Common use of INSTRUMENTS AND PRIORITY Clause in Contracts

INSTRUMENTS AND PRIORITY. If security or undertakings (verklaringen) are provided, these shall secure any and all present or future indebtedness of the Borrower to HBU on any basis whatsoever (including indebtedness arising from derivative transactions), whether or not arising in the ordinary course of banking business, and shall be laid down in instruments to be drawn up by HBU or in the Credit Agreement. Any costs in this regard shall be borne by the Borrower. Unless otherwise stated, security provided to HBU shall rank first in priority.