No Security or Quasi Clause Samples
The "No Security or Quasi" clause prohibits a party from granting security interests or similar rights over certain assets or obligations. In practice, this means that the party cannot pledge, mortgage, or otherwise encumber its assets in a way that would give another party preferential rights, nor can it create arrangements that have a similar effect to granting security, such as certain types of guarantees or comfort letters. The core function of this clause is to protect the counterparty by ensuring that assets remain unencumbered and available, thereby reducing the risk that other creditors could claim priority over those assets in the event of default or insolvency.
No Security or Quasi. Security exists over all or any of the present or future assets of any member of the Group other than as permitted by this Agreement.
No Security or Quasi. Security exists over all or any of the present or future assets of the Borrower other than as permitted by this Agreement.
No Security or Quasi. Security exists over all or any of the present or future assets of any Material Subsidiary other than:
(i) Permitted Security; or
(ii) as permitted or not prohibited by the terms of the relevant Existing Material Subsidiary Debt Facility.
No Security or Quasi. Security exists over all or any of its present or future assets or all or any of the present or future assets of any member of the Plateau Group other than as permitted by this Agreement.
No Security or Quasi. Security exists over any of its assets other than as allowed under the Finance Documents.
No Security or Quasi. Security exists over all or any of the present or future assets of the Obligors;
No Security or Quasi. Security exists over all or any of the present assets of any member of the Group other than as permitted by this Agreement. 106 (b) No member of the Group has any Financial Indebtedness outstanding other than as permitted by this Agreement.
No Security or Quasi. Security exists over all or any part of the property, assets or revenues of the Borrower except for any Permitted Security.