Common use of Continuing Security Agreement Clause in Contracts

Continuing Security Agreement. (a) This Agreement shall constitute a continuing security agreement, and all representations and warranties, covenants and agreements shall, as applicable, apply to all future as well as existing transactions. Provisions of this Agreement, unless by their terms exclusive, shall be in addition to other agreements between the parties. (b) To the extent that any payments on the Liabilities or proceeds of the Collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver or other party under any bankruptcy law, common law or equitable cause, then to such extent the Liabilities so satisfied shall be revived and continue as if such payment or proceeds had not been received by Secured Party, and Secured Party's security interests, rights, powers and remedies hereunder shall continue in full force and effect. (c) In the event that the Liabilities are structured such that there are times when no Indebtedness is owing thereunder, this Agreement shall remain valid and in full force and effect as to all subsequent Indebtedness included in the Liabilities, provided Secured Party has not in the interim period executed a written release or termination statement or returned possession or reassigned the Collateral to Debtor.