Common use of Security cumulative Clause in Contracts

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 16 contracts

Sources: Loan Facility Agreement, Secured Reducing Revolving Loan Facility Agreement, Secured Reducing Revolving Loan Facility Agreement (Gulfmark Offshore Inc)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties Banks or any of them by the Agent for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance PartiesBanks or the Agent, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 5 contracts

Sources: Loan Facility Agreement (Mc Shipping Inc), Loan Facility Agreement (Mc Shipping Inc), Loan Facility Agreement (Usg Corp)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Lender Finance Parties or any of them for or in respect of all or any part of the Lender Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Lender Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 4 contracts

Sources: Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.), Loan Agreement (Teekay LNG Partners L.P.)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇Ac▇ ▇▇▇▇ and ▇nd all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.. \P1\3522333.10

Appears in 2 contracts

Sources: Loan Facility Agreement (Teekay LNG Partners L.P.), Loan Facility Agreement (Teekay Shipping Corp)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Loan Facility Agreement (Arlington Tankers Ltd.)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ Act 1925 and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Secured Reducing Revolving Loan and Letter of Credit Facility Agreement (Gulfmark Offshore Inc)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ Act 1925 and all provisions which the Agent considers analogous thereto an▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Secured Multi Currency Revolving Loan Facility Agreement (Stolt Offshore S A)

Security cumulative. The security constituted by the Security Documents and the Guarantee shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ Act 1925 and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Facility Agreement (Teekay LNG Partners L.P.)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them Lender, for or in respect of all or any part of the IndebtednessIndebtedness and the Hedging Liabilities, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance PartiesLender, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ and all provisions which the Agent Lender considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Loan Facility Agreement (DHT Holdings, Inc.)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties or any of them for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance Parties, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property Act 1925 and all prov▇▇▇▇▇▇ ▇▇▇▇ and all provisions which hich the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Bank Guarantee Facility Agreement (Stolt Offshore S A)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties Banks or any of them by the Agent for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance PartiesBanks or the Agent, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property ▇▇▇ ▇▇▇▇ Act 1925 and all provisions which the Agent considers analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Secured Loan Facility Agreement (Euroseas Ltd.)

Security cumulative. The security constituted by the Security Documents shall be in addition to any other security now or in the future held by the Finance Parties Issuers or any of them the Agent for or in respect of all or any part of the Indebtedness, and shall not merge with or prejudice or be prejudiced by any such security or any other contractual or legal rights of any of the Finance PartiesIssuers or the Agent, nor affected by any irregularity, defect or informality, or by any release, exchange or variation of any such security. Section 93 of the Law of Property A▇▇ ▇▇▇▇ and all provisions which the Issuers or the Agent considers consider analogous thereto under the law of any other relevant jurisdiction shall not apply to the security constituted by the Security Documents.

Appears in 1 contract

Sources: Letters of Credit Facility Agreement (NCL CORP Ltd.)