Common use of Duties owed Clause in Contracts

Duties owed. Each of the Secured Parties, Security Grantors and the Debtors acknowledges that, in the event that the Security Agent enforces or is instructed to enforce the Transaction Security prior to the Senior Secured Discharge Date, the duties of the Security Agent and of any Receiver or Delegate owed to any Second Lien Finance Party or High Yield Creditor in respect of the method, type and timing of that enforcement or of the exploitation, management or realisation of any of that Transaction Security shall, subject to paragraph (c) of Clause ‎17.2 (Distressed Disposals), be no different to or greater than the duty that is owed by the Security Agent, the Receiver or Delegate to the Debtors and Security Grantors under general law.

Duties owed. Each of the Secured Parties, Security Grantors and the Debtors acknowledges that, in the event that the Security Agent enforces or is instructed to enforce the Transaction Security prior to the Senior Secured Discharge Date, the duties of the Security Agent and of any Receiver or Delegate owed to any Second Lien Finance Party or High Yield Creditor in respect of the method, type and timing of that enforcement or of the exploitation, management or realisation of any of that Transaction Security shall, subject to paragraph (c) of Clause ‎17.2 17.2 (Distressed Disposals), be no different to or greater than the duty that is owed by the Security Agent, the Receiver or Delegate to the Debtors and Security Grantors under general law.