Duties of Security Trustee Sample Clauses

The Duties of Security Trustee clause defines the responsibilities and obligations of the security trustee in a financing arrangement. Typically, this clause outlines how the security trustee holds and enforces security interests on behalf of multiple lenders, manages the distribution of proceeds from enforcement actions, and acts in accordance with instructions from the majority of secured parties. Its core practical function is to centralize the administration and enforcement of security interests, ensuring efficiency and consistency in protecting the interests of all secured creditors.
Duties of Security Trustee. The Security Trustee shall: 21.2.1 hold the Trust Property on trust for the Banks in accordance with provisions of this Agreement and the other Finance Documents; and 21.2.2 perform and exercise the rights and benefits vested in it and deal with the Trust Property in accordance with the provisions of this Agreement and the other Finance Documents.
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Duties of Security Trustee. The Security Trustee’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Security Trustee deals with similar property or its customary practices and procedures. The Security Trustee, during the term of this Agreement, shall establish and maintain a valid and existing account as a Transacting User Entity with the International Registry and appoint an Administrator and/or a Professional User Entity to make registrations in regard to the Collateral as required by this Agreement. Neither the Security Trustee, any Secured Party 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. The powers conferred on the Security Trustee and the Secured Parties hereunder are solely to protect the Security Trustee’s and the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Security Trustee or any Secured Party to exercise any such powers. The Security Trustee and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. The Security Trustee shall not be deemed to have knowledge of any Event of Default unless a Responsible Officer of the Security Trustee shall have received written notice thereof from the Administrative Agent.
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Duties of Security Trustee. (a) Except as otherwise specifically provided hereby, the Security Trustee shall not exercise any rights, powers or remedies under this Agreement or give any consent hereunder (except consents given in conjunction with releases of the Pledged Shares expressly permitted by the provisions hereof) unless it shall have been directed to do so in writing by the Majority Noteholders. (b) The Security Trustee shall have the duty of safekeeping the certificates of stock covering the Pledged Shares and the Additional Pledged Shares. As soon as practicable after receipt thereof, the Security Trustee shall forward to the Facility Agent any document other than those required to be delivered to the Security Trustee under Section 12 above and this Section 14, including all financial statements, certificates, notices, reports or other materials delivered by the Pledgors to the Security Trustee. (c) In the discharge of its duties under this Agreement, the Security Trustee shall act with fairness and good faith in all its dealings.
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Duties of Security Trustee. The Security Trustee shall not have any duties, obligations or liabilities to the Beneficiaries or any of them beyond those expressly stated in this Deed and the other Security Documents to which it is or may become a party (or any of them) and specifically (but without prejudice to the generality of the foregoing) the Security Trustee shall not be obliged to take any action or exercise any right, remedy, power or discretion under or pursuant to this Deed or any other Security Document beyond those which the Instructing Beneficiaries shall specifically instruct the Security Trustee in writing to take or, as the case may be, exercise in accordance with this Deed and then only to the extent expressly stated in those specific written instructions.
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Duties of Security Trustee. (a) The Security Trustee undertakes (i) except while an Event of Default actually known to the Security Trustee shall have occurred and be continuing, to perform such duties and only such duties as are specifically set forth in this Agreement, or in any direction given pursuant to this Agreement, and (ii) while an Event of Default actually known to the Security Trustee shall have occurred and be continuing, (A) to exercise such of the rights and powers as are vested in it by this Agreement and subject to SS.8.1(B), to use the same degree of care and skill in their exercise as an ordinary prudent man would exercise or use under the circumstances in the conduct of his own affairs and (B) to conduct any sale or disposition of the Collateral pursuant to SS.
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Duties of Security Trustee. In the exercise of the powers, rights, duties and obligations prescribed or conferred by the terms of this Agreement, the Security Trustee shall exercise that degree of care, diligence and skill that a reasonably prudent trustee would exercise in comparable circumstances.
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Duties of Security Trustee 
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Related to Duties of Security Trustee

  • 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.

  • 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.

  • Creation of Security Interest Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including the advances owing to it) in favor of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System.

  • 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.

  • Assignment of Security Interest If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other person to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Collateral Agent. Such assignment need not be filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other person granting the security interest.