Common use of Protective Clauses Clause in Contracts

Protective Clauses. 18.1 Waiver of defences The obligations of Chargor under this Deed will not be affected by an act, omission, matter or thing which, but for this section, would reduce, release or prejudice any of such obligations or security, including (whether or not known to him or the Chargee): (a) any time, waiver or consent granted to, or composition with, the Chargor or other person; (b) the release of the Chargor or any other person under the terms of any composition or arrangement with any creditor of the Chargor; (c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over property of, the Chargor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) any incapacity or lack of power, authority or legal personality of the Chargor or any other person; (e) any amalgamation, merger or reconstruction of the Chargee with any other person or any sale or transfer of the whole or any part of the assets of the Chargee to any other person; (f) the existence of any claim, set-off or other rights which the Chargor may have at any time against the Chargee, whether in connection with the Note or otherwise; (g) any novation, amendment (however fundamental) or replacement of the Note Documents or any other document or security; (h) any obligation of any person under the Note Document or any other document or security being void, voidable, invalid, unenforceable or otherwise irrecoverable; or (i) any insolvency or similar proceedings.

Protective Clauses. 18.1 Waiver of defences The obligations of Chargor under this Deed will not be affected by an act, omission, matter or thing which, but for this section, would reduce, release or prejudice any of such obligations or security, including (whether or not known to him it or the Chargee): (a) any time, waiver or consent granted to, or composition with, the Chargor or other person; (b) the release of the Chargor or any other person under the terms of any composition or arrangement with any creditor of the Chargor; (c) the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over property of, the Chargor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; (d) any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the Chargor or any other person; (e) any amalgamation, merger or reconstruction of the Chargee with any other person or any sale or transfer of the whole or any part of the assets of the Chargee to any other person; (f) the existence of any claim, set-off or other rights which the Chargor may have at any time against the Chargee, whether in connection with the Note or otherwise; (g) any novation, amendment (however fundamental) or replacement of the Note Documents or any other document or security; (h) any obligation of any person under the Note Document or any other document or security being void, voidable, invalid, unenforceable or otherwise irrecoverable; or (i) any insolvency or similar proceedings.