Exercise of Security Clause Samples
The 'Exercise of Security' clause defines the rights and procedures by which a secured party may enforce its security interest in collateral if the debtor defaults. Typically, this clause outlines the steps the secured party can take, such as taking possession of, selling, or otherwise disposing of the secured assets, and may specify notice requirements or conditions that must be met before enforcement. Its core practical function is to provide a clear and enforceable mechanism for the secured party to recover value from the collateral, thereby mitigating the risk of non-payment or default by the debtor.
Exercise of Security. (a) The Security will be held by ARTC as security for the performance of the obligations of the Operator under this Agreement and may be called upon by ARTC in any circumstances in which ARTC suffers any loss as a result of default by the Operator under this Agreement.
(b) If ARTC exercises or draws on the Security, the Operator will promptly provide a replacement bank guarantee or letter of credit for the amount drawn or exercised by ARTC against the Security and otherwise on the same terms as the Security.
Exercise of Security. A Security may be called upon by QR Network in any circumstances where QR Network suffers direct loss or damage as a result of default by the Operator under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.
Exercise of Security. A Security may be called upon by Aurizon Network in any circumstances where Aurizon Network suffers direct loss or damage as a result of default by the Operator under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.
Exercise of Security. The Security will be held by Aurizon Network as security for the performance of the obligations of the End User under this Agreement and may be called upon by Aurizon Network in any circumstances where Aurizon Network suffers direct loss or damage as a result of default by the End User under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.
Exercise of Security. The Security will be held by QR Network as security for the performance of the obligations of the End User under this Agreement and may be called upon by QR Network in any circumstances where QR Network suffers direct loss or damage as a result of default by the End User under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.
Exercise of Security. The Security Deposit will be held by QR as security for the performance of the obligations of the Access Holder under this Agreement and may be called upon by QR in any circumstances where QR suffers direct loss or damage as a result of default by the Access Holder under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.
Exercise of Security. If Client fails to pay any amount due to Global Prime in accordance with the requirements of this agreement, Global Prime may, without needing to give prior notice, exercise its rights under the Security including requiring delivery to it of all or any of the Custodial Assets and the sale of those Custodial Assets. For clarity, Global Prime need not exercise its rights in relation to Custodial Assets prior to calculating the net amount payable on termination nor determining that Client owes Global Prime the net amount payable.
Exercise of Security. If the Customer fails to pay any amount due to UBS in accordance with clause 9.4, UBS may, without the need to give further notice, exercise its rights under the Security including requiring delivery to it of all or any of the Custodial Assets and the sale of those Custodial Assets.
Exercise of Security. If Client fails to pay any amount due to CapitalFX in accordance with the requirements of this agreement, CapitalFX may, without needing to give prior notice, exercise its rights under the Security including requiring delivery to it of all or any of the Custodial Assets and the sale of those Custodial Assets. For clarity, CapitalFX need not exercise its rights in relation to Custodial Assets prior to calculating the net amount payable on termination nor determining that Client owes CapitalFX the net amount payable.
Exercise of Security. A Security may be called upon by QRAurizon Network in any circumstances where QRAurizon Network suffers direct loss or damage as a result of default by the Operator under this Agreement and is entitled to be compensated for such loss or damage under this Agreement.