Common use of Role of the Security Agent Clause in Contracts

Role of the Security Agent. The Security Agent shall, save as otherwise specifically provided in the Canadian Law Security Documents, hold the benefit of the Security as agent and trustee for itself and for and on behalf of the Beneficiaries, or to the extent required by applicable local law shall hold the benefit of such Security Documents for itself and on behalf of the Beneficiaries, in each case, to apply all payments and other benefits received by it by reason thereof, or otherwise realised thereunder, in accordance with this Deed.