Security & Collateral · glossary
A transfer of a right to the lender, to be transferred back when the debt is paid. Clause 3.3 assigns the Company's insurance policy to the Bank, and clause 14.1(b) reassigns it at the end. It binds the insurer only once the insurer has notice. Debenture §3.3 · Definition: Insurances · Schedule 4 · Chapter 1 · Chapter 5
Explained in Chapter 1, What Security Is For, of Security & Collateral.
So clause 3.3 assigns the policy instead of charging it. An assignment by way of security transfers the Company's rights under the policy to the Bank. They return to the Company when the debt is paid (clause 14.1(b)).Read Chapter 5, Shares, Receivables, Accounts and Insurances →
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the policy of insurance described in Schedule 4, every other policy of insurance in which the Company has an interest from time to time, and every renewal or replacement of any of them;Read the definition in the document →
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