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 the Secured Liabilities to the rateable benefit of such successor, without further formalities.

Security transfer. In the event of any assignment, transfertransfer or disposal, novation or disposal by way of novation, 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 successorsuccessor or transferee, in accordance with the terms of article Article 1278 of the French Civil Code (Code civilCivil) so that the Pledge herein created will secure the Secured Liabilities to the rateable benefit of such successor, without further formalities.

Security transfer. In the event of any assignment, transfertransfer or disposal, novation or disposal by way of novation, 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 successorsuccessor or transferee, in accordance with the terms of article 1278 of the French Civil Code (Code civilCivil) so that the Pledge herein created will secure the Secured Liabilities to the rateable benefit of such successor, without further formalities.