Common use of Clearance systems Clause in Contracts

Clearance systems. (a) Each Chargor must, if so requested by the Collateral Agent: (i) instruct any clearance system to transfer any Investments held by it for that Chargor or its nominee to an account of the Collateral Agent or its nominee with that clearance system; and (ii) take whatever action the Collateral Agent may request for the dematerialisation or rematerialisation of any shares held in a clearance system. (b) Without prejudice to the rest of this Subclause the Collateral Agent may, at the expense of the relevant Chargor (provided that such expenses are reasonably incurred), take whatever action is reasonably required for the dematerialisation or rematerialisation of the shares as necessary.

Clearance systems. (a) Each Chargor must, if so requested by the Collateral AgentAgent after the occurrence of an Event of Default: (i) instruct any clearance system to transfer any Investments held by it for that Chargor or its nominee to an account of the Collateral Agent or its nominee with that clearance system; and (ii) take whatever action the Collateral Agent may request for the dematerialisation or rematerialisation of any shares held in a clearance system. (b) Without prejudice to the rest of this Subclause the Collateral Agent may, at the expense of the relevant Chargor (provided that such expenses are reasonably incurred), take whatever action is reasonably required for the dematerialisation or rematerialisation of the shares as necessary.