Common use of Continuing Security Agreement Clause in Contracts

Continuing Security Agreement. (a) No action taken or omission to act by Secured Party hereunder, including, without limitation, any action taken or inaction pursuant to Article VI, shall be deemed to constitute a retention of the Collateral in satisfaction of the Obligations or otherwise to be in full satisfaction of the Obligations, and the Obligations shall remain in full force and effect until Secured Party shall have applied payments (including, without limitation, collections from Collateral) towards the Obligations in the full amount then outstanding or until such subsequent time as is hereinafter provided in subsection (b) below.

Continuing Security Agreement. (a) A. No action taken or omission to act by Secured Party hereunder, including, without limitation, any action taken or inaction pursuant to Article VISection 7.02 hereof, shall be deemed to constitute a retention of the Collateral in satisfaction of the Obligations or otherwise to be in full satisfaction of the Obligations, and the Obligations shall remain in full force and effect effect, until Secured Party shall have applied payments (including, without limitation, collections from Collateral) towards the Obligations in the full amount then outstanding or until such subsequent time as is hereinafter provided in subsection (b) below.