Continuation of Security Clause Samples
The Continuation of Security clause ensures that any security interests or collateral arrangements established under an agreement remain in effect even after certain events, such as repayment of a portion of the debt or amendments to the contract. In practice, this means that the lender's rights to the collateral are preserved until all obligations are fully satisfied, regardless of changes in the underlying agreement or partial payments. This clause is essential for protecting the secured party's interests, preventing the inadvertent release of security before all obligations are met, and maintaining the enforceability of the security arrangement throughout the life of the agreement.
Continuation of Security. The Company confirms that, on and after the Effective Date:
(a) notwithstanding the amendments made to the Committed Facility Letter pursuant to this deed, the Amended and Restated Pledge Agreement dated 18th December 2014 between the Company and Citibank (the “Pledge Agreement”) and any security granted under it continues in full force and effect; and
Continuation of Security. (a) Each Obligor consents to the assignments and transfers of rights and obligations permitted under and made in accordance with this clause 20. Each Obligor agrees and confirms that its guarantee and indemnity obligations under the Finance Documents and any Transaction Security granted by it in support of its own borrowing obligations or its guarantee or indemnity obligations under the Finance Documents will continue notwithstanding any assignment or transfer under this clause 20 and will extend to cover and support obligations owed to New Lenders and to continuing Finance Parties.
(b) The Borrower (for itself and as agent for the Obligors) will (at its own cost) promptly execute such documents and take such other actions as are necessary to effect or perfect an assignment or a transfer of rights and/or obligations to a New Lender under the Finance Documents. Such action will include:
(i) promptly countersigning Assignment Agreements (although any delay or failure by the Borrower to so countersign an Assignment Agreement will not invalidate its operation); and
(ii) taking such steps as the Agent or the Security Agent may request (including re-execution of Transaction Security Documents) for the purpose of ensuring that the New Lender has (and the other Finance Parties continue to have) the benefit of the same security interests under the Transaction Security Documents as existed immediately before the relevant transfer.
Continuation of Security. The parties agree that, on and after the Effective Date:
(i) The Pledge Agreement dated 14 May 2010, as amended from time to time, most recently on 27 March 2017 between ASL and the Bank and any security granted under it shall continue in full force and effect;
(ii) The Collateral Account Control Agreement dated 19 May 2015 between ASL and Bank shall continue in full force and effect; and that such Pledge Agreement and any security pledged thereunder extend to the Committed Facility Letter, as amended pursuant to this Deed.
Continuation of Security. Notwithstanding any termination, until all Obligations of the Borrowers shall have been fully paid and satisfied, Lender shall retain all security in and title to all Collateral held by Lender under the Loan Documents.
Continuation of Security. The Companies confirm that, on and after the Effective Date:
(a) notwithstanding the amendments made to the Committed Facility Letter pursuant to this deed, the Pledge Agreement dated 07th April 2005, as amended on 15 March 2006, 10 March 2011, 14 November 2014 between Everest Reinsurance (Bermuda) Ltd and Citibank (the “Pledge Agreement”) and any security granted under it continues in full force and effect; and
Continuation of Security. Each Obligor consents to the assignments and transfers of rights and obligations permitted under and made in accordance with this clause 27. Each Obligor agrees and confirms that its guarantee and indemnity Obligations under the Finance Documents and any security granted by it in support of its own borrowing obligations or its guarantee or indemnity obligations under the Finance Documents will continue notwithstanding any transfer under this clause 27 and will extend to cover and support obligations owed to Existing Lenders and to continuing Finance Parties.
Continuation of Security. The Companies confirm that, on and after the Effective Date:
(a) notwithstanding the amendments made to the Committed Facility Letter pursuant to this deed,
(i) the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd. and Bank, as amended by Letter of Amendment dated 22 November 2016, (the “RRL Pledge Agreement”) and any security granted under it continues in full force and effect;
(ii) the Amended and Restated Pledge Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd. and Bank, as amended by Letter of Amendment dated 22 November 2016, (the “DaVinci Pledge Agreement”) and any security granted under it continues in full force and effect;
(iii) the Amended and Restated Pledge Agreement dated 25 November 2014 between RenaissanceRe Specialty U.S. Ltd. and Bank, as amended by Letter of Amendment dated 22 November 2016, (the “RSUS Pledge Agreement”) and any security granted under it continues in full force and effect;
(iv) the Amended and Restated Pledge Agreement dated 25 November 2014 between Renaissance Reinsurance of Europe and Bank, as amended by Letter of Amendment dated 22 November 2016, (the “▇▇▇ Pledge Agreement”) and any security granted under it continues in full force and effect;
(v) the Pledge Agreement dated 31 March 2015 between Renaissance Reinsurance U.S. Inc. (formerly Platinum Underwriters Reinsurance Inc.) and Bank, as amended by Letter of Amendment dated 22 November 2016, (the “RRUS Pledge Agreement”) and any security granted under it continues in full force and effect;
(vi) the Pledge Agreement dated the date hereof between RenaissanceRe Europe AG and Bank (the “RREAG Pledge Agreement”), and any security granted under it continues in full force and effect;
(vii) the RRL Pledge Agreement, ▇▇▇ Pledge Agreement, DaVinci Pledge Agreement, RRUS Pledge Agreement, RSUS Pledge Agreement and RREAG Pledge Agreement, collectively, the “Pledge Agreements”;
(viii) the Amended and Restated Account Control Agreement dated 25 November 2014 between Renaissance Reinsurance Ltd., Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 November 2016, (the “RRL Control Agreement”) and any security granted under it continues in full force and effect;
(ix) the Amended and Restated Account Control Agreement dated 25 November 2014 between DaVinci Reinsurance Ltd., Citibank Europe plc and The Bank of New York Mellon, as amended by Letter of Amendment dated 22 Nov ember...
Continuation of Security. Each Group Company hereby confirms for the benefit of the Finance Parties, for the avoidance of doubt, that:
Continuation of Security. All collateral which secures and all guarantees and other credit enhancements which related to the indebtedness that was evidenced by the Acquisition and Construction Note shall carry forward and shall secure or relate, as the case may be, to the indebtedness evidenced by the Acquisition and Construction Note as modified by this Agreement and the attachment, perfection and priority of all such mortgage liens, assignments and security interests shall not be impaired by the execution and delivery of this Agreement.
Continuation of Security. As long as all or any of the Secured Indebtedness remains outstanding, all Parties hereto acknowledge and agree that the Security and the Parent Guarantee shall remain in full force and effect as security for the payment of the Secured Indebtedness and the Guaranteed Obligations (as defined in the Parent Guarantee), respectively, and shall not be affected in any way by any interim settlement, Conversion or other matter or thing. Each of the Parties hereto acknowledges and agrees that no Conversion or other matter or thing under the Financing Documents is intended to be a discharge, cancellation or novation of the obligations of the Borrower or the Guarantor under the Financing Documents, unless otherwise specified in the Financing Documents.