Common use of Security transfer Clause in Contracts

Security transfer. In the event of any assignment, transfer, novation or disposal of a part or all of its rights and obligations by any Beneficiary under each and any of the Finance Documents to which such Beneficiary is a party, such Beneficiary hereby expressly maintains, which the Pledgor accepts, all its rights and privileges hereunder for the benefit of its successor, in accordance with the terms of Article 1278 of the (French) Civil Code (Code Civil) so that the Pledge herein created will secure, until the Discharge Date, the Secured Liabilities to the rateable benefit of such successor, without further formalities.