Common use of Redemption of Security Interest Clause in Contracts

Redemption of Security Interest. Without prejudice to the representations and warranties in clause 5 and the covenants in clause 7, SEOCH may at any time redeem any Security Interest over the Charged Property having priority to the Charge or procure the transfer thereof to SEOCH (or the SEOCH's nominee), may settle the accounts of holders of any such Security Interest and otherwise may deal with the holders of any such Security Interest in such manner as SEOCH sees fit. Any accounts so settled shall be conclusive and binding on the SEOCH Participant. The SEOCH Participant shall on demand pay to SEOCH all principal moneys, interest, costs, charges, losses, liabilities and expenses of and incidental to any such redemption or transfer.