Common use of Lender Security Clause in Contracts

Lender Security. ‌ The Generator shall not, at any time, enter into a Lending Agreement which has a Sponsor as a counterparty thereto and which but for the participation of the Sponsor would be a Secured Lender's Security Agreement. Notwithstanding Section 20.1, the Generator, from time to time on or after the date of this Agreement shall have the right, at its cost, to enter into a Secured Lender's Security Agreement. For greater certainty, in the case of a deed of trust or similar instrument securing bonds or debentures where the trustee holds security on behalf of, or for the benefit of, other Lenders, only the trustee shall be entitled to exercise the rights and remedies under the Secured Lender's Security Agreement as the Secured Lender on behalf of the Lenders. A Secured Lender's Security Agreement shall be based upon and subject to the following conditions:

Lender Security. ‌ The Generator shall not, at any time, enter into a Lending Agreement which has a Sponsor as a counterparty thereto and which but for the participation of the Sponsor would be a Secured Lender's Security Agreement. Notwithstanding Section 20.1, the Generator, from time to time on or after the date of this Agreement shall have the right, at its cost, to enter into a Secured Lender's Security Agreement. For greater certainty, in the case of a deed of trust or similar instrument securing bonds or debentures where the trustee holds security on behalf of, or for the benefit of, other Lenders, only the trustee shall be entitled to exercise the rights and remedies under the Secured Lender's Security Agreement as the Secured Lender on behalf of the Lenders. A Secured Lender's Security Agreement shall be based upon and subject to the following conditions: