Permitted Security Interests Sample Clauses
The Permitted Security Interests clause defines which types of security interests or liens a party is allowed to grant or maintain despite general prohibitions in an agreement. Typically, this clause lists specific exceptions, such as liens arising by operation of law, purchase money security interests, or those consented to by the other party. Its core function is to provide clarity and flexibility by allowing certain necessary or routine security interests without breaching the contract, thereby balancing the need for security with practical business operations.
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Permitted Security Interests amend the definition of Permitted Security Interest to add at the end of paragraph (t)(i): “or such Financial Indebtedness is otherwise Permitted Financial Indebtedness under paragraphs (ii) (as it relates to guarantees permitted under Clause 19.15(h) in respect of any Permitted Financial Indebtedness), (vii), (xi) (provided that at the time of the acquisition or other transaction pursuant to which such Financial Indebtedness was incurred and after giving effect to such incurrence on a pro forma basis (a) an Obligor could incur EUR 1 of debt under paragraph (xxii) of the definition of Permitted Financial Indebtedness or (b) the ratio of Senior Net Debt to Annualised EBITDA would not be greater than it was immediately prior to giving pro forma effect to such acquisition or other transaction and to the incurrence of such Financial Indebtedness), (xxii), (xxiii) and (xxiv) of the definition of Permitted Financial Indebtedness and guarantees thereof”.
Permitted Security Interests. (a) amend the definition of “Permitted Security Interest” to include in addition to the existing “Permitted Security Interests”:
(i) Security Interests (1) over the segregated trust accounts set up to fund productions, (2) required to be granted over productions to secure production grants granted by regional and/or national agencies promoting film production in the relevant regional and/or national jurisdiction and (3) over assets relating to specific productions funded by Production Facilities; and
(ii) Security Interests arising solely by virtue of any statutory or common law provisions or customary business provisions relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution.
(b) delete paragraph (i) of the definition of “Permitted Security Interest” and replace it with the following:
(i) over or affecting any asset of any company which becomes a member of the Borrower Group after the date of this Agreement, where such Security Interest is created prior to the date on which such company becomes a member of the Borrower Group (including Security Interests created, incurred or assumed in connection with or in contemplation of the relevant acquisition or transaction); provided, however that such Security Interests may not extend to any other property owned by any member of the Borrower Group (other than pursuant to after-acquired property clauses in effect with respect to such Security Interests at the time of acquisition on property of the type that would have been subject to such Security Interests notwithstanding the occurrence of the relevant acquisition or transaction);”
(c) delete paragraph (m) of the definition of “Permitted Security Interests” and replace it with the following:
Permitted Security Interests. Transactions similar to security (Without prejudice to clauses 29.3 (Financial Indebtedness) and 29.8 (Disposals)), the Borrower shall not:
Permitted Security Interests. The requirements of this Article VI shall not apply to a collateral assignment, pledge or other transfer creating a security interest in all or any portion of a Partner's interest in the Partnership under any mortgage, indenture or deed of trust created by such Partner not otherwise prohibited by the terms of any credit agreement or other instrument evidencing debt to which the Partnership is then subject.
Permitted Security Interests. A new Section 14.6 12 is added to the Loan Agreement as follows:
Permitted Security Interests. Notwithstanding any other provisions hereof regarding the creation of Liens, but subject to the provisions of Section 6.1, the Borrower may (A) grant priority purchase money security interests in newly acquired items of tangible personal property, (B) lease tangible personal property from equipment lessors, and (C) grant a priority security interest in Receivables to an institutional lender which is providing a working capital line of credit for the exclusive use of the Facilities, as long as in each instance: (I) the secured party or equipment lessor enters into an intercreditor agreement with, and satisfactory to, the Lender, pursuant to which, without limiting the foregoing, (X) the Lender shall be afforded the option of curing defaults and the option of succeeding to the rights of the Borrower and (Y) the Lender's security interest in tangible personal property and/or Receivables as applicable, shall be subordinated to the security interest granted to such secured party, (II) all the terms, conditions and provisions of the financing, security interest or lease are reasonably acceptable to the Lender, (III) the Borrower provides a true and complete copy, as executed, of each such purchase money security agreement, financing document and equipment lease and all amendments thereto and (IV) no such security interest, financing agreement or lease is cross-defaulted or cross-collateralized with any other obligation. Notwithstanding the foregoing, the Borrower may lease, or grant purchase money security interests in, new items of tangible personal property having an aggregate cost during the Term in an amount not to exceed TWO HUNDRED THOUSAND DOLLARS ($200,000) without complying with the foregoing requirements, provided that the Borrower shall provide the Lender with a true and complete copy, as executed, of each purchase money security agreement, related financing document and equipment lease, and all amendments thereto. Security interests granted by the Borrower in full compliance with the provisions of this Section are referred to as "Permitted Prior Security Interests".
Permitted Security Interests. The Security Trustee and the Agent each acknowledge that the State Securities are "Permitted Security Interests" for the purposes of the Finance Documents.
Permitted Security Interests. If Borrower or any Subsidiary of Borrower leases any real property, Borrower shall execute and deliver to Lender, or cause to be executed and delivered to Lender, as further security for payment and performance of the Loan Obligations, a collateral assignment of all rights, title and interest of Borrower under such lease. If Borrower reduces the Revolving Commitment to zero as provided in Section 3.1.1 and all the Obligations of Borrower that are secured by the Security Documents are fully and indefeasibly paid, Lender will release its Security Interests in the Collateral.
Permitted Security Interests. 35 8.4 Withdrawal or Transfer by the General Partner...
Permitted Security Interests. Pursuant to Section 6.20 of the Senior Loan Agreement and Section 6.20 of the Subordinate Loan Agreement, Operations Co agrees to not create or permit to exist any Security Interest on any property or asset, including its revenues (including accounts receivable) or rights in respect of any thereof, now owned or hereafter acquired by it, except Permitted Security Interests, solely to the extent such unpermitted Security Interest would otherwise cause Project Co to fail to comply with its obligations under Section 6.20 of the Senior Loan Agreement and Section 6.20 of the Subordinate Loan Agreement.