Prior Security. At any time after the security constituted by this deed has become enforceable, or after any powers conferred by any Security having priority to this deed shall have become exercisable, the Lender may:
15.4.1 redeem that or any other prior Security;
15.4.2 procure the transfer of that Security to it; and
15.4.3 settle and pass any account of the holder of any prior Security. Any accounts so settled and passed shall be, in the absence of any manifest error, conclusive and binding on the Company. All monies paid by the Lender to an encumbrancer in settlement of any of those accounts shall, as from its payment by the Lender, be due from the Company to the Lender on current account and shall bear interest at the default rate of interest specified in the Loan and Security Agreement and be secured as part of the Secured Liabilities.
Prior Security. At any time after an Event of Default has occurred and is continuing, or after any powers conferred by any Security having priority to this Deed shall have become exercisable, the Security Recipient may:
Prior Security. At any time after the Security constituted by this Deed has become enforceable, or after any powers conferred by any Security having priority to this Deed shall have become exercisable, the Chargee may: (a) redeem that or any other prior Security; (b) procure the transfer of that Security to it; and (c) settle and pass any account of the holder of any prior Security. The settlement and passing of any such account passed shall, in the absence of any manifest error, be conclusive and binding on the Chargor. All monies paid by the Chargee to an encumbrancer in settlement of any of those accounts shall, as from its payment by the Chargee, be due from the Chargor to the Chargee on current account and shall bear interest at the default rate of interest specified in the Senior Secured Superpriority DIP Credit Agreement and be secured as part of the Secured Liabilities.
Prior Security. At any time after the security constituted by this Agreement has become enforceable, or after any powers conferred by any Security having priority to this Agreement shall have become exercisable, each Secured Party may:
Prior Security. At any time after this Security has become enforceable, the Secured Party may redeem any prior Security against the Security Assets or procure a transfer of such Security to itself and may agree the accounts of the person entitled to that Security and any accounts so agreed will be binding on the Chargor. Any money paid by the Secured Party in connection with a redemption or transfer of any prior Security will form part of the Secured Obligations.
Prior Security. (a) At any time after the Security Interest created by this Deed has become enforceable, the Agent may:
(i) redeem any prior Security Interest over all or any part of the Secured Assets;
(ii) procure the transfer of that Security Interest to itself; and/or
(iii) settle the accounts of any prior mortgagee, chargee or encumbrancer and any accounts so settled will be, in the absence of manifest error, conclusive and binding on the Assignor.
(b) The Assignor shall pay to the Agent immediately upon demand the costs and expenses incurred by the Agent in connection with any such redemption, settlement and/or transfer including the payment of any principal or interest.
Prior Security. (a) At any time after the security created by this Agreement has become enforceable, the Security Agent may:
(i) redeem any prior security over all or any part of the Account;
(ii) procure the transfer of that security to itself; and/or
(iii) settle the Account of any prior mortgagee, chargee or encumbrancer and any accounts so settled will be, in the absence of manifest error, conclusive and binding on the Pledgor.
(b) The Pledgor shall pay to the Security Agent immediately upon demand the costs and expenses incurred by the Security Agent in connection with any such redemption, settlement and/or transfer including the payment of any principal or interest.
Prior Security. At any time after the security created by this Agreement has become enforceable, the Security Agent may:
Prior Security. 9.5.1. Each Borrower confirms that the Prior Security shall remain in full force and effect notwithstanding amendments to the Prior Loan Agreement reflected in this Agreement and shall continue to secure the Loan Obligations until repayment in full of all of the Loan Obligations. For greater certainty, (i) Courtice agrees with and confirms to the Lenders that as at the time the Implementation Notice is issued no amount shall have been paid by it in reduction of the amounts secured under the Courtice Debenture, as amended by Amending Agreement No. 1 and Amending Agreement No. 3, or the Courtice Supplemental Debenture, as amended by Amending Agreement No. 2, and that such Security collectively shall secure Loan Obligations of Courtice in an aggregate principal amount of up to Cdn. $100,000,000 plus interest thereon at a rate of 20% per annum and (ii) MRM agrees with and confirms to the Lenders that as at the time the Implementation Notice is issued no amount shall have been paid by it in reduction of the amounts secured under the MRM Debenture, as amended by Amending Agreement No. 4, and that the MRM Debenture, as amended by Amending Agreement No. 4, shall secure Loan Obligations of MRM in an aggregate principal amount of up to Cdn. $80,000,000 plus interest thereon at the rate of 25% per annum.
9.5.2. Each of the parties hereto acknowledges that the Lien by way of floating charge originally created under Section 3.01(b) of the MRM Debenture to the extent such Lien applied to the personal and moveable property of MRM that is not property of the nature described in subsection 3.01(a)(i) to (iv) of the MRM Debenture has been released.
Prior Security. At any time after the security constituted by this deed has become enforceable, or after any powers conferred by any Security having priority to this deed shall have become exercisable, the Funder may:
