Common use of Prior Security Clause in Contracts

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 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 Security Trustee may: 15.4.1 (a) redeem that such or any other prior Security; 15.4.2 , or procure the its transfer of that Security to ititself; and 15.4.3 (b) 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 CompanyBorrower. All monies paid by the Lender Security Trustee to an encumbrancer in settlement of any of those accounts such an account shall, as from its payment by the LenderSecurity Trustee, be due from the Company Borrower to the Lender Security Trustee on current account and shall bear interest at the default rate of interest specified in the Loan and Security Agreement Convertible Note Instrument and be secured as part of the Secured Liabilities.

Prior Security. At any time after the security 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.