Extent of security interest. The security under this Agreement secures the payment of all amounts you owe us, now and in the future, under this Agreement. However, the No Negative Equity Guarantee means that the amount required to repay your Loan will not exceed the Net Sale Proceeds of the Security Property. If you fail to meet your commitments under this Agreement, and this becomes a Continuing Default, we are not bound to honour the No Negative Equity Guarantee. If we do not honour the No Negative Equity Guarantee, and Net Sale Proceeds of the Security Property are insufficient to repay the Total Amount Owing, you will still be liable to pay us the remaining amounts. We are not obliged to exercise our rights under our security if you fail to meet your commitments under this Agreement (and, if we choose not to do so, you will still be liable to pay us what you owe). What happens if you give someone else a security interest in the Security Property? If you give security in the Security Property to anyone else without our prior written consent, you will be in breach of this Agreement and this will be an Event of Default under clause 7.1 of the General Terms. If the Event of Default is not remedied, it will become a Continuing Default. If that happens, we can give you notice declaring all or any part of the Total Amount Owing to be due and payable and we can enforce our rights under our security (which could include taking control of and selling the Security Property).
Extent of security interest. This Agreement is a continuing security agreement, securing all Obligations, including those arising after any repayment and reborrowing and those arising under successive and future transactions which shall increase, renew or modify the Obligations; it is without limitation as to its effective period and the Obligations hereunder may be terminated only upon payment in full of all Obligations or the termination or expiration of Lender’s obligation to extend credit to Assignor. Each credit granted to Assignor, including all present and future Obligations or the termination or expiration of Lender’s obligation to extend credit to Assignor, is and shall be granted by Lender in reliance on this Agreement. This Agreement shall not constitute a commitment of any nature by Lender to renew or hereafter extend credit.
Extent of security interest. The security interest secures the repayment of all amounts you owe us, and the performance of all of our obligations to us, under this Agreement or any other Relevant Document. However, we are not obliged to exercise our rights under the security interest if you fail to meet your commitments under this Agreement (and, if we choose not to do so, you will still be liable to pay us what you owe). If we exercise our rights under the security interest and the proceeds of sale of the Goods are insufficient to repay the Loan and any other amounts you owe us, you will still be liable to pay us the remaining amounts.
