Common use of Security held by Chargor Clause in Contracts

Security held by Chargor. The Chargor will not without the prior written consent of the Security Trustee hold any security, guarantee, indemnity, bond or other assurance from any other person in respect of the Chargor’s liabilities hereunder. The Chargor will hold any security held by it in breach of this provision on trust for the Security Trustee (as trustee as aforesaid) and shall on request promptly deposit the same and/or charge the same to the Security Trustee in such a manner as the Security Trustee may require as security for due and punctual performance and discharge by the Chargor of the Secured Obligations.

Security held by Chargor. The Chargor will not without the prior written consent of the Security Trustee Administrative Agent hold any security, guarantee, indemnity, bond or other assurance security from any other person in respect of the Chargor’s liabilities hereunder. The Chargor will hold any security held by it in breach of this provision on trust for the Security Trustee (as trustee as aforesaid) and shall on request promptly deposit the same and/or charge the same to the Security Trustee in such a manner as the Security Trustee may require as security for due and punctual performance and discharge by the Chargor of the Secured ObligationsAdministrative Agent.