Common use of SECURITY TRUSTEE ACCOUNT Clause in Contracts

SECURITY TRUSTEE ACCOUNT. at any time upon written notice from the Security Trustee to the relevant Chargor, to pay all moneys which it may receive in respect of such debts to such account and bank, in the name of the Security Trustee or otherwise (as the Security Trustee may specify) and, in such form and on such terms as the Security Trustee may reasonably require, to give such notice and instruction to the bank in question authorising the Security Trustee to operate such account (including, without limitation, to enable the Security Trustee to consent to the Chargor utilising the funds from such account and to revoke such consent) and to obtain the acknowledgement of, and undertaking to comply with, such notice and instruction from the bank in question, but so that nothing in this paragraph shall be taken to affect the validity of the first fixed charge of such debts and moneys which is contained in clause 3.1(b)(i);

SECURITY TRUSTEE ACCOUNT. at any time upon written notice from the Security Trustee to the relevant Chargor, to pay all moneys which it may receive in respect of such debts to such account and bank, in the name of the Security Trustee or otherwise (as the Security Trustee may specify) and, in such form and on such terms as the Security Trustee may reasonably requirerequires, to give such notice and instruction to the bank in question authorising the Security Trustee to operate such account (including, without limitation, to enable the Security Trustee to consent to the Chargor utilising the funds from such account and to revoke such consent) and to obtain the acknowledgement of, and undertaking to comply with, such notice and instruction from the bank in question, but so that nothing in this paragraph shall be taken to affect the validity of the first fixed charge of such debts and moneys which is contained in clause 3.1(b)(i);