Common use of Hypothecation Clause in Contracts

Hypothecation. The Borrower shall hypothecate and create a charge in favour of the Bank as and by way of a first and exclusive charge on all the movable properties more particularly provide under the head of Security in the Schedule hereunder written, which shall subsist and continue until repayment by the Borrower to the Bank of the principal amount of the Loan in full and also payment of all interest and all other monies as may be payable under this Agreement. The Borrower further agrees that the Security shall also be security for all other monies that may be due and payable by the Borrower to the Bank on any account whatsoever, whether present or future, including the liability of the Borrower as a surety or co-obligor either simply or along with any other person. The Borrower agrees with, and undertakes to the Bank that the Bank shall have an exclusive charge over the Security and that the Borrower shall not create any manner of interest in the Security or any of them in favour of any other person or body, except with the prior written consent of the Bank. The Parties shall execute a Hypothecation Deed in respect of the same.

Hypothecation. The Borrower shall hypothecate and create a charge in favour of the Bank as and by way of a first and exclusive charge on all the movable properties more particularly provide under the head of Security in the Schedule hereunder written, which shall subsist and continue until repayment by the Borrower to the Bank of the principal amount of the Loan in full and also payment of all interest and all other monies as may be payable under this Agreement. The Borrower further agrees that the Security shall also be security for all other monies that may be due and payable by the Borrower to the Bank on any account whatsoever, whether present or future, including the liability of the Borrower as a surety or co-obligor either simply or along with any other person. The Borrower agrees with, and undertakes to the Bank that the Bank shall have an exclusive charge over the Security and that the Borrower shall not create any manner of interest in the Security or any of them in favour of any other person or body, except with the prior written consent of the Bank. The Parties Borrower shall execute a Hypothecation Deed in respect of the same.