ADDITIONAL AND CONTINUING SECURITY Sample Clauses
The 'Additional and Continuing Security' clause establishes that the security interests or collateral provided under an agreement are not only for the initial obligations but also extend to any future or additional obligations that may arise. In practice, this means that if the borrower incurs further debts or liabilities to the lender, the same security will cover those new obligations without the need for new agreements or documentation. This clause ensures that the lender maintains ongoing protection for all present and future amounts owed, thereby reducing administrative burden and safeguarding against gaps in security coverage.
ADDITIONAL AND CONTINUING SECURITY. The Security Interest contemplated by this Assignment Agreement shall be in addition to any other Security Interest granted in accordance with the Agreement and/or any Swap Agreement, and shall be a continuing security in full force and effect as long as any obligations are outstanding under the Agreement or any Swap Agreement (as the case may be).
ADDITIONAL AND CONTINUING SECURITY. 6.1 The security contemplated by this Assignment Agreement shall be in addition to any other security granted in accordance with the Loan Agreement, and shall be a continuing security in full force and effect as long as any obligations are outstanding under the Loan Agreement.
ADDITIONAL AND CONTINUING SECURITY. The security contemplated by this Deed shall be in addition to any other security granted in accordance with the Agreement, and shall be a continuing security in full force and effect as long as any obligations are outstanding thereunder.
ADDITIONAL AND CONTINUING SECURITY. The Security Interest contemplated by this Guarantee shall be in addition to any other Security Interest granted in accordance with the Agreement and shall be a continuing security in full force and effect as long as any obligations are outstanding under the Agreement. The Borrower’s obligations under the Agreement is secured by the following securities:
a) the Mortgage;
b) the Factoring Agreement;
c) the General Pledge;
d) the Co-ordination Agreement;
e) the Assignment of Insurances;
f) the Assignment of Charterparties and Earnings;
g) the Guarantees; and
ADDITIONAL AND CONTINUING SECURITY. (a) The security interest contemplated by this Assignment Agreement shall be in addition to any other security interest granted in accordance with the Loan Documents, and, except as provided in Section 10.19 of the Credit Agreement, shall be a continuing security in full force and effect as long as any obligations are outstanding under the Loan Documents.
(b) No Secured Party shall be obliged before taking steps to enforce the security interest provided by this Assignment Agreement:
(i) to obtain judgement against any Loan Party or any third party in any court or other tribunal;
(ii) to make or file any claim in a bankruptcy or liquidation of any Loan Party or any third party; or
(iii) to take any action whatsoever against any Loan Party or any third party under the Loan Documents, except giving notice of any payment due hereunder, and the Assignor hereby waives all such formalities or rights to which it would otherwise be entitled or which the Secured Parties would otherwise first be required to satisfy or fulfil before proceeding or making any demand against the Assignor hereunder, except as required hereunder or by law.
(c) Any release, discharge or settlement between the Assignor and the Secured Parties (or any of them) in relation to this Assignment Agreement shall be conditional upon no payment made by any Borrower to the Secured Parties hereunder or thereunder being void, set aside or ordered to be refunded pursuant to any enactment or law relating to breach of duty by any person, bankruptcy, liquidation, administration, protection from creditors generally or insolvency or for any other reason whatsoever. If any payment is void or at any time so set aside or ordered to be refunded, the Secured Parties shall be entitled subsequently to enforce the security interest created hereunder as if such release, discharge or settlement had not occurred and any such payment had not been made.
ADDITIONAL AND CONTINUING SECURITY. 17.1 This security shall be in addition to and shall not prejudice, or be prejudiced by, any other security, right, remedy or lien which the Bank may now, or at any time hereafter, have or hold for all or any of the Secured Obligations.
17.2 This security shall be a continuing security to the Bank for all debts and liabilities owing by, and obligations from time to time of, the Company to the Bank and shall not be considered as satisfied or discharged by any intermediate payment or satisfaction of the whole or any part of the debts or liabilities or obligations hereby secured.
ADDITIONAL AND CONTINUING SECURITY. The security right created by this agreement is in addition to (and not in substitution for) any other security held by the Creditor and is a continuing security that will subsist notwithstanding the payment from time to time, in whole or in part, of any of the Obligations.
ADDITIONAL AND CONTINUING SECURITY. The security contemplated by this Security Agreement shall be in addition to any other security granted in accordance with the Facility Agreement, and shall be a continuing security in full force and effect as long as any obligations are outstanding under the Finance Documents. 3 Applicable only to Obligors incorporated in Norway
ADDITIONAL AND CONTINUING SECURITY. The Security Interest contemplated by this Insurance Assignment shall be in addition to any other Security Interest granted in accordance with the Agreement, and shall be a continuing security in full force and effect as long as any obligations are outstanding under the Finance Documents.