Common use of APPOINTMENT AND DUTIES OF THE SPANISH SECURITY AGENT Clause in Contracts

APPOINTMENT AND DUTIES OF THE SPANISH SECURITY AGENT. (a) Each Finance Party (other than the Agent and the Spanish Security Agent) irrevocably appoints the Spanish Security Agent to act as its agent and attorney under and in connection with the Mortgage and the Pledge of Quota Shares for the purposes specified in this Clause 20.2. (b) Each Party appointing the Spanish Security Agent irrevocably authorises the Spanish Security Agent on its behalf to perform the duties and to exercise the rights, powers and discretions that are necessary to administer and, upon the instructions of the Majority Banks (through the Agent) enforce (and collect the proceeds of such enforcement) the Mortgage and the Pledge of Quota Shares. (c) The Spanish Security Agent's duties, rights, powers and discretions are limited to those referred to in paragraph (b) above. (d) Any and all monies received by the Spanish Security Agent as a result of the enforcement of the Mortgage and/or the Pledge of Quota Shares shall be paid forthwith to the Agent for application in accordance with this Agreement.

APPOINTMENT AND DUTIES OF THE SPANISH SECURITY AGENT. (a) Each Finance Party (other than the Agent and the Spanish Security Agent) irrevocably appoints the Spanish Security Agent to act as its agent and attorney under and in connection with the Mortgage, the Swap Bank Mortgage and the Pledge of Quota Shares for the purposes specified in this Clause 20.2. (b) Each Party appointing the Spanish Security Agent irrevocably authorises the Spanish Security Agent on its behalf to perform the duties and to exercise the rights, powers and discretions that are necessary to administer and, upon the instructions of the Majority Banks (through the Agent) enforce (and collect the proceeds of such enforcement) the Mortgage, the Swap Bank Mortgage and the Pledge of Quota Shares. (c) The Spanish Security Agent's duties, rights, powers and discretions are limited to those referred to in paragraph (b) above. (d) Any and all monies received by the Spanish Security Agent or any Swap Bank as a result of the enforcement of the Mortgage, the Swap Bank Mortgage and/or the Pledge of Quota Shares shall be paid forthwith to the Agent for application in accordance with this Agreement.

APPOINTMENT AND DUTIES OF THE SPANISH SECURITY AGENT. (a) Each Finance Party (other than the Agent and the Spanish Security Agent) irrevocably appoints the Spanish Security Agent to act as its agent and attorney under and in connection with the Mortgage, the Swap Bank Mortgage and the Pledge of Quota Shares for the purposes specified in this Clause 20.221.2. (b) Each Party appointing the Spanish Security Agent irrevocably authorises the Spanish Security Agent on its behalf to perform the duties and to exercise the rights, powers and discretions that are necessary to administer and, upon the instructions of the Majority Banks (through the Agent) enforce (and collect the proceeds of such enforcement) the Mortgage, the Swap Bank Mortgage and the Pledge of Quota Shares. (c) The Spanish Security Agent's ’s duties, rights, powers and discretions are limited to those referred to in paragraph (b) above. (d) Any and all monies received by the Spanish Security Agent or any Swap Bank as a result of the enforcement of the Mortgage, the Swap Bank Mortgage and/or the Pledge of Quota Shares shall be paid forthwith to the Agent for application in accordance with this Agreement.