Common use of Effectiveness of Security Clause in Contracts

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. (a) This Deposit Security Agreement shall be in addition to and shall be independent of every other security which the bank Bank may at any time hold for any of the Obligations. No prior security held by the bank Bank over the whole or any part of the Assets Charged Portfolio shall merge in the security hereby constituted. (b) This Deposit Security Agreement shall remain in full force and effect as a continuing security unless and until the Bank discharges it. (c) Nothing contained in this Deposit Security 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.