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 Assignee under the Facilities Agreement to which such Assignee is a party, such Assignee hereby expressly maintains, which the Assignor accept, 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 each Assignment will secure the Secured Liabilities to the rateable benefit of such successor, without further formalities.

Security transfer. In the event of any assignment, transfer, novation or disposal of a part or all of its rights and obligations by any Assignee under the Senior Bridge Facilities Agreement to which such Assignee is a party, such Assignee hereby expressly maintains, which the Assignor acceptaccepts, 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 each Assignment will secure the Secured Liabilities to the rateable benefit of such successor, without further formalities.