Security & Collateral · glossary
The one kind of security the Company may give elsewhere without asking. It covers a newly bought asset, goes only to whoever financed it, secures only its price and finance cost, and all of it together never exceeds £750,000 at any time. Definition: Permitted Security · Debenture §6.1 · Chapter 7
Explained in Chapter 7, The Guarantor, the Group and the Negative Pledge, of Security & Collateral.
Paragraphs (a) and (b) catch a step the Company chooses to take, and they fix the charge over that one asset. Permitted Security is the exception in (a). It is security over a newly bought asset, given to whoever finances it, up to £750,000 in all.Read Chapter 3, Fixed and Floating →
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security over an asset which the Company acquires after the date of this Debenture, given only to the person who finances that acquisition and securing only the price of that asset and the cost of financing it, where the total amount secured by all such security does not at any time exceed £750,000;Read the definition in the document →
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