SECURITY TRUSTEE ACTING Clause Samples

The 'Security Trustee Acting' clause defines the role and authority of the security trustee in a financing arrangement. It typically outlines that the security trustee acts on behalf of all secured parties, managing and enforcing security interests granted under the agreement. For example, if a borrower defaults, the security trustee is empowered to take enforcement actions such as realizing collateral or distributing proceeds to creditors. This clause ensures a single point of action and decision-making, streamlining the enforcement process and preventing conflicts among multiple lenders or beneficiaries.
SECURITY TRUSTEE ACTING. Only the Security Trustee may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any Offshore Noteholder is entitled to proceed directly against the Trustee to enforce the performance of any of the provisions of the Security Trust Deed, the Offshore Notes (including the Conditions), provided that if the Security Trustee having become bound to take steps and/or to proceed under the Security Trust Deed, fails to do so within a reasonable time and such failure is continuing, the Note Trustee and/or Offshore Noteholders may proceed directly against the Trustee but then only if and to the extent the Note Trustee and/or the Offshore Noteholders are able to do so under the Transaction Documents and Australian law. The Security Trustee shall comply with all directions given to it by the Note Trustee pursuant to any power to give directions granted to the Note Trustee pursuant to this deed or to the Security Trust Deed provided that the Security Trustee has the power under the Security Trust Deed to take the action contemplated by the direction, and the Security Trustee shall not be liable for any direct and indirect costs, expenses, losses, damages, liabilities or actions arising or resulting from any action or conduct undertaken or not taken by the Security Trustee or its officers, employees or agents including as a consequence of following those directions.
View SourceView Similar (3)
SECURITY TRUSTEE ACTING. Only the Security Trustee may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any holder of a US$ Note is entitled to proceed directly against the Trustee to enforce the performance of any of the provisions of the Security Trust Deed or of the US$ Notes (including the Conditions), provided that if the Security Trustee having become bound to take steps and/or to proceed under the Security Trust Deed, fails to do so within a reasonable time and such failure is continuing, the Note Trustee and/or US$ Noteholders (if entitled under the Transaction Documents to act in place of the Note Trustee) may proceed directly against the Trustee but then only if and to the extent the US$ Noteholders are able to do so under Australian law. The Security Trustee shall comply with all directions given to it by the Note Trustee pursuant to any power to give directions granted to the Note Trustee pursuant to this deed or to the Security Trust Deed provided that the Security Trustee has the power under the Security Trust -------------------------------------------------------------------------------- PAGE 17 NOTE TRUST DEED ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ -------------------------------------------------------------------------------- Deed to take the action contemplated by the direction, and the Security Trustee shall not be liable for all direct and indirect costs, expenses, losses, damages, liabilities or actions arising or resulting from any action or conduct undertaken or not taken by the Security Trustee or its officers, employees or agents including as a consequence of following those directions.
View SourceView Similar (2)
SECURITY TRUSTEE ACTING. (a) Only the Security Trustee may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any holder of a Class A Offered Note is entitled to proceed directly against the Issuer to enforce the performance of any of the provisions of the Security Trust Deed or of the Class A Offered Notes (including the Conditions), provided that if the Security Trustee having become bound to take steps and/or to proceed under the Security Trust Deed, fails to do so within a reasonable time and such failure is continuing, the Note Trustee and/or Class A Offered Noteholders (if entitled under clause 6.5 to act in place of the Note Trustee) may proceed directly against the Issuer to the extent permitted under the Transaction Documents. (b) The Security Trustee shall comply with all directions given to it by the Note Trustee pursuant to any power to give directions granted to the Note Trustee pursuant to this deed or pursuant to the Security Trust Deed, provided that the Security Trustee has the power under the Security Trust Deed to take the action contemplated by the direction and would not incur any personal liability in doing so, and the Security Trustee shall not be Note Trust Deed SMHL Global Fund [ ]-[ ] liable for all direct and indirect costs, expenses, losses, damages, liabilities or actions arising or resulting from any action or conduct undertaken or not taken by the Security Trustee or its officers, employees or agents as a consequence of following those directions.
View Source
SECURITY TRUSTEE ACTING. Only the Security Trustee may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any holder of a Offshore Note is entitled to proceed directly -------------------------------------------------------------------------------- Page 16 -------------------------------------------------------------------------------- against the Trustee to enforce the performance of any of the provisions of the Security Trust Deed, the Offshore Notes (including the Conditions).
View Source
SECURITY TRUSTEE ACTING. Only the Security Trustee may enforce the provisions of the Security Trust Deed and neither the Note Trustee nor any holder of a Class A Note is entitled to proceed directly against the Trustee to enforce the performance of any of the provisions of the Security Trust Deed, or the Class A Notes (including the Conditions). -------------------------------------------------------------------------------- Note Trust ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ --------------------------------------------------------------------------------
View Source

Related to SECURITY TRUSTEE ACTING

  • Trustee Action The exercise by the Trustees of their powers and discretion hereunder in good faith and with reasonable care under the circumstances then prevailing shall be binding upon everyone interested. Subject to the provisions of Article IV, the Trustees shall not be liable for errors of judgment or mistakes of fact or law.

  • The Security Trustee The Security Trustee has agreed to become a party to this Agreement for the better preservation and enforcement of its rights under this Agreement but shall have no responsibility for any of the obligations of, nor assume any liabilities to, the Cash Manager, the Account Banks, the Mortgages Trustee or Funding hereunder.

  • Security Trustee SIGNED by ) for and on behalf of ) THE BANK OF NEW YORK )

  • Trustee Acceptance The Trustee has accepted the supplement of the Original Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Original Indenture as hereby supplemented, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect of any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (a) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (b) the proper authorization hereof by the Company by corporate action or otherwise, and (c) the due execution hereof by the Company.

  • Trustee Access The Master Servicer shall afford the Company and the Trustee, upon reasonable notice, during normal business hours access to all records maintained by the Master Servicer, in respect of the Mortgage Loans and in respect of its rights and obligations hereunder and access to such of its officers as are responsible for such obligations. Upon reasonable request, the Master Servicer, shall furnish the Company and the Trustee with its most recent financial statements (or, for so long as the Company is the Master Servicer, the most recent consolidated financial statements for the Company appearing in the audited financial statements of Washington Mutual, Inc., or the entity with whose financial statements the financial statements of the Company are consolidated) and such other information as it possesses, and which it is not prohibited by law or, to the extent applicable, binding obligations to third parties with respect to confidentiality from disclosing, regarding its business, affairs, property and condition, financial or otherwise.