Common use of Continuing Security Agreement Clause in Contracts

Continuing Security Agreement. (a) Except as may be expressly applicable pursuant to Section 9-505 of the Louisiana UCC, no action taken or omission to act by the Collateral Agent hereunder 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 the Collateral Agent 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. (b) To the extent that any payments on the Obligations or proceeds of the Collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid to a Collateral Agent, debtor in possession, receiver, or other Person under any bankruptcy law, common law, or equitable cause, then to such extent the Obligations so satisfied shall be revived and continue as if such payment or proceeds had not been received by the Collateral Agent and the Collateral Agent's security interests, rights, powers, and remedies hereunder shall continue in full force and effect.

Continuing Security Agreement. (a) Except as may be expressly applicable pursuant to Section 9-505 of the Louisiana New York UCC, no action taken or omission to act by the Collateral Agent hereunder 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 the Collateral Agent 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. (b) To the extent that any payments on the Obligations or proceeds of the Collateral are subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid to a Collateral Agenttrustee, debtor in possession, receiver, or other Person under any bankruptcy law, common law, or equitable cause, then to such extent the Obligations so satisfied shall be revived and continue as if such payment or proceeds had not been received by the Collateral Agent and the Collateral Agent's security interests, rights, powers, and remedies hereunder shall continue in full force and effect.