Effectiveness of Security Clause Samples

Effectiveness of Security. 5.1 The security constituted and the rights, powers and remedies provided by this Agreement shall be cumulative, in addition to and independent of every other security which the Issuing Bank may at any time hold for the Secured Obligations or any rights, powers and remedies of the Issuing Bank provided by law (each such right, power and remedy under this Agreement and at law being a "COLLATERAL RIGHT"). 5.2 This Agreement shall remain in full force and effect as a continuing arrangement unless and until the Issuing Bank discharges it. Upon the maturity of all Deposits pursuant to Clause 3.2.1 and PROVIDED THAT (a) there are no outstanding Secured Obligations and (b) the Issuing Bank is not under any obligation or liability (whether actual or contingent) under the Bonding Documents, the Issuing Bank shall, on the Company's request, release the Company from its obligations under the Bonding Documents and release the charge created pursuant to Clause 2.1. 5.3 No failure on the part of the Issuing Bank to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver thereof, nor shall any single or partial exercise of a Collateral Right preclude any further or other exercise of that or any other Collateral Right. 5.4 The obligations of the Company under this Agreement and the Collateral Rights shall not be discharged, impaired or otherwise affected by: 5.4.1 any lack of validity, legality, effectiveness or enforceability of (i) the Bonding Documents or any agreement or instrument relating thereto (collectively, the "RELATED DOCUMENTS") or (ii) any obligation under any Related Document; 5.4.2 any amendment or waiver of or any consent to departure from or any release of any of the obligations of any party under all or any of the Related Documents other than in accordance with and to the extent expressly stated in any written amendment, waiver, consent or release (and subject to the conditions thereof) (and "written" shall include, for the avoidance of doubt, any communication by electronic mail);

Effectiveness of Security. The obligations of the Guarantor contained in this Guarantee shall be in addition to and independent of any other security or collateral which the Department may now or at any time in the future hold or take (whether from the Contractor, the Guarantor or any other person) for or in respect of the Liabilities or any of them or any other obligations whatsoever and:- shall not operate so as in any way to prejudice, determine, affect or merge in or with any such other security or collateral; and shall not be prejudiced, determined or affected by any such other security or collateral or by any release, reassignment or discharge thereof. The Guarantor confirms that it is not relying on or expecting the Department to obtain and/or enforce any such security or collateral. Any waiver, consent or approval given by the Department in relation to this Guarantee shall only be effective if given in writing and then only for the purpose and upon any terms and conditions on which it is given. The Department may choose when, where, how and how often to exercise each of its rights, powers and remedies as provided by this Guarantee or by law. No failure on the part of the Department to exercise, or any delay on its part in exercising, any such right, power or remedy shall impair the same or operate or be construed as a waiver thereof, nor shall any single, partial or defective exercise of any such right, power or remedy preclude any further or other exercise thereof or the exercise of any other such right, power or remedy. The rights and remedies provided in this Guarantee are cumulative and not exclusive of any rights or remedies provided by law. Without prejudice to the generality of Clause 5.3 above, the Department may make demands under any provision of this Guarantee at any time and from time to time and the making of any demand shall not prevent the making of further demands. If, at any time, any provision of this Guarantee is or becomes illegal, invalid or unenforceable in any respect (or any of the security or collateral intended to be created by or pursuant to this Guarantee is ineffective) under any law of any jurisdiction, such illegality, invalidity, unenforceability or ineffectiveness shall not affect or impair: the legality, validity or enforceability of the remaining provisions or the effectiveness of any of the remaining security or collateral under such law; or the legality, validity or enforceability of such provision or the effectiveness of such security or...

Effectiveness of Security. 10.1 This Charge Agreement shall be in addition to and shall be independent of every other security which you may at any time hold for any of the Obligations. No prior security held by you over the whole or any part of the Charged Portfolio shall merge in the security hereby constituted. 10.2 Nothing contained in this Charge Agreement is intended to, or shall operate so as to, prejudice or affect any ▇▇▇▇, note, guarantee, mortgage, pledge, charge or other security of any kind whatsoever which you may have for the Obligations or any of them or any right, remedy or privilege of yours thereunder.

Effectiveness of Security. Any Security Document entered into by any member of the Group is not or ceases to be effective or is alleged by any such person to be ineffective for any reason.

Effectiveness of Security. 6.1 The security created by or pursuant to this Security Agreement is a continuing security and will extend to the ultimate balance of the Relevant Liabilities notwithstanding your death, bankruptcy, liquidation, winding-up, dissolution, incapacity, or (if you are a limited company or partnership any change in constitution or partners), or our receipt of notice of any such occurrence, any intermediate payment or discharge in whole or in part, or any settlement of account or other matter whatsoever. 6.2 This Security Agreement shall continue notwithstanding any settlement of account or other matter whatsoever and is in addition to and shall not merge with or otherwise prejudice or affect any contractual or other right or remedy, and may be enforced notwithstanding the security created by any deposit of documents or any guarantee, indemnity, assurance, lien, pledge, ▇▇▇▇, note, mortgage, charge, debenture, or other security, right, power or remedy (whether created by the deposit of documents or otherwise) now or hereafter held by or available to us or any of our rights, powers or remedies in respect of the same, and shall not be in any way prejudiced or affected thereby or by the invalidity thereof or by us now or hereafter dealing with, exchanging, releasing, varying or sustaining from perfecting or enforcing any of the same or any rights which we may be now or hereafter dealing with, exchanging, releasing, varying or abstaining from perfecting or enforcing any of the same or any rights which we may now or hereafter have or giving time for payment or indulgence or compounding with any other person liable and nothing herein shall restrict the operation of any general lien, statutory right of set-off or other rights, powers or remedies whatsoever which we may have, whether by law or equity (whether under legislation or otherwise). 6.3 The security constituted by or pursuant to this Security Agreement shall not be determined, affected or prejudiced by the death, bankruptcy or insanity of you or of any one or more of the persons constituting yourself or by any change in the constitution of any partnership or other change affecting the persons constituting yourself or (where you are a company or corporation), by any amalgamation, reorganisation, reconstruction or merger involving such company or corporation. 6.4 No failure or delay by us in exercising any right, power, privilege, or remedy shall operate as a waiver thereof nor shall any single or any partial exe...

Effectiveness of Security. 11.1 This Charge Agreement shall be in addition to and shall be independent of every other security which you may at any time hold for any of the Obligations. No prior security held by you over the whole or any part of the Charged Portfolio shall merge in the security hereby constituted. 11.2 This Charge Agreement shall remain in full force and effect as a continuing security unless and until you discharge it. 11.3 Nothing contained in this Charge Agreement is intended to, or shall operate so as to, prejudice or affect any ▇▇▇▇, note, guarantee, mortgage, pledge, charge or other security of any kind whatsoever which you may have for the Obligations or any of them or any right, remedy or privilege of yours thereunder.

Effectiveness of Security. (a) Clauses limiting the liability of a beneficiary of a security interest in respect of an improper enforcement of security may not be enforceable. (b) The enforcement of any security interest (including any guarantee) in the Transaction Documents in an abusive manner may trigger the liability of the person enforcing the security interest or may allow the provider of the security interest to successfully challenge such abusive enforcement. (c) The Luxembourg Pledge Agreement provides that the pledge may be enforced by selling the pledged assets in a private transaction at normal commercial terms (conditions commerciales normales) for a cash or non-cash consideration. The Financial Collateral Law contains no provision on the type of consideration which should be obtained for the pledged assets nor on the moment of payment. Legal writing supports the view that the pledged assets could be sold for a non-cash consideration (to the extent that the purchase price is however expressed in monetary terms) and with the consideration to be paid on a deferred basis, but it cannot be excluded that a judge may find otherwise in which case the discharge of the Secured Obligations would arguably need to take place at the moment of the sale rather than at the moment of the receipt of the consideration and require a valuation of the non- cash consideration. (d) Only the managers of the Luxembourg Obligor and any person(s) to whom they have delegated such power are entitled as a matter of law to file documents with the RCS. The Luxembourg Share Pledge Agreement provides for such delegation, failing which the Collateral Agent would not be entitled to file any documents (such as the resolution revoking the managers and appointing new ones) with the RCS. There remains however an uncertainty whether the RCS will accept such a delegation. (e) Pursuant to the Luxembourg law dated 23 December 1998 on the monetary statute and the Banque Centrale du Luxembourg, the claims of the Banque Centrale du Luxembourg, of the European Central Bank and of any other national central bank which is part of the European System of Central Banks, arising from operations in the framework of common monetary and exchange policies, have a preferred rank by operation of law on all assets held by their debtor, either with the Banque Centrale du Luxembourg, or with a securities clearing system or any other counterparty in Luxembourg. Such claims have the same rank as the preferred claims of a secured party...

Effectiveness of Security. (a) This Deposit Agreement shall be in addition to and shall be independent of every other security which the bank may at any time hold for any of the Obligations. No prior security held by the bank over the whole or any part of the Assets shall merge in the security hereby constituted. (b) This Deposit Agreement shall remain in full force and effect as a continuing security unless and until the Bank discharges it. (c) Nothing in this Deposit Agreement is intended to, or shall operate so as to, prejudice or affect any ▇▇▇▇, note, guarantee, mortgage, pledge, charge or other security of any kind whatsoever which the Bank may have for the Obligations or any of them or any right, remedy or privilege of the Bank’s thereunder.

Effectiveness of Security. The Pledge shall be a first ranking continuing security and shall not be considered as satisfied or discharged or prejudiced by any intermediate payment or by the settlement of any part of the Secured Obligations and shall remain in full force and effect until it has been released in accordance with the terms of this Agreement.