Enforceable security Sample Clauses
The Enforceable Security clause establishes that any security interest or collateral arrangement created under the agreement is legally valid and can be enforced by the secured party. In practice, this means that if a borrower defaults on their obligations, the lender has the legal right to claim or sell the specified assets to recover the debt. This clause typically applies to loans, credit agreements, or other financial transactions involving collateral. Its core function is to ensure that the security interests granted are recognized by law, thereby protecting the lender’s ability to recover losses and reducing the risk of unenforceable claims.
POPULAR SAMPLE Copied 2 times
Enforceable security. This deed constitutes and will constitute the legal, valid, binding and enforceable obligations of the Borrower, and is, and will continue to be, effective security over all and every part of the Secured Assets in accordance with its terms.
Enforceable security. In the event of the Security becoming enforceable in accordance with the terms of the Intercreditor Agreement, the Security Trustee shall, if instructed by the relevant Instructing Group (as defined in the Intercreditor Agreement), enforce the Security Trustee's rights with respect to the Security in accordance with those instructions, but without any liability as to the consequence of such action and without having regard to the effect thereof on, or being required to account for such action to any particular Noteholder, provided that the Security Trustee shall not be obliged to take any action unless it is indemnified and/or secured and/or prefunded to its satisfaction. Noteholders acknowledge and agree that only the Security Trustee is entitled to: (i) take Enforcement Action (as defined in the Intercreditor Agreement) against the Issuer or a Guarantor save as permitted under the Intercreditor Agreement; or (ii) take proceedings or exercise any rights, discretions or powers, or grant any consents or releases, in respect of the Security given under or pursuant to the Security Documents or otherwise have direct recourse to the Security.
Enforceable security. In the event of the Issuer Security becoming enforceable as provided in the Issuer Deed of Charge, the Issuer Security Trustee shall, if instructed by the Note Trustee (acting on the instructions of the holders of the Notes then outstanding in accordance with the terms of the Note Trust Deed), enforce its rights with respect to the Issuer Security but without any liability as to the consequence of such action and without having regard to the effect thereof on, or being required to account for such action to, any particular Noteholder, provided that the Issuer Security Trustee shall not be obliged to take any action unless it is indemnified and/or secured to its satisfaction.
Enforceable security. This Agreement constitutes effective security over all and every part of the Secured Assets.
Enforceable security. In the event of the Issuer Security becoming enforceable as provided in Condition 11(b) (Consequences of Notes becoming Due and Payable and Delivery of Note Enforcement Notice) below, the Note Trustee may, at its discretion and without further notice, institute such proceedings as it thinks fit to enforce its rights with respect to the Issuer Security, but it shall not be bound to do so unless instructed by the holders of the Most Senior Class of Notes then outstanding, and without any liability as to the consequence of such action and without having regard to the effect thereof on, or being required to account for such action to, any particular Noteholder, provided that the Note Trustee shall not be obliged to take any action unless it is indemnified and/or secured to its satisfaction. Although the Issuer holds certain floating charges granted by the Obligors under the Obligor Floating Charge Agreement (and the Note Trustee is an assignee by way of security of such floating charges pursuant to the Issuer Deed of Charge), the Issuer and the Note Trustee have agreed with the Obligor Security Trustee in the Obligor Floating Charge Agreement that any proceeds from the enforcement of the security contained in the Obligor Floating Charge Agreement shall be shared between the Issuer and the other Obligor Secured Creditors, by applying such proceeds towards the applicable priority of payments as set out in the Security Trust and Intercreditor Deed. The Obligor Floating Charge Agreement also provides that the Note Trustee (as the assignee by way of security of the floating charges contained therein) is required to appoint an administrative receiver in respect of any Obligor if the Note Trustee has actual notice of an application for the appointment of an administrator or of the giving of notice of intention to appoint an administrator in respect of such Obligor, such appointment to take effect upon the final day by which the appointment must be made in order to prevent an administration from proceeding or (where an Obligor or the directors of an Obligor have initiated its administration) not later than that final day (and the Obligor Floating Charge Agreement provides that the Note Trustee shall agree that it is adequately indemnified and secured in respect of its making such appointment by virtue of its indemnification rights against the Issuer under the Issuer Deed of Charge and against the Obligors under the Obligor Floating Charge Agreement, and the security i...
Enforceable security. This deed constitutes and will constitute the legal, valid, binding and enforceable obligations of the Chargor, and is, and will continue to be, effective security over all and every part of the Secured Assets in accordance with its terms.