Common use of SECURITY AND APPLICATION Clause in Contracts

SECURITY AND APPLICATION. 16.1 The Borrower hereby undertakes with the Lender to execute, deliver and perform the provisions of, and procure the execution, delivery and performance by the other parties thereto (other than the Lender) of, the Security Documents and the provisions thereof at the times and in the manner provided in this Agreement and in the Security Documents so that all such documents shall both at the date of such execution and delivery and at all times during the Security Period be valid and binding obligations of the Borrower and such other parties enforceable in accordance with their respective terms. 16.2 All moneys received by the Lender under or pursuant to this Agreement or any of the Security Documents and expressed to be applicable in accordance with the provisions of this Clause 16.2 shall (unless the Lender otherwise requires) be applied by the Lender in the following manner: FIRST: in or towards satisfaction of any amounts as are then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) in such order of application as the Lender shall think fit; SECONDLY: at the option of the Lender (i) in retention of an amount equal to any amounts which are not then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are not then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) but which (in the sole and absolute opinion of the Lender) will or may become due and payable in the future and, upon the same becoming due and payable, in or towards satisfaction thereof in accordance with the foregoing provisions of this Clause 16.2 and/or (ii) in or towards prepayment of the Loan in accordance with sub-clauses (d) and (e) of Clause 4.2; and

SECURITY AND APPLICATION. 16.1 The Borrower hereby undertakes with the Lender to execute, deliver and perform the provisions of, and procure the execution, delivery and performance by the other parties thereto (other than the Lender) of, the Security Documents and the provisions thereof at the times and in the manner provided in this Agreement and in the Security Documents so that all such documents shall both at the date of such execution and delivery and at all times during the Security Period be valid and binding obligations of the Borrower and such other parties enforceable in accordance with their respective terms; without prejudice to the foregoing the Borrower hereby further undertakes that the Borrower will at any time during the Security Period and on the first written request of the Lender, procure that a pledge over all the issued shares in the Borrower in favour of the Lender and in such form as the Lender shall approve or require be executed and delivered to the Lender as additional security for the obligations of the Borrower under this Agreement together with all proxies, directors' letters of resignations and share stock certificates as are required by such pledge. 16.2 All moneys received by the Lender under or pursuant to this Agreement or any of the Security Documents and expressed to be applicable in accordance with the provisions of this Clause 16.2 shall (unless the Lender otherwise requires) be applied by the Lender in the following manner: FIRST: in or towards satisfaction of any amounts as are then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) in such order of application as the Lender shall think fit; SECONDLY: at the option of the Lender (i) in retention of an amount equal to any amounts which are not then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are not then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) but which (in the sole and absolute opinion of the Lender) will or may become due and payable in the future and, upon the same becoming due and payable, in or towards satisfaction thereof in accordance with the foregoing provisions of this Clause 16.2 and/or (ii) in or towards prepayment of the Loan in accordance with sub-clauses (d) and (e) of Clause 4.2; and

SECURITY AND APPLICATION. 16.1 The Borrower hereby undertakes with 7.1 It is declared and agreed that (i) the security created or to be created by or pursuant to this Agreement shall be held by the Lender as a continuing security for the payment of all moneys which may at any time and from time to executetime be or become due and payable to the Lender under this Agreement, deliver (ii) the security so created shall not be satisfied by any intermediate payment or satisfaction of any part of the amount hereby and perform thereby secured, (iii) the provisions security so created shall be in addition to and shall not in any way be prejudiced or affected by any collateral or other security now or hereafter held by the Lender for all or any part of the moneys hereby and thereby secured, (iv) every power and remedy given to the Lender hereunder shall be in addition to, and not a limitation of, any and procure the execution, delivery and performance by the every other parties thereto (other than the Lender) of, the Security Documents and the provisions thereof at the times and power or remedy vested in the manner provided in this Agreement Lender hereunder or thereunder and (v) all the powers so vested in the Security Documents so that all such documents shall both at Lender may be exercised from time to time and as often as the date of such execution and delivery and at all times during the Security Period be valid and binding obligations of the Borrower and such other parties enforceable in accordance with their respective termsLender may deem expedient. 16.2 7.2 All moneys received by the Lender under or after the Overdraft Balance shall have become repayable pursuant to this Agreement or any of the Security Documents Clause 3.4 and which are therein expressed to be applicable in accordance with the provisions of this Clause 16.2 shall (unless the Lender otherwise requires) be applied by the Lender in the following manner: FIRST: in or towards satisfaction payment of any amounts as are then accrued due and payable all sums which may be owing to the Lender under this Agreement, the Master Agreement and the Security Documents (or any of them) or are then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) them in such order of application manner as the Lender shall think fit; SECONDLY: at the option of the Lender (i) in retention of an amount equal to any amounts which are not then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are not then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) but which (in the its sole and absolute opinion discretion deem fit, and the surplus (if any) shall be paid to the Borrower as it shall direct to the Lender by tested telex or in writing by an authorised signatory of the Lender) will Borrower named on the Overdraft Account mandate form submitted by the Borrower to the Lender or to whomsoever else may become due and payable in the future and, upon the same becoming due and payable, in or towards satisfaction thereof in accordance with the foregoing provisions of this Clause 16.2 and/or (ii) in or towards prepayment of the Loan in accordance with sub-clauses (d) and (e) of Clause 4.2; andbe entitled thereto.

SECURITY AND APPLICATION. 16.1 The Borrower Borrowers hereby undertakes undertake with the Lender to execute, deliver and perform the provisions of, and procure the execution, delivery and performance by the other parties thereto (other than the Lender) of, the Security Documents and the provisions thereof at the times and in the manner provided in this Agreement and in the Security Documents so that all such documents shall both at the date of such execution and delivery and at all times during the Security Period be valid and binding obligations of the Borrower Borrowers and such other parties enforceable in accordance with their respective terms. 16.2 All moneys Moneys received by the Lender under or pursuant to this Agreement or any of the Security Documents and expressed to be applicable in accordance with the provisions of this Clause 16.2 shall (unless the Lender otherwise requires) be applied by the Lender in the following manner: FIRST: in or towards satisfaction of any amounts as are then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are then due and payable by virtue virtue, of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) in such order of application as the Lender shall think fit; SECONDLY: at the option of the Lender (i) in retention of an amount equal to any amounts which are not then accrued due and payable under this Agreement, the Master Agreement and the Security Documents (or any of them) or are not then due and payable by virtue of payment demanded under this Agreement, the Master Agreement and the Security Documents (or any of them) but which (in the sole and absolute opinion of the Lender) will or may become due and payable in the future and, upon the same becoming due and payable, in or towards satisfaction thereof in accordance with the foregoing provisions of this Clause 16.2 and/or (ii) in or towards prepayment of the Loan in accordance with sub-clauses (d) and (e) of Clause 4.2; andand THIRDLY: the surplus (if any) shall be paid to the Borrowers or to whomsoever else may be entitled thereto.