Common use of Effectiveness of Security Clause in Contracts

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. 5.1 12.1 The security constituted created by or pursuant to this Shares Charge shall remain in full force and effect as a continuing security for the Secured Obligations unless and until discharged by the Security Trustee. 12.2 The security created by or pursuant to this Shares Charge and the rights, powers and remedies provided by this Agreement Collateral Rights shall be cumulative, in addition to and independent of every other security which the Issuing Bank Security Trustee or any Secured Creditor may at any time hold for the Secured Obligations or any other obligations or any rights, powers and remedies provided by law. No prior security held by the Security Trustee (whether in its capacity as trustee or otherwise) or any of the Issuing Bank provided other Secured Creditors over the whole or any part of the Charged Portfolio shall merge into the security constituted by law (each such right, power and remedy under this Agreement and at law being a "COLLATERAL RIGHT")Shares Charge. 5.2 This Agreement 12.3 The security created by or pursuant to this Shares Charge and the Collateral Rights shall remain in full force and effect as a continuing arrangement unless and until not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Issuing Bank discharges it. Upon Chargor or any other person, or 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 Security Trustee (whether actual in its capacity as trustee or contingentotherwise) under or any of the Bonding Documents, other Secured Creditors or by any variation of the Issuing Bank shall, on terms of the Company's request, release trust upon which the Company from its obligations under Security Trustee holds the Bonding Documents and release the charge created pursuant to Clause 2.1security or by any other thing which might otherwise prejudice that security or any Collateral Right. 5.3 12.4 No failure on the part of the Issuing Bank Security Trustee to exercise, or any delay on its part in exercising, any Collateral Right shall operate as a waiver thereof, nor shall any single or partial exercise of a any Collateral Right preclude any further or other exercise of that or any other Collateral Right. 5.4 The obligations 12.5 None of the Company Security Trustee, each Delegate, any Attorney or any Receiver shall be liable by reason of (a) taking any action permitted by this Shares Charge or (b) any neglect or default in connection with the Charged Portfolio or (c) taking possession of or realising all or any part of the Charged Portfolio, except in the case of negligence or wilful misconduct upon its part. 12.6 If, at any time, any provision of this Shares Charge is or becomes illegal, invalid or unenforceable in any respect under this Agreement and the Collateral Rights shall not be dischargedlaw of any jurisdiction, impaired or otherwise affected by: 5.4.1 any lack of validity, neither the legality, effectiveness validity or enforceability of (i) the Bonding Documents or any agreement or instrument relating thereto (collectively, remaining provisions of this Shares Charge nor of such provision under 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 laws of any other jurisdiction shall in any way be affected or impaired thereby and, if any part of the obligations of security intended to be created by or pursuant to this Shares Charge is invalid, unenforceable or ineffective for any party under all reason, that shall not affect or impair any other part 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);security.

Effectiveness of Security. 5.1 12.1 The security constituted created by this Assignment and the rights, powers and remedies provided by this Agreement Collateral Rights shall be cumulative, in addition to and independent of every other security which the Issuing Bank Security Trustee may at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No prior security held by the Security Trustee over the whole or any part of the Issuing Bank provided Assigned Property shall merge into the security constituted by law (each such right, power and remedy under this Agreement and at law being a "COLLATERAL RIGHT")Assignment. 5.2 12.2 This Agreement Assignment shall remain in full force and effect as a continuing arrangement security for the Secured Obligations 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 have been discharged in full and (b) none of the Issuing Bank Secured Parties is not under any obligation or liability (whether further actual or contingent) contingent obligation to make advances or provide other financial accommodation to the Assignor under any of the Bonding Documents, Finance Documents (unless discharged earlier by 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 2.1Security Trustee). 5.3 12.3 No failure on the part of the Issuing Bank Security Trustee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver thereofwaiver, nor shall any single or partial exercise of a Collateral Right preclude prevent any further or other exercise of that or any other Collateral Right. 5.4 The obligations 12.4 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the Company under this Agreement and law of any jurisdiction, the Collateral Rights shall not be discharged, impaired or otherwise affected by: 5.4.1 any lack of validity, legality, effectiveness validity or enforceability of (ia) the Bonding Documents remaining provisions of this Assignment and (b) such provision under the law of any other jurisdiction shall not in any way be affected or impaired thereby. 12.5 None of the Security Trustee, its nominee(s) or any agreement receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect or instrument relating thereto (collectively, default in connection with the "RELATED DOCUMENTS") Assigned Property or (iic) any obligation under any Related Document; 5.4.2 any amendment the taking possession or waiver realisation of or any consent to departure from or any release of any of the obligations of any party under all or any part of the Related Documents other than Assigned Property, except in accordance with and to the extent expressly stated in any written amendment, waiver, consent case of gross negligence or release (and subject to the conditions thereof) (and "written" shall include, for the avoidance of doubt, any communication by electronic mail);wilful default upon its part.

Effectiveness of Security. 5.1 4.1 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 Security Trustee may at any time hold for the Secured Obligations or any rights, powers and remedies of the Issuing Bank Security Trustee provided by law (each such right, power and remedy under this Agreement and at law being a "COLLATERAL RIGHT"). 5.2 4.2 This Agreement shall remain in full force and effect as a continuing arrangement unless and until the Issuing Bank Security Trustee discharges it. Upon the maturity of all Deposits pursuant to Clause to sub-clause 3.2.1 and PROVIDED THAT (a) there are no outstanding Secured Obligations and (b) the Issuing Bank no Finance Party is not under any obligation or liability (whether actual or contingent) under the Bonding DocumentsFinance Documents or the Bonds, the Issuing Bank Security Trustee shall, on the CompanyApplicant's request, release the Company Applicant from its obligations under the Bonding Finance Documents and release the charge created pursuant to Clause 2.1. 5.3 4.3 No failure on the part of the Issuing Bank Security Trustee 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 4.4 The obligations of the Company Applicant under this Agreement and the Collateral Rights shall not be discharged, impaired or otherwise affected by: 5.4.1 4.4.1 any lack of validity, legality, effectiveness or enforceability of (ia) the Bonding Finance Documents or the Bonds or any agreement or instrument relating thereto (collectively, the "RELATED DOCUMENTS") or (iib) any obligation under any Related Document; 5.4.2 4.4.2 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. 5.1 6.1 The Pledge shall be a continuing, first-ranking security constituted and shall not be considered as satisfied or discharged or prejudiced by any intermediate payment, satisfaction or settlement of any part of the rights, powers Secured Obligations and remedies provided by this Agreement shall remain in full force and effect until unconditional and irrevocable payment and discharge in full of the Secured Obligations (other than contingent indemnity obligations for which a demand for payment has not been made). 6.2 The Pledge shall be cumulative, in addition to and independent of every other security or security interest which the Issuing Bank Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies of the Issuing Bank provided by law (each such right, power and shall not operate so as in any way to prejudice or affect or be prejudiced or affected by any security interest or other right or remedy under this Agreement and which the Pledgee may now or at law being a "COLLATERAL RIGHT")any time in the future have in respect of the Secured Obligations. 5.2 This Agreement shall remain in full force and effect as a continuing arrangement unless and until 6.3 Neither 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 Pledgor contained in this Agreement nor the rights, powers and remedies conferred upon the Collateral Rights Pledgee by this Agreement or by law, nor the Pledge created hereby 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 any amendment to, or any agreement variation, waiver or instrument relating thereto (collectivelyrelease of, any obligation of the "RELATED DOCUMENTS") Pledgor or any other person under the Finance Documents; or (ii) any obligation failure to take, or fully to take, any security contemplated by the Finance Documents or otherwise agreed to be taken in respect of the Pledgor’s obligations under the Finance Documents, subject to clause 14 hereof; or (iii) any Related Document; 5.4.2 any amendment failure to realize or waiver of to fully realize the value of, or any consent release, discharge, exchange or substitution of, any security taken in respect of the Pledgor’s obligations under the Finance Documents; or (iv) subject to departure from the mandatory provisions of applicable law, any other act, event or any release of omission which, but for this clause 6, might operate to discharge, impair or otherwise affect any of the obligations of any party under all the Pledgor contained in this Agreement and/or the rights, powers and remedies conferred upon the Pledgee by this Agreement, this Pledge or any by law other than unconditional payment in full 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 Secured Obligations. 6.4 For the avoidance of doubt, the Pledgor hereby waives any communication by electronic mail);right it may have of first requiring the Pledgee to proceed against or claim payment from any other person or enforce any guarantee or security before enforcing this Pledge.