Security continuing and independent Clause Samples
The 'Security continuing and independent' clause establishes that any security interest or guarantee provided under an agreement remains in effect independently of other obligations or agreements and continues until all secured obligations are fully satisfied. In practice, this means that the security is not discharged or affected by changes to the underlying debt, such as amendments, extensions, or partial repayments, and it does not depend on the validity or enforceability of other related agreements. The core function of this clause is to ensure that the security remains robust and enforceable, protecting the secured party from losing their security due to technicalities or changes in the underlying arrangements.
Security continuing and independent. 12.1 The security created pursuant to this agreement shall take effect as a continuing security for the payment or performance of all or any part of the Secured Obligations and shall be independent of and in addition to and it shall not be prejudiced or be affected by and shall not affect or prejudice any other security now or hereafter held by the Bank in respect of the payment or performance of all or any part of the Secured Obligations.
12.2 The security, and the obligations and liabilities, created pursuant to this agreement shall not be in any way discharged, impaired or otherwise affected by:
(a) any partial or intermediate payment or performance of the Secured Obligations;
(b) any variation, extension, discharge, compromise, dealing with, exchange or renewal of any right or remedy which the Bank may now or hereafter have from or against any person in respect of any obligations of the Debtor under the Finance Documents or any other document or any other person;
(c) any act or omission by the Bank in taking up, perfecting or enforcing any security, indemnity or guarantee from or against the Debtor or any other person;
(d) any defect in, termination, amendment, variation, novation or supplement of or to any of the Finance Documents or to any document pursuant to which obligations are due by the Debtor or any other person to the Bank;
(e) any grant of time, indulgence, waiver or concession given by the Bank to the Debtor or any other person;
(f) any of the insolvency, bankruptcy, liquidation, administration, winding-up, incapacity, limitation, disability, the discharge by operation of law, and any change in the constitution, name and style of any party to any of the Finance Documents or any other person;
(g) any release, invalidity, illegality, unenforceability, irregularity or frustration of any actual or purported obligation of the Debtor or any other person in respect of any of the Finance Documents or any other document;
(h) any claim or enforcement of payment from any of the other parties to the Finance Documents or any other person; or
(i) any act or omission which would have discharged or affected the liability of the Debtor or by anything done or omitted by any person which but for this provision might operate to exonerate or discharge the Debtor or otherwise reduce or extinguish its liability under this agreement.
12.3 The Bank is not obliged, before exercising any of the rights, powers or remedies it may have pursuant to this agreement or by l...
Security continuing and independent. The security constituted by this Agreement:
(a) shall not be discharged by any partial or intermediate payment or performance of the Secured Obligations;
(b) shall take effect as a security for the whole and every part of the payment or performance of the Secured Obligations and shall be independent of and in addition to, and it shall not be prejudiced or be affected by and shall not affect or prejudice, any other security now or hereafter held by any Secured Party in respect of the payment or performance of all or any part of the Secured Obligations; and
(c) shall not be in any way discharged, impaired or otherwise affected by reason of any of the Secured Obligations becoming illegal, void, voidable, invalid or unenforceable or by reason of any other act, circumstance or omission which might but for provisions of this Clause 11 constitute a discharge of such security.
Security continuing and independent. This Deed, each security created under this Deed, and each collateral security, is:
Security continuing and independent. Each of this Agreement and the security interest created under it:
(a) is in addition to and enforceable independently of any other security interest or guarantee; and
(b) shall remain in full force and effect (whether or not at any given time the Borrower is indebted to the Lender) until all Secured Property is released from the security interest granted under this Agreement.
Security continuing and independent. Each of this document and the security created under it is: