The Security Agents Clause Samples
The Security Agents clause defines the role and authority of security agents appointed to act on behalf of lenders or creditors in a financing arrangement. Typically, this clause outlines the powers granted to the security agent, such as holding collateral, enforcing security interests, and distributing proceeds from the realization of secured assets. By centralizing these responsibilities in a single agent, the clause streamlines the management and enforcement of security interests, ensuring efficient coordination among multiple lenders and reducing administrative complexity.
POPULAR SAMPLE Copied 1 times
The Security Agents. (a) Any Security Agent shall receive and apply as agent and/or (in the case of any Security Agent other than the US Security Agent) trustee as the case may be for the Finance Parties all amounts paid to them by way of Recoveries under or pursuant to this Agreement or any Finance Document (except any amounts paid to it in respect of fees, costs or expenses of any Security Agent, the Lead Bank, the Co-Lead Bank, the Steering Committee or any professional advisers appointed by the Lead Bank or any Security Agent).
(b) Except as stated in Clause 22.6(a), amounts received by the Security Agents in respect of Recoveries will be applied between the Banks in accordance with the provisions of Part XIV (Enforcement) and Schedule VIII (Distribution of Recoveries between Finance Parties).
(c) All interest earned on money held by any Security Agent in respect of Recoveries pending application will be added to and from part of the money held.
(d) Any Security Agent will use reasonable endeavours to distribute amounts received by them in respect of Recoveries as soon as reasonably practicable following receipt.
(e) Each of the Security Agents shall be at liberty to place any of the Finance Documents and any other instruments documents or deeds delivered to it pursuant to this Agreement or in connection with any Finance Document and for the time being in its possession in any safe deposit or safe selected by it with the Lead Bank of any other bank or any company whose business includes undertaking the safe custody of documents or any lawyers and shall not be responsible for any loss thereby incurred (otherwise than as a result of its gross negligence or wilful misconduct).
(f) Each of the Security Agents may, whenever it thinks fit, delegate by power of attorney or otherwise to any person or persons all or any of the rights, powers, authorities and discretions vested in it by any of the Finance Documents and such delegation may be made upon such terms and subject to such conditions as the Security Agents shall think fit and the Security Agents shall not be bound to supervise or be in any way responsible for any loss incurred by reason of any default or misconduct on the part of such person or persons.
(g) Each of the Security Agents may refrain from doing anything which would or in their opinion might be contrary to any relevant law in any jurisdiction or any relevant directive or regulation or which would or might render it liable to any person and may do anything which ...
The Security Agents. 10.1 Security Agent as trustee
(a) The Security Agent I declares that it holds the Security Property I on trust for the Secured Parties I on the terms contained in this Deed.
(b) The Security Agent II declares that it holds the Security Property II on trust for the Secured Parties II on the terms contained in this Deed.
(c) Each of the Creditors authorises the Security Agents to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agents under or in connection with the Debt Documents together with any other incidental rights, powers, authorities and discretions.
The Security Agents