Common use of Security for Hedging Clause in Contracts

Security for Hedging. Agreements For the avoidance of doubt, the Security Interest created by the Security Documents shall also secure the Borrower's obligations under the Hedging Agreements on a pro rata basis, but subject to a subordinated distribution of proceeds in accordance with Clause 29.5 (Partial payments). The Borrower shall ensure that the Mortgage be amended to cover any and all Hedging Agreements entered into subsequent to the date of the Mortgage, on terms acceptable to the Security Agent and without undue delay from entry into of any such Hedging Agreement, in order to secure that any liability of the Borrower under any and all Hedging Agreements are secured under the Mortgage.

Security for Hedging. Agreements For the avoidance of doubt, the Security Interest created by the Security Documents shall also secure the Borrower's Borrowers' obligations under the Hedging Agreements on a pro rata basis, but subject to a subordinated distribution of proceeds in accordance with Clause 29.5 (Partial payments). The Hedge Providers shall not take any action to enforce any of its rights under any of the Security Documents in respect of the Hedging Agreements unless and until all monies outstanding to the other Finance Parties have been fully and irrevocably repaid. Each Borrower shall ensure that the Mortgage be amended to cover any and all Hedging Agreements entered into subsequent to the date of the Mortgage, on terms acceptable to the Security Agent and without undue delay from entry into of any such Hedging Agreement, in order to secure that any liability of the Borrower Borrowers under any and all Hedging Agreements are secured under the Mortgage.