Examples of Shared Security Agent in a sentence
However, none of the JV Subsidiary Guarantors will provide a Security Document pledging the Capital Stock of its direct or indirect Subsidiaries as security in favor of the Shared Security Agent for itself and for the benefit of the Trustee and the Holders.
Citicorp International Limited will initially act as Shared Security Agent under the Security Documents in respect of the security over the Collateral.
The Trustee and the Shared Security Agent will be under no obligation to exercise any rights or powers conferred under the Indenture or any of the Security Documents or the Intercreditor Agreement for the benefit of the holders, unless such holders and/or holders of Permitted Pari Passu Secured Indebtedness have offered to the Trustee and the Shared Security Agent indemnity and/or security satisfactory to the Trustee and the Shared Security Agent against any loss, liability or expense.
The rights and protections provided to the Trustee in this Article 7 shall apply to the Shared Security Agent mutatis mutandis.
Neither the Trustee nor the Shared Security Agent shall have obligation to investigate whether any Default or Event of Default has occurred.
The Company will reimburse the Trustee and the Shared Security Agent upon request for all reasonably incurred out-of-pocket expenses, disbursements and advances (including costs of collection) incurred or made by the Trustee and the Shared Security Agent, including the reasonably incurred compensation, expenses and disbursements of the Trustee and the Shared Security Agent’s agents and counsel and other Persons not regularly within its employ.
In the absence of written notice of a Default or Event of Default, the Trustee and the Shared Security Agent may assume without any liability in connection with such assumption that there is no Default or Event of Default.
Under certain circumstances, Citicorp International Limited as the Trustee and as the Shared Security Agent may have obligations under the Security Documents or the Intercreditor Agreement that are in conflict with the interests of the holders of the Notes and/or of holders of Permitted Pari Passu Secured Indebtedness.
In addition, each of the Trustee and the Shared Security Agent will not be required to expend its own funds in following such direction or if it does not reasonably believe that reimbursement or satisfactory indemnification and/or security is assured to it.
The Shared Security Agent may be removed at any time, with or without cause, by the Holders of not less than a majority of the principal amount of the Notes outstanding; provided that such removal shall not take effect unless and until a successor Shared Security Agent shall have been appointed.