Common use of Preservation of Security Clause in Contracts

Preservation of Security. (a) In the event that a Transfer by any of the Finance Parties of its rights and/or obligations under any relevant Finance Documents occurred or was deemed to occur by way of novation, the Borrower explicitly agrees that all security interests and guarantees created under any Finance Documents shall be preserved for the benefit of the New Lender and the Finance Parties, including in respect of Topco, in accordance with the provisions of article 1278 of the Luxembourg Civil Code. (b) Each Party agrees that upon any transfer or assignment under this Clause 24, any Security created under any French law governed Transaction Security Documents shall be preserved and maintained for the benefit of the Security Agent, the New Lender and the remaining Finance Parties pursuant to articles 1334 et seq. of the French Code civil. (c) A New Lender may with respect to a transfer or assignment of rights and obligations or any assignment of rights by an Existing Lender under this Agreement, if it considers it necessary to make such transfer effective as against any third party, arrange for the Transfer Certificate or Assignment Agreement to be notified to the relevant French entity by registered letter with acknowledgment of receipt in accordance with article 1324 of the French Code civil. 125 Project Meria: Senior Facilties Agreement