Common use of Security continuing and independent Clause in Contracts

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. 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.