Common use of Secured Liabilities Clause in Contracts

Secured Liabilities. 3.1 The security created pursuant to Clause 2.1 shall stand as continuing security for the payment to the Agent and the discharge when due of the following:- (i) all indebtedness and monies and all liabilities whatsoever, in whatever currency denominated, whether actual or contingent, present or future, of the Borrower to the Banks, or any of them, under the Credit Agreement in connection with: (x) the Tranche B Term Loans; and (y) its obligations to indemnify the Tranche B Lenders in respect of their obligations and liabilities to reimburse the Issuing Bank in respect of payments made and/or obligations and liabilities incurred by the Issuing Bank pursuant to or in connection with the Loan Notes Guaranty; (ii) all reasonable costs (including legal costs), charges and expenses properly incurred by the Banks, or any of them, in connection with the enforcement, defence or protection of the security constituted by this Deed or the pursuit of any rights herein contained or under or in connection with the amounts referred to in sub-clause 3.1(i) above, this Deed and/or the Charged Property in each case on a full indemnity basis; and (iii) interest on and in respect of any amounts due under the foregoing subclauses 3.1(i) and (ii) from day to day until full discharge (whether before or after judgment, liquidation, winding-up or administration (or the equivalent of any of the same) of the Chargor or the Borrower at such rate or rates as may from time to time be payable or deemed to be payable by the Borrower and compounded (whether before or after demand or judgment) in accordance with Section 2.8(b) of the -3- Credit Agreement or, if appropriate, in the case of any sum payable under sub-clause 3.1 (ii) above, at the rate of two per cent per annum over the Sterling Base Rate as defined in the Credit Agreement.