Shared Security Agent definition
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.
Section 2.5 Notwithstanding anything contained herein, nothing in this Indenture Supplement shall relieve the Company, the Subsidiary Guarantors, the Trustee and the Shared Security Agent of any of their obligations under the Indenture, as amended and supplemented by this Indenture Supplement, and the Notes.
The Shared Security Agent shall have all the duties, rights and protections provided in the Security Documents and no implied duties shall be read against the Shared Security Agent.
The Trustee is hereby irrevocably authorized by each Holder of the Notes to, or instruct the Shared Security Agent to, effect any release of Liens or Collateral contemplated by Section 10.08 hereof or by the terms of the Security Documents.
Neither the Trustee nor the Shared Security Agent shall have obligation to investigate whether any Default or Event of Default has occurred.
The resignation or removal of a Shared Security Agent shall become effective only upon the execution and delivery of such documents and/or instruments as are necessary to transfer the rights and obligations of the Shared Security Agent under the Security Documents and the recording or filing of such documents, instruments or financing statements as may be necessary to maintain the priority and perfection of any security interest granted by any Security Document.
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.
Citicorp International Limited will initially act as Shared Security Agent under the Security Documents in respect of the security over the Collateral.