Common use of SECURITY TRUSTEE Clause in Contracts

SECURITY TRUSTEE. 1.5.1 The Security Agent hereby accepts its appointment as security trustee by the Secured Parties under the Credit Agreement and declares (and the Chargor hereby acknowledges) that the Trust Property is held by the Security Agent as a security trustee for and on behalf of the Secured Parties on the basis of the duties, obligations and responsibilities set out in the Credit Agreement.

SECURITY TRUSTEE. 1.5.1 (a) The Security Agent hereby accepts its appointment as security trustee by the Secured Parties under the Credit Agreement and declares (and the Chargor each Company hereby acknowledges) that the Trust Property is held by the Security Agent as a security trustee for and on behalf of the Secured Parties on the basis of the duties, obligations and responsibilities set out in the Credit Agreement.