government Notice 1019 in Government Gazette 36928 of 11 October 2013 and Government Notice 408 in Government Gazette 38766 of 6 May 2015, as amended from time to time; “Common Monetary Area” means, collectively, South Africa, the Republic of Namibia and the Kingdoms of Lesotho and eSwatini; “Company Secretary” or “William Radcliffe” means Rilapax Proprietary Limited trading as William Radcliffe, a company incorporated in accordance with the laws of South Africa, under registration number: 2013/068456/07; “Companies Act” means the Companies Act, No. 71 of 2008, as amended from time to time; “Companies Regulations” means the Companies Regulations, 2011, as promulgated in terms of section 223 of the Companies Act, as amended from time to time; “Contribution Agreement” means the Contribution Agreement entered into between SAB Zenzele Kabili and SAB on or about 6 February 2020, in terms of which SAB agrees to contribute the Discount Shares to SAB Zenzele Kabili; “Controlled Client” means a controlled client of a JSE Member as contemplated under the JSE Equities Rules and Directives; “CSDP” means a central securities depository participant, being a “participant” as defined in section 1 of the Financial Markets Act; “Custody Entity” means the person designated by SAB from time to time to act in such capacity, the Custody Entity initially being Investec Share Plan Services Proprietary Limited; “Dematerialise” means the process whereby shares are recorded by electronic records of ownership in the Strate system in the sub-register of the Company maintained by a CSDP or broker, “Dematerialised” and “Dematerialisa...

Cession in Security means the written agreement titled “Cession in Security”, with SAB (as