Continuing Security Etc Clause Samples
Continuing Security Etc. Each of the Sponsors declares and agrees that:
(i) this Deed of Guarantee and Undertaking shall be held by the Security Agent as a continuing security and shall not be satisfied by any intermediate payment or satisfaction of any part of the moneys and liabilities hereby agreed to be paid or performed and shall remain in full force and effect until the moneys and liabilities hereby agreed to be paid or performed have been unconditionally and irrevocably paid and discharged in full to the satisfaction of the Security Agent;
(ii) it has not received any security from the Borrower or from any other persons for the giving of this Deed of Guarantee and Undertaking and it will not take any such security without the prior written consent of the Security Agent, and the Sponsors will hold any security taken in breach of this provision in trust for the Security Agent;
(iii) the Security Agent shall not be bound to enforce any guarantee or security or proceed or take any other steps against the Borrower or any other person before enforcing this Deed of Guarantee and Undertaking; and
(iv) this Deed of Guarantee and Undertaking shall be in addition to, and not in substitution for, any other rights which the Secured Parties may now or hereafter have under or by virtue of any guarantee, security, encumbrance or agreement or any lien or by operation of law or under any collateral or other security now or hereafter held by the Security Agent or to which the Security Agent may be entitled.
Continuing Security Etc. (a) This Agreement and the Collateral in which the Collateral Agent for the benefit of the Secured Parties is granted a security interest hereunder by each Grantor, secures the prompt and complete payment in full and performance of all Secured Obligations of such Grantor, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code) and any successor provision thereof, or any comparable provision of any other applicable law.
(b) Notwithstanding anything contained herein to the contrary, it is the intention of each Grantor, the Collateral Agent and the other Secured Parties that the amount of the Secured Obligations secured by each Grantor’s interests in any Collateral shall not exceed the maximum amount permitted by fraudulent conveyance, fraudulent transfer and other similar law, rule or regulation of any Governmental Authority applicable to such Grantor (to the extent that such amount otherwise constitutes Secured Obligations). Accordingly, notwithstanding anything to the contrary contained in this Security Agreement or in any other agreement or instrument executed in connection with the payment of any of the Secured Obligations, the amount of the Secured Obligations secured by each Grantor’s interests in any of its Collateral pursuant to this Agreement shall be limited to an aggregate amount equal to the largest amount that would not render such Grantor’s obligations hereunder or the Liens and security interest granted to the Collateral Agent hereunder subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provision of any other applicable law.
Continuing Security Etc. The security created by this letter of hypothecation and pledge shall apply to all current and future transactions (nothwithstanding that any current transaction may have been entered into prior to the date hereof) and shall remain in force notwithstanding the liquidation, incapacity or any change in our constitution or any intermediate settlement of account or other matter whatsoever until the expiration of one month after receipt by you of notice to determine the same PROVIDED ALWAYS that such notice shall not have effect to terminate the security created by this letter of hypothecation in respect of amounts owing to you as at the date of receipt of such notice or in respect of obligations or liabilities present or future, actual or contingent occurred by us with you or arising out of any transaction effected prior to receipt of such notice and is in addition to and shall not merge with or otherwise prejudice or effect any guarantee, lien, ▇▇▇▇, ▇▇te, mortgage or other security right or remedy now or hereafter held by or available to you and neither this letter of hypothecation and pledge to your lien as bankers nor your rights or remedies on any bill ▇▇ otherwise shall be in any way prejudiced or affected thereby or by the invalidity thereof by you now or hereafter dealing with exchanging, releasing, modifying or abstaining from perfecting or enforcing any of the same or any rights or remedies which you may now or hereafter have no giving time for performance or indulgence or compounding with any other person liable.
Continuing Security Etc. 11.1 Continuing security and further advances The security constituted by this Security Agreement shall be continuing, is made for securing further advances and will extend to the ultimate balance of the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part.
Continuing Security Etc