Common use of Undertakings of the Client Clause in Contracts

Undertakings of the Client. 10.1 The Client undertakes that it will not, during the subsistence of the Security Agreement, give an instruction to the Custodian which causes the Custodian to create, grant or permit to exist any Encumbrance over the Charged Accounts other than the Encumbrances created by the Charge over Custody Accounts. 10.2 The Client undertakes that it will ensure that any amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement) are promptly paid to the Custodian, within the 40 days allowed by the said clause 16, otherwise than by application or debiting of the Charged Accounts or any cash or asset held therein or any credit balance thereon. 10.3 For the purposes of payment of amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement), including amounts owing by it in respect of the custody of the Charged Accounts, the Client shall procure that there shall be held by the Custodian one or more accounts, other than the Charged Accounts which the Custodian shall be entitled to apply or debit in payment of such amounts that are not paid within the 40 days allowed by the said clause 16, and the Client shall procure that such account or accounts are at all times kept funded in excess of such amounts.

Undertakings of the Client. 10.1 The Client undertakes that it will not, during the subsistence of the Security Agreement, give an instruction to the Custodian which causes the Custodian to create, grant or permit to exist any Encumbrance over the Charged Accounts other than the Encumbrances created by the Charge over Custody AccountsAccounts Agreement. 10.2 The Client undertakes that it will ensure that any amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement) are promptly paid to the Custodian, within the 40 days allowed by the said clause 16, otherwise than by application or debiting of the Charged Accounts or any cash or asset held therein or any credit balance thereon. 10.3 For the purposes of payment of amounts owing by it under clause 16 (Remuneration) of the Custody Agreement (other than amounts outstanding on settlement), including amounts owing by it in respect of the custody of the Charged Accounts, the Client shall procure that there shall be held by the Custodian one or more accounts, other than the Charged Accounts which the Custodian shall be entitled to apply or debit in payment of such amounts that are not paid within the 40 days allowed by the said clause 16, and the Client shall procure that such account or accounts are at all times kept funded in excess of such amounts.