Common use of Redemption of Security Clause in Contracts

Redemption of Security. The Security Trustee may at any time redeem any Security over the Charged Property having priority to the Charge or procure the transfer thereof to the Security Trustee and may settle the accounts of encumbrancers. Any accounts so settled shall be conclusive and binding on the Chargor. The Chargor shall on demand pay to the Security Trustee all principal moneys, interest, costs, charges, losses, liabilities and expenses of and incidental to any such redemption or transfer.