Common use of Saving Provisions Clause in Contracts

Saving Provisions. (1) Continuing IM-Security Interest (a) Subject to Clauses 4(2) (Release of IM-Security Interest in certain circumstances), 5 (Distributions and rights) and 11 (Release), the IM-Security Interest is a continuing IM-Security Interest and will extend to the ultimate balance of the Secured Liabilities, regardless of any intermediate payment or discharge in whole or in part. It shall, subject to Clause 11 (Release), in particular not be discharged by reason of the circumstance that there is at any time no Secured Liability arising. (b) The IM-Security Interest will not be discharged by the entry of any Secured Liability into any current account, in which case the IM- Security Interest shall secure any provisional or final balance of such current account up to the amount of the Secured Liabilities designated as being subject to the current account relationship. (c) All rights of the IM-Security Receiver under this Agreement will remain in full force and effect notwithstanding any characterisation of any operation under the Master Agreement (including without limitation close-out netting) as a novation (novation/schuldvernieuwing) of the Secured Liabilities.