Authorization of Security Trustee Clause Samples

The 'Authorization of Security Trustee' clause formally empowers the security trustee to act on behalf of the secured parties in relation to the security interests established under an agreement. Typically, this clause outlines the trustee's authority to enforce security, manage collateral, and take legal action if necessary, ensuring that all secured creditors are represented collectively. Its core function is to centralize and streamline the enforcement of security rights, preventing individual creditors from acting independently and thereby promoting efficiency and consistency in the management of secured assets.
Authorization of Security Trustee. Each of the Lenders and the Agent appoints and authorizes (with a right of revocation) the Security Trustee to act as security trustee hereunder and under the other Finance Documents (other than the Notes) with such powers as are specifically delegated to the Security Trustee by the terms of this Agreement and such other Finance Documents, together with such other powers as are reasonably incidental thereto.
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Authorization of Security Trustee. Each of the Lenders and the Agent irrevocably appoints and authorizes the Security Trustee to hold any Security Interest created by the Finance Documents for and on behalf of or in trust for such Lender for purposes of acquiring, holding and enforcing any and all Security Interests on the Collateral granted by any Security Party to secure any Secured Liabilities together with such powers and discretion as are reasonably incidental thereto. Notwithstanding anything to the contrary in any of the Finance Documents, the Security Trustee has no legal or beneficial ownership in any of the Collateral.
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Authorization of Security Trustee. Each of the Lenders, the Agent and the Swap Provider has authorized the execution and delivery of this Article IX pursuant to which the Security Trustee will act as the Mortgagee of each of the Mortgaged Vessels and as Assignee and secured party with respect to the other Security Documents, and as to any proceeds derived from enforcement thereof.
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Related to Authorization of Security Trustee

  • Authorization of Securities The Securities to be sold by the Company under this Agreement have been duly authorized for issuance and sale to the Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly issued, fully paid and non-assessable; no holder of the Securities is or will be subject to personal liability by reason of being such a holder; and the issuance and sale of the Securities to be sold by the Company under this Agreement are not subject to any preemptive rights, rights of first refusal or other similar rights of any securityholder of the Company or any other person.

  • Confirmation of Security Borrower hereby confirms and agrees that all of the Security Instruments, as may be amended in accordance herewith, which presently secure the Indebtedness shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Indebtedness as described in the Credit Agreement as modified by this Amendment.

  • Perfection of Security Each Obligor shall have duly authorized, executed, acknowledged, delivered, filed, registered and recorded such security agreements, notices, financing statements, memoranda of intellectual property security interests and other instruments as the Agent may have reasonably requested in order to perfect the Liens purported or required pursuant to the Credit Documents to be created in the Credit Security and shall have paid all filing or recording fees or taxes required to be paid in connection therewith, including any recording, mortgage, documentary, transfer or intangible taxes.

  • Enforcement of Security On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 25.20 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.

  • Rights of Secured Party Secured Party shall have the rights contained in this Section at all times during the period of time this Agreement is effective.