To the extent that the value of the encumbered asset is insufficient to satisfy the secured creditor's claim, the secured creditor may participate as an ordinary unsecured creditor.

Due to the absence or limited role of personal guarantees or securities provided by the project sponsors, project finance is said to be non recourse or limited recourse financing.

Security rights in intangible property

The law should provide that a secured creditor with a security right that is not effective against third parties has towards third parties no right other than as an unsecured creditor priority over unsecured creditors unless the unsecured creditor has taken steps to reduce its claim to a judgement or the grantor has become insolvent .

In the insolvency of a non grantor debtor, the creditor is an unsecured creditor with an unsecured claim against the non grantor debtor.

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(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.

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Some insolvency laws adopt provisions specifically designed to address the negative impact of the stay on secured creditors by maintaining the economic value of secured claims during the period of the stay (in some jurisdictions referred to as adequate protection ).

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Subject to the limitations discussed in the following paragraph, the secured transactions law would apply to security interests in intellectual property rights.

The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation.

The law should provide that the security agreement must, at a minimum, identify the secured creditor and the grantor, and reasonably describe the secured obligation and the assets to be encumbered.

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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)).

(g) Security agreement means an agreement between a grantor and a creditor, in whatever form or terminology, that creates a security right.

The law should provide that a security right that is effective against third parties has priority over the rights of unsecured creditors.

(p) Assignment means the creation of a security right in a receivable or the transfer of a receivable, whether the transfer is for security purposes or is an absolute outright transfer.

Priority of security rights that are not effective against third parties

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(179) The insolvency law should provide that the insolvency representative may determine the portion of a secured creditor's claim that is secured and the portion that is unsecured by valuing the encumbered asset.

(f) The possible repercussions for secured transactions and secured creditors in the way in which corporate groups are treated in insolvency.

(i) Another secured creditor with a security right in the same encumbered asset (whether as an original encumbered asset or proceeds)

The law should provide that a security right in a bank account is effective as between the secured creditor and the grantor notwithstanding an agreement between the grantor and the depositary bank limiting in any way the grantor's right to create a security right in its bank accounts.

(a) A security right in an asset that is not effective against third parties is subordinate to a security right in the same asset that is effective against third parties, without regard to the order in which the security rights were created and

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The law should provide that, if a security right has been effectively created in a negotiable instrument, the secured creditor also has a security right in accessory rights with respect to the negotiable instrument without a new act of transfer. Such accessory rights may include

Similarly, where secured creditors consent to revised treatment of their security interests, approval of the court may not be required.

The insolvency law should establish the priority that may be accorded to post commencement finance, ensuring at least the payment of the post commencement finance provider ahead of ordinary unsecured creditors, including those unsecured creditors with administrative priority.

In the majority of cases and for loans up to Rs. 25,000 no collateral is required from the applicant except two personal guarantees.

It was observed that the words quot the transfer of receivables by way of security quot might inadvertently result in excluding assignments involving not the transfer of title for security purposes but the mere creation of a security interest.

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However, the security right is not effective against the depositary bank, the depositary bank has no duty to recognize the secured creditor and no obligations are otherwise imposed on the depositary bank with respect to the security right, without the depositary bank's consent.

The insolvency law should specify that, where the existing secured creditor does not agree, the court may authorize the creation of a security interest having priority over pre existing security interests provided specified conditions are satisfied, including

The insolvency law should specify that, upon application to the court, a secured creditor should be entitled to protection of the value of the asset in which it has a security interest.

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(iv) providing for the right of the insolvency administrator to borrow using the assigned receivables as security to the extent that their value exceeds the obligations secured, or

In connection with paragraph 56, it was also suggested that mention should be made of the limited scope of the guarantees provided by international financial institutions and of the requirement typically imposed by them that counter guarantees should be provided by the host Government.