SECURITY INTEREST AND CHARGE Sample Clauses
The 'Security Interest and Charge' clause establishes the lender's legal right to claim specific assets of the borrower as collateral for a loan or obligation. In practice, this clause details which assets are subject to the security interest, the conditions under which the lender can enforce their rights, and the process for registering or perfecting the charge, such as filing with a government registry. Its core function is to protect the lender by providing a mechanism to recover the debt if the borrower defaults, thereby reducing the lender's risk and clarifying the parties' rights regarding the secured assets.
SECURITY INTEREST AND CHARGE. As general and continuing collateral security for the payment and performance of all debts, liabilities and obligations of the Debtor to ATB howsoever arising, both present and future, absolute and contingent, direct and indirect, matured or not, and whether the Debtor be bound alone or jointly or severally with others (the "Indebtedness"), the Debtor hereby assigns and grants a mortgage, pledge, charge and security interest (which, in the case of any real property and any other Collateral (as hereinafter defined) not subject to the PPSA, shall be a mortgage as and by way of a floating charge) to and in favour of ATB in all property, assets and undertaking of the Debtor referred to in Schedule "A" (including all such property, assets and undertaking owned or leased by or licensed to the Debtor and in which the Debtor at any time has an interest or to which the Debtor is or at any time may become entitled) and in all Proceeds and renewals thereof, Accessions thereto and substitutions therefor (herein collectively called the "Collateral "). The assignments, mortgages, pledges, charges, security interests and floating charges (if applicable) granted hereunder are hereinafter collectively called the "Security Interests". The Debtor warrants and acknowledges to and in favour of ATB that: the Debtor has rights in all existing Collateral and the parties intend the Security Interest hereby created in any of the Debtor's existing property which is subject to the PPSA to attach upon execution and delivery hereof; the parties intend the Security Interest created in any of the Debtor's after-acquired property which is subject to the PPSA to attach at the same time as it acquires rights in the after-acquired property; and value has been given. For greater certainty, where the Collateral includes all of the Debtor's present and after-acquired Personal Property, and any of such Collateral is or becomes located on lands or premises leased or subleased by the Debtor, the Collateral includes the Debtor's interest as tenant or lessee under any and all of such leases and subleases of the lands or premises. The last day of any term reserved by any lease or agreement to lease is excepted out of the Security Interest and does not form part of the Collateral, but the Debtor shall stand possessed of such last day in trust to assign the same to any person acquiring such term. If the grant of the Security Interest in respect of any contract, lease, agreement to lease, license, permi...
SECURITY INTEREST AND CHARGE. (a) The Grantor hereby charges and grants a security interest in the Secured Property to the Secured Party:
(i) for payment of the Secured Money; and
(ii) to secure performance of the obligations imposed on the Grantor under the Transaction Documents.
(b) The Grantor grants this charge and security interest as legal and beneficial owner except for any Secured Property which the Grantor owns as trustee of a trust, in which case the Grantor does this as sole trustee of the relevant trust.
SECURITY INTEREST AND CHARGE. The grantor:
(a) grants to the secured party, a security interest in and charge over the collateral, as security for the secured obligation, on the terms of this security agreement.
(b) consents to the secured party creating a Registration for the purpose of perfecting its security interest and charge over the collateral; and Acknowledges that the grantor has received valuable consideration for the creation of this charge. The parties otherwise agree that this Deed constitutes a security agreement for the purpose of the PPS Act and entitles the secured party to attend to Registration and to charge any other property of the charge referred to in the collateral. The security interest created by the Deed extends to any and all proceeds of the collateral.
SECURITY INTEREST AND CHARGE a) The Customer (Grantor) hereby grants a security interest in all property, both equitable and legal, present or future of the Customer in respect of any monies that may be owing by the Customer to Project Station (Secured Party) under these terms and conditions (Security Interest). This Security Interest is a charge. If for any reason it is necessary to determine the nature of this charge, it is a floating charge over revolving assets (including but not limited to inventory, a negotiable instrument, machinery, plant or equipment which is not inventory and has a value of less than $1,000 or its equivalent, money including money withdrawn or transferred to a third party from an account of the Grantor with a bank or other financial institution) and a fixed charge over all other secured property of the Grantor.
b) Further, the Grantor hereby authorises Project Station or its solicitors to execute any consent form as its attorney for the purpose of registering a caveat over any real property owned by the Customer at any time.
c) The Grantor herein acknowledges that Project Station (Secured Party) is entitled to protect its Security Interest by registering a general security agreement or a financing statement (for example, a Personal Money Security Interest - PMSI) under the Personal Property and Security Act.