Existing Security Agent definition
Examples of Existing Security Agent in a sentence
The Bank Finance Parties in respect of each Secured Facilities Agreement may enforce the relevant First Ranking Asset Level Security through the relevant Existing Security Agent in accordance with the terms of the relevant Bank Finance Documents subject to ongoing regular notification to the Common Security Agent and the Noteholders’ Security Agent and keeping them updated at regular intervals on the progress of the enforcement action.
Each Shipowner shall keep the Mortgage registered against the Ship owned by it as a valid first priority or preferred mortgage, carry on board that Ship a certified copy of the Mortgage and place and maintain in a conspicuous place in the navigation room and the master's cabin of that Ship a framed printed notice stating that such Ship is mortgaged by that Shipowner to the Common Security Agent or relevant Existing Security Agent, as applicable.
The Existing Security Agent shall have tendered to Owner the Existing Security Release, against receipt of the Redemption Price (as defined in Schedule 2), and the Existing Security Release shall be prepositioned with FAA counsel to be filed promptly on the Closing Date after receipt of the Redemption Price by the Existing Trustee.
No Shipowner shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Common Security Agent or relevant Existing Security Agent, as applicable, to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.
We [SECURITY AGENT] (the Existing Security Agent) and [NEW SECURITY AGENT] (the New Security Agent) have agreed that the Existing Security Agent transfers [all of its][present and future] rights and obligations under the Bonds and Bond Documents, including under the Pledge Agreement, to the New Security Agent.
Notwithstanding any other provision of this Agreement, the Existing Security Agent shall retain the benefit of any indemnity granted in its favour under any Existing IP Transaction Security Document with respect to any matters or events occurring before the date of this Agreement.
Each Shipowner, at its sole expense, shall submit the Ship owned by it regularly to all periodical or other surveys which may be required for classification purposes and, if so required by the Common Security Agent or relevant Existing Security Agent, as applicable, provide the Common Security Agent or relevant Existing Security Agent, as applicable, at that Shipowner's sole expense, with copies of all survey reports.
The Parties agree that no agency fees are due and payable to the Existing Security Agent.
With effect from the date of this Agreement, the Existing Security Agent, acting on the instructions of an Original Lender (which are deemed to be given pursuant to its execution of this Agreement), confirms that the Common Security Agent is hereby appointed as successor security agent under the Existing IP Transaction Security Documents, as amended by this Clause 27 in place of the Existing Security Agent.
Each Shipowner shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts when so required by the Common Security Agent or relevant Existing Security Agent, as applicable.