Common use of Redemption of prior mortgages Clause in Contracts

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Collateral Agent may: (i) redeem any prior Lien against any Security Asset; and/or (ii) procure the transfer of that Lien to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on each Chargor. (b) Each Chargor must pay to the Collateral Agent, promptly following demand, the costs and expenses incurred by the Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Notes Collateral Agent may:may (but shall not be obligated to): (i) redeem any prior Lien against any Security AssetCollateral; and/or (ii) procure the transfer of that Lien to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on each Chargor. (b) Each Chargor must pay to the Notes Collateral Agent, promptly following immediately on demand, the costs and expenses incurred by the Notes Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Collateral Agent may: (i) redeem any prior Lien Security Interest against any Security Asset; and/or (ii) procure the transfer of that Lien Security Interest to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on each the Chargor. (b) Each The Chargor must pay to the Collateral Agent, promptly following immediately on demand, the costs and expenses incurred by the Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceable, the Collateral Agent may: (i) redeem any prior Lien Security Interest against any Security Asset; and/or (ii) procure the transfer of that Lien Security Interest to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on each Chargor. (b) Each Chargor must pay to the Collateral Agent, promptly following immediately on demand, the costs and expenses incurred by the Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) At any time after this Security has become enforceableduring the Enforcement Period, the Collateral Agent may: (i) redeem any prior Lien against any Security Asset; and/or (ii) procure the transfer of that Lien to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; any accounts so settled and passed will be, in the absence of manifest error, conclusive and binding on each any Chargor. (b) Each Chargor must pay to the Collateral Agent, promptly following immediately on demand, the costs and expenses incurred by the Collateral Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.