Common use of Security continuing and independent Clause in Contracts

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 law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor or to enforce any other security in respect of the Finance Documents. 12.4 If the Collateral or any part hereof is released from the security interests created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the Debtor), the obligations and liabilities of the Debtor under this agreement shall continue as if such release had not occurred.

Security continuing and independent. 12.1 14.1 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 Collateral Agent in respect of the payment or performance of all or any part of the Secured Obligations. 12.2 14.2 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 Collateral Agent may now or hereafter have from or against any person in respect of any obligations of the Debtor Grantor under the Finance Loan Documents or any other document or any other person; (c) any act or omission by the Bank Collateral Agent in taking up, creating, attaching, perfecting or enforcing any security, indemnity or guarantee from or against the Debtor Grantor or any other person; (d) any defect in, termination, amendment, variation, novation or supplement of or to any of the Finance Loan Documents or to any document pursuant to which obligations are due by the Debtor Grantor or any other person to the BankCollateral Agent; (e) any grant of time, indulgence, waiver or concession given by the Bank to the Debtor Grantor 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 Loan Documents or any other person; (g) any release, invalidity, illegality, unenforceability, irregularity or frustration of any actual or purported obligation of the Debtor Grantor or any other person in respect of any of the Finance Loan Documents or any other document; (h) any claim or enforcement of payment from any of the other parties to the Finance Loan Documents or any other person; or (i) any act or omission which would have discharged or affected the liability of the Debtor Grantor or by anything done or omitted by any person which but for this provision might operate to exonerate or discharge the Debtor Grantor or otherwise reduce or extinguish its liability under this agreement. 12.3 14.3 The Bank Collateral Agent is not obliged, before exercising any of the rights, powers or remedies it may have pursuant to this agreement or by law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor Grantor or to enforce any other security in respect of the Finance Loan Documents. 12.4 14.4 If the Collateral or any part hereof thereof is released from the security interests interest created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, avoided or set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the DebtorGrantor), the obligations and liabilities of the Debtor Grantor under this agreement agreement, and the rights of the Collateral Agent under this agreement, shall continue as if such payment and release had not occurred. 14.5 The Grantor irrevocably waives and abandons any and all rights under the laws of Jersey: (a) whether by virtue of the droit de division or otherwise, to require that any liability under the Loan Documents be divided or apportioned with any other person or reduced in any manner whatsoever; and (b) whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against the Grantor under the Loan Documents.

Security continuing and independent. 12.1 14.1 The guarantee and security created pursuant to this agreement shall take effect as a continuing guarantee and 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 guarantee or security now or hereafter held by the Bank Secured Party in respect of the payment or performance of all or any part of the Secured Obligations. 12.2 14.2 The guarantee and 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 Secured Party may now or hereafter have from or against any person in respect of any obligations of the Debtor under the Interim Finance Documents or any other document or any other person; (c) any act or omission by the Bank Secured Party in taking up, perfecting completing 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 Interim Finance Documents or to any document pursuant to which obligations are due by the Debtor or any other person to the BankSecured Party; (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 Interim 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 Interim Finance Documents or any other document; (h) any claim or enforcement of payment from any of the other parties to the Interim 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 14.3 The Bank Secured Party is not obliged, before exercising any of the rights, powers or remedies it they may have pursuant to this agreement or by law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor or to enforce any other security in respect of the Interim Finance Documents. 12.4 14.4 If the Collateral or any part hereof is released from the guarantee or security interests created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the Debtor), the obligations and liabilities of the Debtor under this agreement shall continue as if such release had not occurred. 14.5 The Debtor irrevocably waives and abandons any and all rights under the laws of Guernsey: (a) whether by virtue of the droit de division or otherwise, to require that any liability under the Interim Finance Documents be divided or apportioned with any other person or reduced in any manner whatsoever; and (b) whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against the Debtor under the Interim Finance Documents.

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 Secured Party 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 Secured Party 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 Secured Party in taking up, perfecting completing 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 BankSecured Party; (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 Secured Party is not obliged, before exercising any of the rights, powers or remedies it they may have pursuant to this agreement or by law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor or to enforce any other security in respect of the Finance Documents. 12.4 If the Collateral or any part hereof is released from the security interests created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the Debtor), the obligations and liabilities of the Debtor under this agreement shall continue as if such release had not occurred.

Security continuing and independent. 12.1 14.1 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 Interim Liabilities 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 guarantee or security now or hereafter held by the Bank Interim Security Agent in respect of the payment or performance of all or any part of the Secured ObligationsInterim Liabilities. 12.2 14.2 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 ObligationsInterim Liabilities; (b) any variation, extension, discharge, compromise, dealing with, exchange or renewal of any right or remedy which the Bank Interim Security Agent may now or hereafter have from or against any person in respect of any obligations of the Debtor Chargor under the Finance Interim Documents or any other document or any other person; (c) any act or omission by the Bank Interim Security Agent in taking up, perfecting completing or enforcing any security, indemnity or guarantee from or against the Debtor Chargor or any other person; (d) any defect in, termination, amendment, variation, novation or supplement of or to any of the Finance Interim Documents or to any document pursuant to which obligations are due by the Debtor Chargor or any other person to the BankInterim Security Agent; (e) any grant of time, indulgence, waiver or concession given by the Bank to the Debtor Chargor 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 Interim Documents or any other person; (g) any release, invalidity, illegality, unenforceability, irregularity or frustration of any actual or purported obligation of the Debtor Chargor or any other person in respect of any of the Finance Interim Documents or any other document; (h) any claim or enforcement of payment from any of the other parties to the Finance Interim Documents or any other person; or (i) any act or omission which would have discharged or affected the liability of the Debtor Chargor or by anything done or omitted by any person which but for this provision might operate to exonerate or discharge the Debtor Chargor or otherwise reduce or extinguish its liability under this agreement. 12.3 14.3 The Bank Interim Security Agent is not obliged, before exercising any of the rights, powers or remedies it may have pursuant to this agreement or by law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor Chargor or to enforce any other security in respect of the Finance Interim Documents. 12.4 14.4 If the Collateral or any part hereof is released from the security interests created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the DebtorChargor), the obligations and liabilities of the Debtor Chargor under this agreement shall continue as if such release had not occurred. 14.5 The Chargor irrevocably waives and abandons any and all rights under the laws of Guernsey: (a) whether by virtue of the droit de division or otherwise, to require that any liability under the Interim Documents be divided or apportioned with any other person or reduced in any manner whatsoever; and (b) whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against the Chargor under the Interim Documents.

Security continuing and independent. 12.1 14.1 The guarantee and security created pursuant to this agreement shall take effect as a continuing guarantee and 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 guarantee or security now or hereafter held by the Bank Secured Party in respect of the payment or performance of all or any part of the Secured Obligations. 12.2 14.2 The guarantee and 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 Secured Party 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 Secured Party in taking up, perfecting completing 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 BankSecured Party; (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 14.3 The Bank Secured Party is not obliged, before exercising any of the rights, powers or remedies it they may have pursuant to this agreement or by law, to make any demand of, or take action or file any claim or proof in respect of, any person other than the Debtor or to enforce any other security in respect of the Finance Documents. 12.4 14.4 If the Collateral or any part hereof is released from the guarantee or security interests created hereunder in reliance upon a payment or other performance or discharge which is subsequently avoided, set aside or restored for any reason whatsoever (including, without limitation, in connection with the subsequent insolvency or bankruptcy of the Debtor), the obligations and liabilities of the Debtor under this agreement shall continue as if such release had not occurred. 14.5 The Debtor irrevocably waives and abandons any and all rights under the laws of Guernsey: (a) whether by virtue of the droit de division or otherwise, to require that any liability under the Finance Documents be divided or apportioned with any other person or reduced in any manner whatsoever; and (b) whether by virtue of the droit de discussion or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against the Debtor under the Finance Documents.