Replacement of Security Trustee Sample Clauses

Replacement of Security Trustee. (a) If Security Trustee is replaced as trustee under the Security Trust Deed, then:
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Replacement of Security Trustee. (a) (Assignment or novation): If the Security Trustee is replaced as trustee under the Security Trust Deed, then the Security Trustee may assign, novate or otherwise transfer its rights and obligations under this Deed to the replacement trustee.
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Replacement of Security Trustee. REMOVAL OF SECURITY TRUSTEE 10.1 If they are different persons, the Agent may remove the Security Trustee from office, or if the Agent and the Security Trustee are the same person, the Majority of Senior Creditors may remove the Security Trustee from office, in each case by notice given to the Security Trustee, if:
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Replacement of Security Trustee. 23 10.1.Resignation of Security Trustee 23 10.2.Removal of Security Trustee 24 10.3.Effect of resignation or removal 24 10.4.Costs of resignation or removal 24 10.5.Assurances 24 10.6.Appointment of successor Security Trustee 24 11.Administrative Agent provisions 25 11.1.Communication by Lenders 25 11.2.Capacity and dealings 25 11.3.Information about Lenders 26 11.4.Notification of Event of Default and Enforcement Date 26 11.5.Assignment by Administrative Agent 26
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Replacement of Security Trustee. (1) The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to Westaim and S&N sixty (60) days notice in writing or such shorter notice as Westaim may accept as sufficient. If at any time a material conflict of interest in the Security Trustee’s role as a fiduciary hereunder arises, the Security Trustee must, within thirty (30) days after ascertaining that it has such a conflict, either eliminate such conflict or resign in the manner and with the effect specified in this Section 7.2. S&N may remove the Security Trustee and appoint a new Security Trustee. In the event of the Security Trustee resigning or being so removed by S&N or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, Westaim shall forthwith appoint a new Security Trustee unless a new Security Trustee has already been appointed by S&N; failing such appointment by Westaim the retiring Security Trustee, at Westaim’s expense, may apply to a Justice of the Court of Queen’s Bench of Alberta, on such notice as the Court may direct, for the appointment of a new Security Trustee; but any new Security Trustee so appointed by Westaim or by the Court will be subject to removal by S&N. Any new Security Trustee appointed under any provision of this Section 7.1 must be a corporation authorized to carry on the business of a trust company in the
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Related to Replacement of Security Trustee

  • Replacement of Securities If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

  • Enforcement of Security On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders and the Export Credit Agency, take any action which, as a result of the Event of Default or any notice served under Clause 26.21 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.

  • Grant of Security Each Grantor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in such Grantor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by such Grantor, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”):

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Collateral Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the Original Credit Agreement as modified by this Amendment.

  • Investment of Security Funds Any amounts not payable to ---------------------------- Lessee and paid to or retained by Lessor pursuant to any provision hereof solely because a Lease Event of Default or Lease Default shall have occurred and be continuing or because Lessee shall not have performed in full its obligations under Article XI shall be held by Lessor as security for the obligations of ---------- Lessee under this Lease and the other Operative Documents. At such time as no Lease Event of Default or Lease Default, or Lease failure to perform shall be continuing, such amounts, net of any amounts previously applied to Lessee's obligations hereunder or under any other Operative Documents, shall be paid to Lessee. Any such amounts which are held pending payment to Lessee or application hereunder shall be invested by Lessor (or Administrative Agent) as directed from time to time in writing by Lessee (provided, however, if a Lease Event of Default has occurred and is -------- ------- continuing, such investment will be directed by Lessor), and at the expense and risk of Lessee, in Permitted Investments. Any gain (including interest received) realized as the result of any such investment (net of any fees, commissions and other expenses, if any, incurred in connection with such investment) shall be applied from time to time in the same manner as the principal invested. Lessee will promptly pay to Lessor on demand, the amount of any loss realized as the result of any such investment (together with any fees, commissions and other expenses, if any, incurred in connection with such investment), such amount to be held, paid and applied in the same manner as other amounts subject to this Section 18.17. ------------- [signature page follows]

  • Assignment of Security Interest If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security interest.

  • Acknowledgment of Security Interests Each Loan Party hereby acknowledges that, as of the date hereof, the security interests and Liens granted to Agent and the Lenders under the Credit Agreement and the other Loan Documents are in full force and effect and are enforceable in accordance with the terms of the Credit Agreement and the other Loan Documents.

  • Impairment of Security, etc Any Loan Document or any Lien granted thereunder shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of any Obligor party thereto; any Obligor or any other party shall, directly or indirectly, contest in any manner such effectiveness, validity, binding nature or enforceability; or, except as permitted under any Loan Document, any Lien securing any Obligation shall, in whole or in part, cease to be a perfected first priority Lien.

  • Reaffirmation of Security Interest The Borrower hereby reaffirms as of the date hereof each and every security interest and Lien granted in favor of the Security Agent and the Banks under the Loan Documents, and agrees and acknowledges that such security interests and Liens shall continue from and after the date hereof and shall remain in full force and effect from and after the date hereof, in each case after giving effect to the Credit Agreement as amended by this Amendment, and the Obligations secured thereby and thereunder shall include the Borrower’s obligations under the Credit Agreement as amended by this Amendment. Each such reaffirmed security interest and Lien remains and shall continue to remain in full force and effect and is hereby in all respects ratified and confirmed.

  • Payment of Securities 30 SECTION 4.02.

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