Common use of Dealing with Mortgaged Property Clause in Contracts

Dealing with Mortgaged Property. (a) Except with the prior written consent of the Mortgagee or as expressly permitted in any Transaction Document, the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) agree to or allow any change to be made to the provisions of any Marketable Security or any Transaction Document; or (iii) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Transaction Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law the Mortgagee or a mortgagee may not restrict the creation of any Security Interest over an asset ranking after the charge created by this Deed, paragraph (a) will not restrict that creation, but the Mortgagor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Mortgagee.

Dealing with Mortgaged Property. (a) Except with the prior written consent of the Mortgagee or as expressly permitted in any Transaction Finance Document, and subject to clause 3.4 (ENTER INTO CHESS SPONSORSHIP COLLATERAL AGREEMENT), the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) agree to or allow any change to be made to the provisions of any Marketable Security or any Transaction Document; or (iii) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Transaction Finance Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law the Mortgagee or a mortgagee may not restrict the creation of any Security Interest Interest- over an asset ranking after the charge created by this Deed, paragraph (a) will not restrict that creation, but the Mortgagor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Mortgagee.