Common use of Redemption of prior mortgages Clause in Contracts

Redemption of prior mortgages. The Collateral Agent may at any time after the security hereby constituted has become enforceable redeem any prior Encumbrances against any Security Asset or procure the transfer thereof to itself and may settle and pass the accounts of the prior Encumbrances. Any accounts so settled and passed shall be conclusive and binding on the Owner. All principal moneys, interest, costs, charges and expenses of and incidental to such redemption and transfer shall be immediately due by the Owner to the Collateral Agent without notice or demand being required.

Redemption of prior mortgages. The Collateral Agent may at any time after the security hereby constituted has become enforceable redeem any prior Encumbrances against any Security Asset or procure the transfer thereof to itself and may settle and pass the accounts of the prior Encumbrances. Any accounts so settled and passed shall be conclusive and binding on the Owner. All principal moneys, interest, costs, charges and expenses of and incidental to such redemption and transfer shall be immediately due by the Owner to the Collateral Agent without notice or demand being required.the