Common use of Account Charge Clause in Contracts

Account Charge. The Company shall enter into an account charge with the Security Agent (“Account Charge Agreement”) on or around the date hereof, to create security over the Designated Account as a continuing security for the payment and discharge of the Secured Liabilities in favour of the Security Agent (as security agent for the Secured Parties, including but not limited to the Investors) (the “Account Charge”). The Company shall further register the Account Charge with the register of mortgages and charges of the Company, deliver a notice in relation to the Account Charge to the bank with which the Designated Account is opened and ensure that “Conditions of Consent to Account Charge” as set out in the Account Charge Agreement is duly executed by the Company and the bank with which the Designated Account is opened, each in accordance with the Account Charge Agreement.