Common use of Continuing Security Interest; Transfer of Interest Clause in Contracts

Continuing Security Interest; Transfer of Interest. This Security Agreement shall create a continuing security interest in the Collateral and, unless expressly released by the Administrative Agent, shall (a) remain in full force and effect until the indefeasible payment in full in cash of the Secured Obligations, the termination or expiration of all Commitments, and the termination of the Credit Agreement in writing, (b) be binding upon each Grantor and its successors, tranferees and assigns, and (c) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of and be binding upon, the Administrative Agent, the Lenders and their respective successors, transferees, and assigns. Without limiting the generality of the foregoing clause, when any Lender assigns or otherwise transfers any interest held by it under the Credit Agreement or other Loan Document to any other Person pursuant to the terms of the Credit Agreement or such other Loan Document, that other Person shall thereupon become vested with all the benefits held by such Lender under this Security Agreement.

Continuing Security Interest; Transfer of Interest. (a) This Security Pledge Agreement shall create a continuing security interest in the Pledged Collateral and, unless expressly released by the Administrative Agent, shall (ai) remain in full force and effect until the indefeasible payment in full in cash of of, and termination of, the Secured Obligations, the termination or expiration of all Commitments, Obligations and the termination of the Commitments under the Credit Agreement in writingAgreement, (bii) be binding upon each Grantor the Pledgors, the Administrative Agent, the Lenders and its their successors, tranferees and assigns, and (ciii) inure, together with the rights and remedies of the Administrative Agent hereunder, to the benefit of and be binding upon, the Administrative Agent, and the Lenders and their respective successors, transferees, and assigns. Without limiting the generality of the foregoing clause, when any Lender Secured Party assigns or otherwise transfers any interest held by it under either the Credit Agreement or other Loan Document to any other Person pursuant to the terms of the Credit Agreement or such other Loan Document, that other Person shall thereupon become vested with all the benefits held by such Lender Secured Party under this Security Pledge Agreement.