(jj) Non possessory security right means a security right in (i) tangibles that are not in the actual possession of the secured creditor or another person holding the tangibles for the benefit of the secured creditor, or (ii) intangibles.

Such guarantees might take the form of financial security deposits, insurance or bonds.

A certificate of sponsorship issued by the sponsoring State must be attached with this application.

(b) Security rights securing the obligation of the obligor on the negotiable instrument.

I'll vouch for you if you vouch for me.

Note to the Working Group Under the definition of control in the terminology section, the secured creditor has control of an independent undertaking where (i) the issuer guarantor or nominated person paying the proceeds is the secured creditor (ii) the issuer guarantor or nominated person paying the proceeds has acknowledged the security right in the proceeds from the drawing under an independent undertaking or (iii) the secured creditor is the beneficiary.

Parties, security rights, secured obligations and assets covered

If the value exceeds the claim, the secured creditor will not be harmed by the diminution of value until that value becomes insufficient to pay the secured claim.

(e) Debtor means a person that owes performance of the secured obligation and includes secondary obligors, such as guarantors of a secured obligation .

(ii) Possessory security right means a security right in tangibles that are in the actual possession of the secured creditor or of another person (other than the debtor or other grantor) holding the asset for the secured creditor.

Under the third method of obtaining control, as between the issuer guarantor or nominated person paying the proceeds and the secured creditor, the secured creditor is the beneficiary of the independent undertaking.

(a) The creation of a security right in proceeds is governed by the law of the State whose law governs governing the creation of the security right in the original encumbered asset from which the proceeds arose and

A second approach to protecting the interests of secured creditors is to protect the value of the secured portion of the claim.

As an English gentleman?

Sponsors?

The purpose of conflict of laws rules is to determine the law applicable to each of the following issues the creation of a security right the pre default rights and obligations between the secured creditor and the grantor the effectiveness of a security right against third parties the priority of a security right over the rights of competing claimants and the enforcement of a security right.

Protection of secured creditors

Note to the Working Group Under recommendation 24, if A gets a note from B guaranteed by C and then grants a security right in the note to D, D gets a security right in the guarantee as well.

(b) Acquisition security right means a security right in an asset that secures the obligation to pay any unpaid portion of the purchase price of the asset or other obligation incurred to enable the grantor to acquire the asset.

I will be your guarantor.

Transfer of security rights

Security rights in proceeds

On the life of my son.

If the secured creditor is the depositary bank, the depositary bank's security right has priority over any other security right.

The latter reference, to other undertakings, clarifies the independent nature of a counter guarantee from the guarantee that it relates to, and of a confirmation from the stand by letter of credit or independent guarantee that it confirms.

Acquisition security rights include those that are denominated as security rights, as well as those that are denominated as retention of title, arrangements and financial leases.

(b) Is unaffected by the date on which an advance or other obligation secured by the security right is made or incurred (i.e. a security right may secure future advances under a credit facility with the same priority as advances made under the credit facility at the time the security right is made effective against third parties).

(aa) Guarantor Issuer means a bank or other person that issues an independent undertaking.

Independent undertakings

Security Interests

Independent undertakings

(ii) Protecting the value of the secured portion of the claim

B. Coverage of counter guarantees and confirmations

(b) an indication whether secured creditors need to file their secured claims and

In addition, the Guide is intended to cover a broad range of transactions that serve security functions, including those related to possessory and non possessory security rights, as well as transactions not denominated as secured transactions (such as retention of title, transfer of title for security purposes, assignment of receivables for security purposes, financial leases, and sale and leaseback transactions and the like).

(5) Where, pursuant to paragraph (1) of this article, security has been provided, the person providing such security may at any time apply to the Court to have that security reduced, modified, or cancelled.

(5) Where pursuant to paragraph (1) of this article security has been provided, the person providing such security may at any time apply to the Court to have that security reduced, modified or cancelled.

(ii) The secured creditor will be protected against diminution of the value of the encumbered asset in which it has a security interest.

Valuation of secured claims

I can personally vouch for his character.

On your honor?

9. The scope of application of the Convention is confined to instruments of the type understood in practice as independent guarantees (referred to as, e.g., quot demand quot , quot first demand quot , quot simple demand quot or quot bank quot guarantees) or stand by letters of credit (article 2(1)).

Priority of acquisition security rights over pre registered non acquisition security rights in future inventory

1. Sovereign guarantees

I'll stake you.