Security Trust Sample Clauses
A Security Trust clause establishes a legal arrangement where a trustee holds security interests on behalf of multiple creditors or beneficiaries. In practice, this means that instead of each lender or creditor holding separate security over a borrower's assets, a single security trustee is appointed to manage and enforce the security collectively. This structure streamlines the administration of security interests, simplifies enforcement actions in the event of default, and ensures that all beneficiaries are treated equitably. The core function of this clause is to facilitate efficient management and enforcement of security interests in multi-lender or syndicated financing arrangements, reducing complexity and potential conflicts among creditors.
Security Trust. 18 18. AMENDMENT, WAIVER AND SEVERABILITY......................... 19 19. MISCELLANEOUS.............................................. 19 20. ASSIGNMENT................................................. 20 21. NOTICES.................................................... 20 22.
Security Trust. 4 3. Creation of Master Issuer Security...................................4 4.
Security Trust. 5 3. Creation of Funding 2 Security.........................................5 4.
Security Trust. 21.1 The Security Trustee declares that it holds the Transaction Security and the Security Property on trust for the Secured Party on the terms contained in this deed.
21.2 The Secured Party authorises the Security Trustee to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Trustee under or in connection with this deed together with any other incidental rights, powers, authorities and discretions.
21.3 The Security Trustee shall have only those duties, obligations and responsibilities expressly specified in this deed and no other obligations or responsibilities shall be implied.
21.4 Nothing in this deed constitutes the Security Trustee as an agent, trustee or fiduciary of the Assignor.
Security Trust. The ABL Agent holds the benefit of this Deed on trust for the Secured Parties on the terms of this Deed and the other Loan Documents.
Security Trust. The Security Agent accepts its appointment under Clause 23.1 (Appointment of the Agent and the Security Agent) as trustee of the Trust Property (as defined in Clause 23.1.3) and shall hold the Trust Property with effect from the date of this Agreement on trust for itself and the other Finance Parties on and subject to the terms set out in the Finance Documents.
Security Trust. Deed This deed is a ‘Security’ and a ‘Transaction Document’ for the purposes of the Security Trust Deed.
Security Trust. Security Trust" shall mean the trust account established with a United States financial institution acceptable to the Company for the purpose of securing the Reinsurer's obligations to the Company with respect to the Policy Liabilities reinsured hereunder.
Security Trust. If (x) all of the Obligations and all other obligations secured by the Loan Documents have been fully and finally discharged and (y) none of the Lenders is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Loan pursuant to the Loan Documents the trusts set out in this Agreement and the U.K. Security Documents in relation to the U.K. Security Documents shall be wound up and the Administrative Agent shall release, without recourse or warranty, all of the Liens created under the U.K. Security Documents and the rights of the Administrative Agent under each of the U.K. Security Documents.
Security Trust. 17 3. Creation of Funding 2 Security ........................................................................................................... 18 4. Acknowledgements and undertakings ................................................................................................. 20 5. Restrictions on Exercise of Certain Rights .......................................................................................... 22 6. Payments out of Funding 2 Accounts Prior to Acceleration ............................................................... 23