Sharing of Security Clause Samples

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Sharing of Security. (a) The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders and the Swap Lenders to secure Obligations of the Loan Parties under the Documents and any Swap Indebtedness on a pari passu basis; and that the Agent will hold the Security for the benefit of the Lenders hereunder and the Swap Lenders with respect to all the Swap Indebtedness. For purposes of the above sentence, "pari passu basis" means:‌ (i) with respect to the Lenders under the Term Facility, the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under the Term Facility relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under the Term Facility and the Swap Indebtedness; and (ii) with respect to the Swap Lenders, the Canadian Dollar Exchange Equivalent of Swap Indebtedness relative to the Canadian Dollar Exchange Equivalent of the Obligations under the Term Facility and the Swap Indebtedness. (b) If requested by the Lenders or any Swap Lender, the Lenders and the Swap Lenders will enter into such further agreements and assurances as may be reasonably requested to further evidence the provisions of this Section 4.2.
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Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders to secure Indebtedness of the Borrower under the Revolving Loan, on a pari passu basis; and that the Agent will hold the Security for the benefit of the Agent and the Lenders hereunder.
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Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders and the Swap Lenders to secure Obligations and the Cash Management Obligations of the Loan Parties under the Documents and any Swap Indebtedness on a pari passu basis; and that the Agent will hold the Security for the benefit of the Lenders hereunder and the Swap Lenders with respect to all the Swap Indebtedness. For purposes of the above sentence, “pari passu basis” means: (a) with respect to the Lenders under the Credit Facilities, the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under such Credit Facilities relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under such Credit Facilities, the Swap Indebtedness and the Cash Management Obligations; and (b) with respect to the Swap Lenders, the Canadian Dollar Exchange Equivalent of Swap Indebtedness relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under the Credit Facilities, the Swap Indebtedness and the Cash Management Obligations; and (c) with respect to the Operating Lender as it relates to the Cash Management Obligations, the Canadian Dollar Exchange Equivalent of the Cash Management Obligations relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and other Obligations under the Credit Facilities, the Swap Indebtedness and the Cash Management Obligations. If requested by the Lenders or any Swap Lender, the Lenders and the Swap Lenders will enter into such further agreements and assurances as may be reasonably requested to further evidence the provisions of this Section 4.2.
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Sharing of Security. The Borrower and the Lenders agree and acknowledge that the Security is being shared equally among the Lenders and the Swap Lenders to secure Obligations and the Cash Management Obligations of the Loan Parties under the Documents and any Swap Indebtedness on a pari passu basis; and that the Agent will hold the Security for the benefit of the Lenders hereunder and the Swap Lenders with respect to all the Swap Indebtedness. For purposes of the above sentence, “pari passu basis” means: (a) with respect to the Lenders under the Credit Facilities, the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under such Credit Facilities relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under such Credit Facilities, the Swap Indebtedness and the Cash Management Obligations; and (b) with respect to the Swap Lenders, the Canadian Dollar Exchange Equivalent of Swap Indebtedness relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and all other Obligations under the Credit Facilities, the Swap Indebtedness and the Cash Management Obligations; and (c) with respect to the Operating Lender as it relates to the Cash Management Obligations, the Canadian Dollar Exchange Equivalent of the Cash Management Obligations relative to the Canadian Dollar Exchange Equivalent of the Aggregate Principal Amount and other Obligations under the Credit Facilities, the Swap Indebtedness and the Cash Management Obligations. If requested by the Lenders or any Swap Lender, the Lenders and the Swap Lenders will enter into such further agreements and assurances as may be reasonably requested to further evidence the provisions of this Section 4.2.
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Related to Sharing of Security

  • Creation of Security (a) Notwithstanding the foregoing, for the purpose of financing the Facility, the Company may assign to, or grant a security interest in favor of, the Lenders in its rights and interests under or pursuant to: (i) this Agreement, (ii) any agreement or document included in the Security Package, (iii) the Facility, (iv) the movable, immovable and intellectual property of the Company, and (vi) the revenues or any of the rights or assets of the Company. The Company shall not create any security over its rights and interests under this Agreement without the prior written consent of the GOB except as already provided above. (b) The Lenders shall have no obligation to the GOB under this Agreement until such time as the Lenders or their designees succeed to the Company’s interest under this Agreement, whether by exercise of their rights or remedies under the Financing Documents or otherwise, in which case the Lenders or their designees shall give written notice of such succession (a “Succession Notice”) to the GOB and assume liability for all of the Company’s obligations under this Agreement, including without limitation payment of any amounts due and owing to the GOB for payment defaults by the Company under this Agreement (other than, so long as the liability insurance required by Section 6.5 has been and is in effect), damages or penalties incurred by the Company under Section 6.2(b), arising during the period prior to the Lenders’ or such designees’ succession to the Company’s interest in and under this Agreement, provided that any liability of the Lenders or their designees shall be strictly limited to the Lenders’ interest in the Facility. Except as otherwise set forth in the immediately preceding sentence, none of the Lenders or their designees shall be liable for the performance or observance of any of the obligations or duties of the Company under this Agreement, nor shall the assignment by the Company of this Agreement to the Lenders give rise to any duties or obligations whatsoever on the part of any of the Lenders owing to the GOB. Upon notification by the Lenders or the Agent to the GOB of the occurrence and continuance of an event of default under the Financing Documents and the succession of the Lenders to the Company’s interests in and under this Agreement, the Lenders shall have the right, among others, to: (i) take possession of the Facility and, prior to the Commercial Operations Date, complete construction of the Facility and operate the same and, after the Commercial Operations Date, operate the same; and (ii) cure any continuing Company Event of Default under this Agreement as provided in Section 13.5. Notwithstanding the foregoing, upon the delivery of a Succession Notice, the Lenders shall have no obligation to cure any Company Event of Default occurring before the delivery of such Succession Notice that is not capable of being cured and no right will exist for the GOB to terminate this Agreement based upon such Company Events of Default occurring prior to the delivery of the Lenders’ Succession Notice. Without the requirement of obtaining any further consent from the GOB, upon the exercise by the Lenders or their designees of any of the remedies set forth in the Financing Documents, the Lenders may assign their rights and interests and the rights of the Company under this Agreement to a Transferee acceptable to the GOB so long as such Transferee shall assume all of the obligations of the Company under this Agreement. Upon such assignment and assumption, the Lenders shall be relieved of all obligations under this Agreement arising after such assignment and assumptions. (c) As used herein, a “Transferee” shall be a person who (i) is a company organized under the Laws of Bangladesh, (ii) either is an experienced and qualified power plant operator or who shall have agreed to engage the services of a person who is an experienced and qualified power plant operator, (iii) shall have paid all amounts, if any, then due and payable to the GOB under this Agreement, and (iv) shall have expressly assumed in writing for the benefit of the GOB the ongoing obligations of the Company under this Agreement (including the obligation of the Company to maintain and operate the Facility in accordance with the requirements of this Agreement). (d) At the request of the Company, delivered to the GOB not less than 30 (thirty) Days in advance, the GOB shall execute and deliver at the Financial Closing, all such acknowledgements to the Lenders or their designees of any security created in accordance with this Section 9 as are reasonably requested by the Company and the Lenders to give effect to the foregoing.

  • Return of Security Provided that no Default or Event of Default has occurred and is continuing, the balance of the Security (if any) shall be returned to Lessee within ***** after full and final performance by Lessee of all of its obligations under all of the Lessee’s Documents.

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Security Instruments, as may be amended in accordance herewith, which presently secure the Indebtedness shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Indebtedness as described in the Credit Agreement as modified by this Amendment.

  • Provision of Security At least thirty (30) Calendar Days prior to the commencement of the procurement, installation, or construction of a discrete portion of a Connecting Transmission Owner’s Attachment Facilities, Developer shall provide Connecting Transmission Owner, at Developer’s option, a guarantee, a surety bond, letter of credit or other form of security that is reasonably acceptable to Connecting Transmission Owner and is consistent with the Uniform Commercial Code of the jurisdiction identified in Article 14.2.1 of this Agreement. Such security for payment shall be in an amount sufficient to cover the cost for the Developer’s share of constructing, procuring and installing the applicable portion of Connecting Transmission Owner’s Attachment Facilities, and shall be reduced on a dollar-for-dollar basis for payments made to Connecting Transmission Owner for these purposes. In addition: 11.5.1 The guarantee must be made by an entity that meets the commercially reasonable creditworthiness requirements of Connecting Transmission Owner, and contains terms and conditions that guarantee payment of any amount that may be due from Developer, up to an agreed-to maximum amount. 11.5.2 The letter of credit must be issued by a financial institution reasonably acceptable to Connecting Transmission Owner and must specify a reasonable expiration date. 11.5.3 The surety bond must be issued by an insurer reasonably acceptable to Connecting Transmission Owner and must specify a reasonable expiration date. 11.5.4 Attachment S to the ISO OATT shall govern the Security that Developer provides for System Upgrade Facilities and System Deliverability Upgrades.

  • Release of Security (a) If a disposal of any asset subject to any Transaction Security is made in the following circumstances: (i) the Majority Lenders agree to the disposal; (ii) the disposal is allowed by the terms of the Finance Documents and will not result or could not reasonably be expected to result in any Default; (iii) the disposal is being made at the request of the Security Agent or Secondary Security Agent in circumstances where any Security created by the Transaction Security Documents has become enforceable; or (iv) the disposal is being effected by enforcement of a Transaction Security Document, the Security Agent and Secondary Security Agent (as applicable) are each irrevocably authorised to release the asset(s) being disposed of (including, where the shares in an Obligor are being disposed of, the assets of that Obligor) from the Transaction Security. However, the proceeds of any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any). (b) In relation to a disposal under paragraphs (a)(iii) or (iv) above, where such disposal relates to the shares in an Obligor, the Security Agent and Secondary Security Agent (as applicable) is irrevocably authorised, on behalf of the Lenders and the Hedge Counterparties, to release that Obligor from all or any part of the Debt owed by it. (c) Any release under this Clause will not become effective until the date of the relevant disposal or otherwise in accordance with the consent of the Majority Lenders. (d) If a disposal is not made, then any release relating to that disposal will have no effect, and the obligations of the Obligors and Security Providers under the Finance Documents will continue in full force and effect. (e) If the Security Agent or Secondary Security Agent is satisfied that a release is allowed under this Clause, (at the request and expense of the relevant Obligor or Security Provider) each Secured Party must enter into any document and do all such other things which are reasonably required to achieve that release. Each Secured Party irrevocably authorises the Security Agent and the Secondary Security Agent (as applicable) to enter into any such document. Any release will not affect the obligations of the Obligors and Security Providers under the Finance Documents.