Security Beneficiary definition
Examples of Security Beneficiary in a sentence
If you have opened an account for a Protected Person, an Estate, or a Social Security Beneficiary, you, as Fiduciary, understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Letters of Authority or other documentation on file at the Credit Union, and you, on behalf of the Protected Person, forever indemnify and hold the Credit Union harmless for distributions made in good faith reliance on those Letters of Authority or other documentation.
No failure on the part of Secured Party or any Security Beneficiary to exercise, and no delay in exercising, any right hereunder or under any other Finance Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right.
Debtors hereby acknowledge that the Secured Obligations are owed to the various Security Beneficiaries and that each Security Beneficiary is entitled to the benefits of the Liens given under this Agreement.
Such supplement or variation may be made without the consent of the Secured Creditors (or any of the Security Beneficiaries) and the interests of any Secured Creditor (or any Security Beneficiary) shall be subject to any supplement or variation so made.
Until all of the Secured Obligations shall have been paid in full, Debtors shall have no right to subrogation and Debtors waive the right to enforce any remedy which Secured Party or any Security Beneficiary has or may hereafter have against any Other Liable Party, and waives any benefit of and any right to participate in any other security whatsoever now or hereafter held by Secured Party.
If you have opened an account for a Protected Person or a Social Security Beneficiary, you, as Fiduciary, understand and agree that the Credit Union may distribute funds pursuant to the terms of the most recently dated Letters of Authority or other documentation on file at the Credit Union, and you, on behalf of the Protected Person, forever indemnify and hold the Credit Union harmless for distributions made in good faith reliance on those Letters of Authority or other documentation.
A draft of the LOC or other Financial Assurance shall be delivered by the Security Party to the Security Beneficiary for its review and reasonable approval not later than fifteen (15) days after the delivery of the Security Notice.
To the fullest extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Lender or any Security Beneficiary arising out of the exercise by them of any rights hereunder.
Neither the Lender, any Security Beneficiary nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof.
Debtors waive any right to require Secured Party or any Security Beneficiary to proceed against any other Person, to exhaust any Collateral or other security for the Secured Obligations, to have any Other Liable Party joined with Debtors in any suit arising out of the Secured Obligations or the Finance Documents, or to pursue any other remedy in Secured Party’s power.