Common use of Security Accounts Clause in Contracts

Security Accounts. (a) Identity of bank or financial institution holding Security Accounts Any Security Account may be changed to any other bank or financial institution at any time with the agreement of the Mortgagor and the Collateral Agent (acting on the instructions of the Required Lenders) but, in each case, such change shall only become effective upon the proposed new bank or financial institution agreeing with the Collateral Agent (acting on the instructions of the Required Lenders) and the Mortgagor, in a manner satisfactory to the Collateral Agent, to hold such Security Account pursuant to the terms of this Deed. (b) Notice to bank or financial institution holding Security Accounts (i) The Mortgagor will forthwith give notice to the bank or financial institution holding any Security Account for the Mortgagor (and forthwith on any change in their identity give notice to the new bank or financial institution holding such Security Account) of this Security Agreement substantially in the form of in Schedule 1 and use all reasonable endeavours to procure that such bank or financial institution or any new bank or financial institution (as the case may be) acknowledges such notice to the Collateral Agent substantially in the form of Schedule 2. (ii) If notices have already been given in relation to a Security Account in accordance with this clause under another Security Interest, they are not required to be given again under this clause. (c) Transfer of balances in Security Accounts The amount (if any) standing to the credit of the Security Accounts shall be transferred to the corresponding Security Accounts maintained with any new bank or financial institution appointed pursuant to paragraph (a) (Identity of bank or financial institution holding Security Accounts) promptly upon such appointment taking effect. The Mortgagor irrevocably gives all authorisations and instructions necessary for any such transfer to be made.