Common use of Redemption of prior mortgages Clause in Contracts

Redemption of prior mortgages. (a) Whilst this Security is enforceable, the Security Agent may: (i) redeem any prior Security against any Security Asset; and/or (ii) procure the transfer of that Security 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 Security Agent, promptly on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security Encumbrance against any Security Asset; and/or (ii) procure the transfer of that Security Encumbrance 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 Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security Interest against any Security Asset; and/or (ii) procure the transfer of that 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 shall pay to the Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security against any Security Asset; and/or (ii) procure the transfer of that Security 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 Chargorthe Parent. (b) Each Chargor The Parent must pay to the Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

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

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security against any Security Asset; and/or (ii) procure the transfer of that Security 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 Chargorthe Owner. (b) Each Chargor The Owner must pay to the Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security Encumbrance against any Security Asset; and/or; (ii) procure the transfer of that Security Encumbrance 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 Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.

Redemption of prior mortgages. (a) Whilst At any time after this Security is has become enforceable, the Security Agent may: (i) redeem any prior Security against any Security Asset; and/orand (ii) procure the transfer of that Security to itself; and/or (iii) settle and pass the accounts of the prior mortgagee, chargee or encumbrancer; encumbrancer (and 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 shall pay to the Security Agent, promptly immediately on demand, the costs and expenses incurred by the Security Agent in connection with any such redemption and/or transfer, including the payment of any principal or interest.