The Bonds shall be secured by a lien upon the First Plot, subordinated to loans (the proceeds of which are used for the Project) from banks or other institutional lenders, and other bonds upon the Project, if such a lien is determined to be valid and enforceable under Dubai law; otherwise, the Bonds shall be secured by a lien, similarly subordinated, upon all of the stock of the United States parent company as the ultimate beneficial owner of the Property.
security interests