Common use of First Fixed Charge Clause in Contracts

First Fixed Charge. 3.1 Each Borrower with full title guarantee hereby (i) charges and (ii) agrees to charge and (iii) releases and (iv) agrees to release to the Security Agent as a continuing security for payment of the Outstanding Indebtedness, by way of first fixed charge, the Secured Property. 3.2 Upon the occurrence of an Event of Default which is continuing the charge shall become enforceable and the Security Agent shall be entitled then or at any later time or times to appropriate all or any part of the Secured Property in or towards discharge of the then Outstanding Indebtedness or any part thereof, and may do so notwithstanding that any maturity date attached to any part or parts of the Secured Property may not yet have arrived. 3.3 A certificate signed by a director or other senior officer of the Security Agent and which states that on a specified date and (if the certificate also states this) at a specified time the Security Agent exercised its rights under this clause to appropriate a specified amount of Secured Property in the discharge of a specified amount of the Outstanding Indebtedness shall, in the absence of manifest error, be conclusive evidence that: 3.3.1 the HSH Swap Provider's liabilities in respect of the specified amount of Secured Property; and 3.3.2 the specified amount of the Outstanding Indebtedness, were extinguished and discharged on the specified date and, if so stated, at the specified time.

First Fixed Charge. 3.1 Each Borrower with full title guarantee hereby (i) charges and (ii) agrees to charge and (iii) releases and (iv) agrees to release to the Security Agent as a continuing security for payment of the Outstanding Indebtedness, by way of first fixed charge, the Secured Property. 3.2 Upon the occurrence of an Event of Default which is continuing the charge shall become enforceable and the Security Agent shall be entitled then or at any later time or times to appropriate all or any part of the Secured Property in or towards discharge of the then Outstanding Indebtedness or any part thereof, and may do so notwithstanding that any maturity date attached to any part or parts of the Secured Property may not yet have arrived. 3.3 A certificate signed by a director or other senior officer of the Security Agent and which states that on a specified date and (if the certificate also states this) at a specified time the Security Agent exercised its rights under this clause to appropriate a specified amount of Secured Property in the discharge of a specified amount of the Outstanding Indebtedness shall, in the absence of manifest error, be conclusive evidence that: 3.3.1 the HSH Swap Provider's liabilities in respect of the specified amount of Secured Property; and 3.3.2 the specified amount of the Outstanding Indebtedness, were extinguished and discharged on the specified date and, if so stated, at the specified time.