Security Condition definition

Security Condition means receipt by Homes England of:

Security Condition means, with respect to any property owned or acquired by a Credit Party, the condition that immediately, in the case of ABL Priority Collateral, or promptly as required pursuant hereto and to the Security Documents, in the case of other Collateral, upon the effectiveness of such ownership or acquisition, (i) such property shall constitute “Collateral” and shall be subject to a valid and continuing security interest in favor of the Collateral Agent, in each case, to the extent required hereby and by the Security Documents, (ii) to the extent required hereby and by the Security Documents, such property shall be subject to a perfected First Priority Lien (in the case of the ABL Priority Collateral) or perfected Second Priority Lien (in the case of non-ABL Priority Collateral) of the Collateral Agent for the benefit of the Secured Parties, provided, with respect to property received by a Credit Party in exchange or replacement for other Collateral, the priority of the Collateral Agent’s security interest in such replacement or exchange Collateral shall be the same as the priority of the Collateral Agent’s security interest in such Collateral being so exchanged or replaced, (iii) all filings necessary or desirable to perfect the liens and the security interest intended to be granted to the Collateral Agent pursuant to the Security Documents shall have been made and are effective, (iv) in the case of notes, instruments, Chattel Paper or investment property or other similar negotiable property, to the extent required by the Security Documents, such property shall be delivered to the Collateral Agent (or the Noteholder Collateral Agent, as applicable in accordance with the terms of the Intercreditor Agreement), duly endorsed, together with all necessary transfer powers duly executed, and (v) all other steps shall have been taken to the Administrative Agent’s reasonable satisfaction to assure the effectiveness and priority of the Liens as referred to immediately above.

Security Condition means all documents and instruments required to create and perfect the Agent’s security interests in the Collateral shall have been executed and delivered and, if applicable, be in proper form for filing (or arrangements reasonably satisfactory to the Required Lenders shall have been made for the execution, delivery and filing of such documents and instruments substantially concurrently with the consummation of the transactions occurring on such date).

Examples of Security Condition in a sentence

• The Contractor shall protect UK OFFICIAL-SENSITIVE information provided to it or generated by it in accordance with the requirements detailed in this Security Condition and any other conditions that may be specified by the Authority.

• In the event of an Emergency or Network Security Condition contemplated by Section 10.3.1, each Party shall provide to the other such information, documents, and data as are necessary for operation of the Transmission System and Distribution System, including, without limitation, such information as is to be supplied to any Governmental Authority, ERO, RRO, Transmission System Operations Center, or Balancing Authority.

• Where considered necessary by the Authority the Contractor shall provide evidence of compliance with this Security Condition and/or permit the inspection of the Contractors processes and facilities by representatives of the Contractors national security authorities or of the Authority to ensure compliance with these requirements.

• What could happen if there is a breach of the Security Condition: If, in breach of the Security Condition, any other security, mortgage, charge or encumbrance exists over a Secured Property, then we may require you to repay any money you owe us earlier than the originally scheduled payment date or on demand and we may cancel the Loan (or any undrawn portion of your Loan).

• The Contractor shall protect Reportable OFFICIAL and OFFICIAL-SENSITIVE information provided to it or generated by it in accordance with the requirements detailed in this Security Condition and any other conditions that may be specified by the Authority.

• Each Party shall provide prompt verbal notice to the other Party describing: (i) the nature and extent of any Emergency or Network Security Condition that may be reasonably anticipated to affect the other Party’s equipment, facilities or operations, (ii) the impact on operations, and (iii) all corrective action.

• The Contractor shall protect OFFICIAL-SENSITIVE information provided to it or generated by it in accordance with the requirements detailed in this Security Condition and any other conditions that may be specified by the Authority.

• Where considered necessary by the Authority, the Contractor shall provide evidence of compliance with this Security Condition and/or permit the inspection of the Contractors processes and facilities by representatives of the Authority to ensure compliance with these requirements.

• Appendix 20: National Quality Standards for Recreation Site Management National Quality Standards for Recreation Site Management and Best Management Practices (Formerly known as Meaningful Measures Standards) National Quality Standards for developed sites have been established for the Key Measures: Health and Cleanliness, Safety and Security, Condition of Facilities, Responsiveness, Resource Setting.

More Definitions of Security Condition

Security Condition shall have the meaning provided in the recitals to this Agreement.