Common use of Duties of the Security Agent Clause in Contracts

Duties of the Security Agent. In addition to its obligations under Clause 25.4(D) the Security Agent shall:- (i) promptly inform the Banks, the Issuing Banks and the Standby Lender of the contents of any notice or request received by it from the Borrowers or any other Security Party under the Security Documents and of any other matters which the Security Agent considers material; (ii) promptly inform the Banks, the Issuing Banks and the Standby Lender in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Security Agent being under any obligation to give prior notice to the Banks, the Issuing Banks or the Standby Lender of any such exercise); (iii) promptly notify the Banks, the Issuing Banks and the Standby Lender of the occurrence of any Default or any other default by a Security Party in the due performance of or compliance with its material obligations under any of the Security Documents of which the Security Agent has actual knowledge or actual notice and the occurrence of which the Security Agent has verified; (iv) if directed by the Majority Banks, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions (subject to Clause 25.2(A)) of the Majority Banks provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise) for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Security Agent shall make a demand for such security addressed to all the Banks and the Standby Lender.

Duties of the Security Agent. In addition to its obligations under Clause 25.4(D) the Security Agent shall:- (i) promptly inform the Banks, the Issuing Banks and the Standby Lender of the contents of any notice or request received by it from the Borrowers Borrower or any other Security Party under the Security Documents and of any other matters which the Security Agent considers material; (ii) promptly inform the Banks, the Issuing Banks and the Standby Lender in reasonable detail of any exercise by it of any of the rights, powers and/or discretions vested in it hereunder (but without the Security Agent being under any obligation to give prior notice to the Banks, the Issuing Banks or the Standby Lender of any such exercise); (iii) promptly notify the Banks, the Issuing Banks and the Standby Lender of the occurrence of any Default or any other default by a Security Party in the due performance of or compliance with its material obligations under any of the Security Documents of which the Security Agent has actual 156 knowledge or actual notice and the occurrence of which the Security Agent has verified; (iv) if directed by the Majority Banks, exercise (or refrain from exercising) any right, power or discretion vested in it hereunder in accordance with the directions (subject to Clause 25.2(A)) of the Majority Banks provided, however, that it may refrain from acting in accordance with any such directions until it has received such security as it may require (whether by way of payment in advance or otherwise) for all costs, claims, expenses (including legal fees) and liabilities which it will or may expend or incur in complying with such directions and for this purpose the Security Agent shall make a demand for such security addressed to all the Banks and the Standby Lender.