Common use of The Security Deposit Clause in Contracts

The Security Deposit. 3.1 Security Deposit For the purpose of securing the Secured Liabilities the Depositor hereby irrevocably and unconditionally creates a Security Deposit over each registered share comprising the Deposited Shares. The Deposited Shares shall be blank endorsed. The Security Deposit is made in favour of the Depositee acting on its own behalf and in its capacity as Security Agent acting on behalf of each Finance Party and any transferees or assignees or replacements or successors of the Depositee or any such Finance Party, for the full amount of the Secured Liabilities. 3.2 Joint and several security The Security Deposit established by this Agreement is joint and several. Each Deposited Share serves as Encumbrance for the whole of the Secured Liabilities. The Depositee shall be entitled to select any one or more of the Deposited Shares as the Depositee, in the Depositee's absolute discretion sees fit, against which to enforce the Security Deposit. 3.3 Additional security The rights constituted by this Agreement are in addition to and are not in any way prejudiced or affected by any other Encumbrance, security, guarantee, indemnity or other right whatsoever now or subsequently held by the Depositee and/or any Finance Party for any of the Secured Liabilities. The powers conferred on the Depositee by this Agreement in relation to the Secured Liabilities and the Deposited Shares, shall be in addition to and not in substitution for the rights conferred on Depositee and the Finance Parties by laws and regulations of Hungary or other Applicable Law except in so far as they are expressly excluded in this Agreement and, where there is any ambiguity or conflict between such rights contained in any such laws and regulations of Hungary or other Applicable Law and those conferred by this Agreement, then the terms of this Agreement shall, to the extent permitted by such laws and regulations of Hungary or other Applicable Law, prevail.