Common use of Dealing with Mortgaged Property Clause in Contracts

Dealing with Mortgaged Property. (a) Except with the prior written consent of the Collateral Agent or as expressly permitted in any Finance Document, the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) 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 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 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 Collateral Agent.

Dealing with Mortgaged Property. (a) Except with the prior written consent of the Collateral Agent or as expressly permitted in any Finance Document, the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or or (ii) 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 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 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 Collateral Agent.