Common use of Effectiveness of Security Clause in Contracts

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal and the Assignor shall not assign or dispose of or create, grant or permit to exist any security interest over this Assignment. 12.2 The security created by this Assignment and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the 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 Trustee over the whole or any part of the Assigned Property shall merge into the security constituted by this Assignment. 12.3 This Assignment shall remain in full force and effect as a continuing security for the Secured Obligations unless and until the Trustee discharges it. 12.4 Upon the Secured Obligations being discharged in full and the Trustee and the Secured Parties having no further actual or contingent obligations under the Finance Documents to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the Trustee. 12.5 No failure on the part of the Trustee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver, nor shall any single or partial exercise of a Collateral Right prevent any further or other exercise of that or any other Collateral Right. 12.6 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity or enforceability of (a) the 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. 12.7 None of the Trustee, or any delegate, agent, attorney or co-trustee appointed by the Trustee, or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect or default in connection with the Assigned Property or (c) the taking possession or realisation of all or any part of the Assigned Property, except in the case of gross negligence or wilful default upon its part.

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal and the Assignor shall not assign or dispose of or create, grant or permit to exist any security interest over this Assignment. 12.2 The security created by this Assignment and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the Trustee Assignee may at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No prior security held by the Trustee Assignee over the whole or any part of the Assigned Property shall merge into the security constituted by this Assignment. 12.3 12.2 This Assignment shall remain in full force and effect as a continuing security for the Secured Obligations unless and until the Trustee Assignee discharges it. 12.4 Upon the Secured Obligations being discharged in full and the Trustee and the Secured Parties having no further actual or contingent obligations under the Finance Documents to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the Trustee. 12.5 12.3 No failure on the part of the Trustee Assignee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver, nor shall any single or partial exercise of a Collateral Right prevent any further or other exercise of that or any other Collateral Right. 12.6 12.4 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity or enforceability of (a) the remaining provisions of this Assignment Assignment; and (b) such provision under the law of any other jurisdiction shall not in any way be affected or impaired thereby. 12.7 12.5 None of the TrusteeAssignee, or any delegate, agent, attorney or co-trustee appointed by the Trustee, its nominee(s) or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, ; (b) any neglect or default in connection with the Assigned Property Property; or (c) the taking possession or realisation of all or any part of the Assigned Property, except in the case of gross negligence or wilful default upon its part.

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal 5.1 The security constituted and the Assignor shall not assign or dispose of or createrights, grant or permit to exist any security interest over this Assignment. 12.2 The security created powers and remedies provided by this Assignment and the Collateral Rights Agreement shall be cumulative, in addition to and independent of every other security which the Trustee Issuing Bank may at any time hold for the Secured Obligations or any rights, powers and remedies of the Issuing Bank provided by law. No prior security held by the Trustee over the whole or any part of the Assigned Property shall merge into the security constituted by law (each such right, power and remedy under this AssignmentAgreement and at law being a "COLLATERAL RIGHT"). 12.3 5.2 This Assignment Agreement shall remain in full force and effect as a continuing security for the Secured Obligations arrangement unless and until the Trustee Issuing Bank discharges it. 12.4 . Upon the maturity of all Deposits pursuant to Clause 3.2.1 and PROVIDED THAT (a) there are no outstanding Secured Obligations being discharged in full and (b) the Trustee and the Secured Parties having no further Issuing Bank is not under any obligation or liability (whether actual or contingent contingent) under the Bonding Documents, the Issuing Bank shall, on the Company's request, release the Company from its obligations under the Finance Bonding Documents and release the charge created pursuant to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the TrusteeClause 2.1. 12.5 5.3 No failure on the part of the Trustee Issuing Bank to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiverwaiver thereof, nor shall any single or partial exercise of a Collateral Right prevent preclude any further or other exercise of that or any other Collateral Right. 12.6 If5.4 The obligations of the Company under this Agreement and the Collateral Rights shall not be discharged, at impaired or otherwise affected by: 5.4.1 any timelack of validity, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity effectiveness or enforceability of (ai) the remaining provisions 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 this Assignment and (b) such provision under the law or any consent to departure from or any release of any other jurisdiction shall not in any way be affected or impaired thereby. 12.7 None of the Trustee, or obligations of any delegate, agent, attorney or co-trustee appointed by the Trustee, or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect or default in connection with the Assigned Property or (c) the taking possession or realisation of party under all or any part of the Assigned PropertyRelated Documents other than in accordance with and to the extent expressly stated in any written amendment, except in waiver, consent or release (and subject to the case conditions thereof) (and "written" shall include, for the avoidance of gross negligence or wilful default upon its part.doubt, any communication by electronic mail);

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal and the Assignor shall not assign or dispose of or create, grant or permit to exist any security interest over this Assignment. 12.2 11.1 The security created by or pursuant to this Assignment Deed and the Collateral Rights Security Rights: (a) shall be cumulative, in addition to and independent of every other security which the Trustee Chargee may at any time hold for the Secured Obligations or any rights, powers and remedies provided by law. No law (and no prior security held by the Trustee Chargee over the whole or any part of the Assigned Charged Property shall merge into the security constituted created by or pursuant to this AssignmentDeed); and (b) shall not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Chargor or any other person or by any other thing which might otherwise prejudice that security or any Security Right. 12.3 This Assignment shall remain in full force and effect as a continuing security for the Secured Obligations unless and until the Trustee discharges it. 12.4 Upon the Secured Obligations being discharged in full and the Trustee and the Secured Parties having no further actual or contingent obligations under the Finance Documents to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the Trustee. 12.5 11.2 No failure on the part of the Trustee Chargee to exercise, or delay on its part in exercising, any Collateral Security Right shall operate as a waiverwaiver thereof, nor shall any single or partial exercise of a Collateral Security Right prevent preclude any further or other exercise of that or any other Collateral Security Right. 12.6 11.3 If, at any time, any provision of this Assignment Deed is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity or enforceability of (a1) the remaining provisions of this Assignment Deed and (b2) such provision provisions under the law of any other jurisdiction shall not in any way be affected or impaired thereby. 12.7 11.4 None of the TrusteeChargee, or any delegate, agent, attorney or co-trustee appointed by the Trustee, its nominee(s) or any receiver appointed pursuant to this Assignment Deed shall be liable by reason of (a1) taking any action permitted by this Assignment, Deed or (b2) any neglect or default in connection with the Assigned Charged Property or (c3) the taking possession or realisation of all or any part of the Assigned Charged Property, except in the each case of for gross negligence or wilful default upon its partpart and shall not be liable to account as a mortgagee in possession. 11.5 The security created by or pursuant to this Deed shall be continuing security and shall extend to the ultimate balance of the Secured Obligations regardless of any intermediate payment or satisfaction of the whole or any part of the Secured Obligations. 11.6 The Chargee may retain any document delivered to it under this Deed until the security created by or pursuant to this Deed is released or partially released in accordance with the terms of this Deed and, if for any reason it returns any such document before that time, it may by notice to the Chargor require that the relevant document be redelivered to it and the Chargor shall as soon as practicable comply (or procure compliance) with that notice.

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent The security created by or as permitted under the Restated Agreement, no right, title or interest in relation pursuant to this Assignment Shares Charge shall be capable of assignment or other disposal remain in full force and effect as a continuing security for the Assignor shall not assign or dispose of or create, grant or permit to exist any security interest over this AssignmentSecured Obligations unless and until discharged by the Security Trustee. 12.2 The security created by or pursuant to this Assignment Shares Charge and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the 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 other Secured Creditors over the whole or any part of the Assigned Property Charged Portfolio shall merge into the security constituted by this AssignmentShares Charge. 12.3 This Assignment The security created by or pursuant to this Shares Charge and the Collateral Rights shall remain not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to the Chargor or any other person, or the Security Trustee (whether in full force and effect its capacity as a continuing trustee or otherwise) or any of the other Secured Creditors or by any variation of the terms of the trust upon which the Security Trustee holds the security for the Secured Obligations unless and until the Trustee discharges itor by any other thing which might otherwise prejudice that security or any Collateral Right. 12.4 Upon the Secured Obligations being discharged in full and the Trustee and the Secured Parties having no further actual or contingent obligations under the Finance Documents to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the Trustee. 12.5 No failure on the part of the Security Trustee to exercise, or any delay on its part in exercising, any Collateral Right shall operate as a waiverwaiver thereof, nor shall any single or partial exercise of a any Collateral Right prevent preclude any further or other exercise of that or any other Collateral Right. 12.5 None of the 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 Assignment Shares Charge is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of (a) the remaining provisions of this Assignment and (b) Shares Charge nor of such provision under the law laws of any other jurisdiction shall not in any way be affected or impaired thereby. 12.7 None of the Trusteethereby and, or any delegate, agent, attorney or co-trustee appointed by the Trustee, or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect or default in connection with the Assigned Property or (c) the taking possession or realisation of all or if any part of the Assigned Propertysecurity intended to be created by or pursuant to this Shares Charge is invalid, except in unenforceable or ineffective for any reason, that shall not affect or impair any other part of the case of gross negligence or wilful default upon its partsecurity.

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal 4.1 The security constituted and the Assignor shall not assign or dispose of or createrights, grant or permit to exist any security interest over this Assignment. 12.2 The security created powers and remedies provided by this Assignment and the Collateral Rights Agreement shall be cumulative, in addition to and independent of every other security which the Security Trustee may at any time hold for the Secured Obligations or any rights, powers and remedies of the Security Trustee provided by law. No prior security held by the Trustee over the whole or any part of the Assigned Property shall merge into the security constituted by law (each such right, power and remedy under this AssignmentAgreement and at law being a "COLLATERAL RIGHT"). 12.3 4.2 This Assignment Agreement shall remain in full force and effect as a continuing security for the Secured Obligations arrangement unless and until the Security Trustee discharges it. 12.4 . Upon the maturity of all Deposits pursuant to sub-clause 3.2.1 and PROVIDED THAT (a) there are no outstanding Secured Obligations being discharged in full and the Trustee and the Secured Parties having (b) no further Finance Party is under any obligation or liability (whether actual or contingent contingent) under the Finance Documents or the Bonds, the Security Trustee shall, on the Applicant's request, release the Applicant from its obligations under the Finance Documents and release the charge created pursuant to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the TrusteeClause 2.1. 12.5 4.3 No failure on the part of the Security Trustee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiverwaiver thereof, nor shall any single or partial exercise of a Collateral Right prevent preclude any further or other exercise of that or any other Collateral Right. 12.6 If4.4 The obligations of the Applicant under this Agreement and the Collateral Rights shall not be discharged, at impaired or otherwise affected by: 4.4.1 any timelack of validity, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity effectiveness or enforceability of (a) the remaining provisions of this Assignment and (b) such provision under Finance Documents or the law of any other jurisdiction shall not in any way be affected or impaired thereby. 12.7 None of the Trustee, Bonds or any delegateagreement or instrument relating thereto (collectively, agent, attorney the "RELATED DOCUMENTS") or co-trustee appointed by the Trustee, or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect obligation under any Related Document; 4.4.2 any amendment or default in connection with waiver of or any consent to departure from or any release of any of the Assigned Property or (c) the taking possession or realisation obligations of any party under all or any part of the Assigned PropertyRelated Documents other than in accordance with and to the extent expressly stated in any written amendment, except in waiver, consent or release (and subject to the case of gross negligence or wilful default upon its part.conditions thereof)

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment 6.1 The Pledge shall be capable of assignment or other disposal a continuing, first-ranking security and the Assignor shall not assign be considered as satisfied or dispose discharged or prejudiced by any intermediate payment, satisfaction or settlement of or create, grant or permit to exist any security interest over this Assignmentpart of the Secured Obligations and 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). 12.2 6.2 The security created by this Assignment and the Collateral Rights Pledge shall be cumulative, in addition to and independent of every other security or security interest which the Trustee Pledgee may at any time hold as security for the Secured Obligations or any rights, powers and remedies provided by law 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 which the Pledgee may now or at any time in the future have in respect of the Secured Obligations. 6.3 Neither the obligations of the Pledgor contained in this Agreement nor the rights, powers and remedies conferred upon the Pledgee by this Agreement or by law. No prior , nor the Pledge created hereby shall be discharged, impaired or otherwise affected by: (i) any amendment to, or any variation, waiver or release of, any obligation of the Pledgor or any other person under the Finance Documents; or (ii) any failure to take, or fully to take, any security held contemplated by the Trustee over the whole Finance Documents or any part otherwise agreed to be taken in respect of the Assigned Property shall merge into the security constituted by this Assignment. 12.3 This Assignment shall remain in full force and effect as a continuing security for the Secured Obligations unless and until the Trustee discharges it. 12.4 Upon the Secured Obligations being discharged in full and the Trustee and the Secured Parties having no further actual or contingent Pledgor’s obligations under the Finance Documents Documents, subject to make advances clause 14 hereof; or (iii) any failure to realize or provide other financial accommodation, to fully realize the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign to the Assignor all the property assigned by this Assignment without recourse to, and without any representations or warranties by, the Trustee. 12.5 No failure on the part of the Trustee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver, nor shall any single or partial exercise of a Collateral Right prevent any further or other exercise of that or any other Collateral Right. 12.6 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity or enforceability of (a) the 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. 12.7 None of the Trusteevalue of, or any delegaterelease, agentdischarge, attorney exchange or co-trustee appointed by substitution of, any security taken in respect of the TrusteePledgor’s obligations under the Finance Documents; or (iv) subject to the mandatory provisions of applicable law, any other act, event or omission which, but for this clause 6, might operate to discharge, impair or otherwise affect any receiver appointed pursuant to of the obligations of the Pledgor contained in this Assignment shall be liable by reason of (a) taking any action permitted Agreement and/or the rights, powers and remedies conferred upon the Pledgee by this AssignmentAgreement, (b) any neglect this Pledge or default by law other than unconditional payment in connection with the Assigned Property or (c) the taking possession or realisation of all or any part full of the Assigned PropertySecured Obligations. 6.4 For the avoidance of doubt, except in the case Pledgor hereby waives any right it may have of gross negligence first requiring the Pledgee to proceed against or wilful default upon its partclaim payment from any other person or enforce any guarantee or security before enforcing this Pledge.

Effectiveness of Security. 12.1 Except with the Trustee’s prior written consent or as permitted under the Restated Agreement, no right, title or interest in relation to this Assignment shall be capable of assignment or other disposal and the Assignor shall not assign or dispose of or create, grant or permit to exist any security interest over this Assignment. 12.2 The security created by this Assignment and the Collateral Rights shall be cumulative, in addition to and independent of every other security which the 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 Assigned Property shall merge into the security constituted by this Assignment. 12.3 12.2 This Assignment shall remain in full force and effect as a continuing security for the Secured Obligations unless and until the Trustee discharges it. 12.4 Upon the Secured Obligations being have been discharged in full and the Trustee and none of the Secured Parties having no is under any further actual or contingent obligations under the Finance Documents obligation to make advances or provide other financial accommodation, the Trustee shall, at the request and cost of the Assignor, cancel all the security granted by this Assignment and re-assign accommodation to the Assignor all under any of the property assigned Finance Documents (unless discharged earlier by this Assignment without recourse to, and without any representations or warranties by, the Security Trustee). 12.5 12.3 No failure on the part of the Security Trustee to exercise, or delay on its part in exercising, any Collateral Right shall operate as a waiver, nor shall any single or partial exercise of a Collateral Right prevent any further or other exercise of that or any other Collateral Right. 12.6 12.4 If, at any time, any provision of this Assignment is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, the legality, validity or enforceability of (a) the 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. 12.7 12.5 None of the Security Trustee, or any delegate, agent, attorney or co-trustee appointed by the Trustee, its nominee(s) or any receiver appointed pursuant to this Assignment shall be liable by reason of (a) taking any action permitted by this Assignment, (b) any neglect or default in connection with the Assigned Property or (c) the taking possession or realisation of all or any part of the Assigned Property, except in the case of gross negligence or wilful default upon its part.