Security Party Clause Samples
The 'Security Party' clause defines the individual or entity that provides collateral or guarantees to secure the obligations of another party under an agreement. In practice, this clause identifies who is responsible for offering security, such as a guarantor or a company pledging assets, and may specify the type of security being provided. Its core function is to clearly allocate responsibility for securing obligations, thereby reducing the lender's risk and ensuring that there is recourse if the primary obligor defaults.
Security Party. Subject to Clause 37.2.3, the Borrowers shall procure that the recipient of information disclosed pursuant to Clause 37.2.1 shall keep such information confidential and shall not disclose it to anyone and shall ensure that all such information is protected with security measures and a degree of care that would apply to the recipient's own confidential information.
Security Party. 37.2.2 Subject to Clause 37.2.3, the Borrowers shall procure that the recipient of information disclosed pursuant to Clause 37.2.1 shall keep such information confidential and shall not disclose it to anyone and shall ensure that all such information is protected with security measures and a degree of care that would apply to the recipient's own confidential information.
37.2.3 The recipient may disclose such information to any of its officers, directors, employees, professional advisers, auditors and partners as it shall consider appropriate if any such person is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if that person is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by duties of confidentiality in relation to the information.
Security Party it is commercially beneficial to each Security Party to execute and perform the Security Documents. The execution, delivery and performance of the Security Documents do not contravene or violate any laws in Malaysia, in particular, Sections 224, 225 of the Companies Act 2016 of Malaysia or any other provisions thereof:
Security Party. Subject to Clause 36.2.3, the Borrower shall procure that the recipient of information disclosed pursuant to Clause 36.