Common use of Duties of Security Trustee Clause in Contracts

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 §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 §7.2 in a commercially reasonable manner. The Security Trustee upon receipt of instruments or notices furnished to the Security Trustee pursuant to the provisions of this Agreement shall furnish copies of the same to the holders of the Notes. (b) In the event that the Security Trustee shall have actual knowledge of an Event of Default, the Security Trustee shall give prompt written notice of such Event of Default to each holder of a Note. Subject to the terms of §8.2(h), in accordance with written instructions received from the holders of at least a majority of the Aggregate Principal Amount of the Outstanding Notes, the Security Trustee shall take such action or refrain from taking such action as the Security Trustee shall be directed in writing by such holders. If the Security Trustee shall not have received written instructions as above provided within twenty (20) days after mailing notice of such Event of Default to the holders, the Security Trustee may, subject to instructions received pursuant to the preceding sentence, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default, as it shall determine advisable in the best interests of the holders of the Notes. (c) The Security Trustee shall not have any duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Collateral, or, to otherwise take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement or expressly provided in written instructions received pursuant to this Agreement. (d) Except if it is herein otherwise expressly provided that no such request is required, the Security Trustee shall not be under any obligation to take any action which is discretionary with the Security Trustee or otherwise requires judgment to be made by the Security Trustee under the provisions hereof, except on written request by the holders of the Notes or by the requisite portion thereof as expressly provided herein.

Duties of Security Trustee. (a) 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 in its capacity as a security trustee. 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 undertakes (i) 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 while an for their own gross negligence or willful misconduct. The Security Trustee shall not be deemed to have knowledge of any Event of Default actually known to unless a Responsible Officer of 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 §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 §7.2 in a commercially reasonable manner. The Security Trustee upon receipt of instruments or notices furnished to the Security Trustee pursuant to the provisions of this Agreement shall furnish copies of the same to the holders of the Notes. (b) In the event that the Security Trustee shall have actual knowledge of an Event of Default, the Security Trustee shall give prompt received written notice of such Event of Default to each holder of a Note. Subject to the terms of §8.2(h), in accordance with written instructions received thereof from the holders of at least a majority of the Aggregate Principal Amount of the Outstanding Notes, the Security Trustee shall take such action or refrain from taking such action as the Security Trustee shall be directed in writing by such holders. If the Security Trustee shall not have received written instructions as above provided within twenty (20) days after mailing notice of such Event of Default to the holders, the Security Trustee may, subject to instructions received pursuant to the preceding sentence, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default, as it shall determine advisable in the best interests of the holders of the NotesAdministrative Agent. (c) The Security Trustee shall not have any duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Collateral, or, to otherwise take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement or expressly provided in written instructions received pursuant to this Agreement. (d) Except if it is herein otherwise expressly provided that no such request is required, the Security Trustee shall not be under any obligation to take any action which is discretionary with the Security Trustee or otherwise requires judgment to be made by the Security Trustee under the provisions hereof, except on written request by the holders of the Notes or by the requisite portion thereof as expressly provided herein.

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 §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 §7.2 in a commercially reasonable manner. The Security Trustee upon receipt of instruments or notices furnished to the Security Trustee pursuant to the provisions of this Agreement shall furnish copies of the same to the holders of the Notes. (b) In the event that the Security Trustee shall have actual knowledge of an Event of Default, the Security Trustee shall give prompt written notice of such Event of Default to each holder of a Note. Subject to the terms of §8.2(h), in accordance with written instructions received from the holders of at least a majority of the Aggregate Principal Amount of the Outstanding Notes, the Security Trustee shall take such action or refrain from taking such action as the Security Trustee shall be directed in writing by such holders. If the Security Trustee shall not have received written instructions as above provided within twenty (20) days after mailing notice of such Event of Default to the holders, the Security Trustee may, subject to instructions received pursuant to the preceding sentence, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default, as it shall determine advisable in the best interests of the holders of the Notes. (c) The Security Trustee shall not have any duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Collateral, or, to otherwise take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement or expressly provided in written instructions received pursuant to this Agreement. (d) Except if it is herein otherwise expressly provided that no such request is required, the Security Trustee shall not be under any obligation to take any action which is discretionary with the Security Trustee or otherwise requires judgment to be made by the Security Trustee World Acceptance Corporation Amended and Restated Security Agreement, under the provisions hereof, except on written request by the holders of the Notes or by the requisite portion thereof as expressly provided herein.

Duties of Security Trustee. (a) 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 undertakes (i) 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 while an for their own gross negligence or willful misconduct. The Security Trustee shall not be deemed to have knowledge of any Event of Default actually known to unless a Responsible Officer of 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 §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 §7.2 in a commercially reasonable manner. The Security Trustee upon receipt of instruments or notices furnished to the Security Trustee pursuant to the provisions of this Agreement shall furnish copies of the same to the holders of the Notes. (b) In the event that the Security Trustee shall have actual knowledge of an Event of Default, the Security Trustee shall give prompt received written notice of such Event of Default to each holder of a Note. Subject to the terms of §8.2(h), in accordance with written instructions received thereof from the holders of at least a majority of the Aggregate Principal Amount of the Outstanding Notes, the Security Trustee shall take such action or refrain from taking such action as the Security Trustee shall be directed in writing by such holders. If the Security Trustee shall not have received written instructions as above provided within twenty (20) days after mailing notice of such Event of Default to the holders, the Security Trustee may, subject to instructions received pursuant to the preceding sentence, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default, as it shall determine advisable in the best interests of the holders of the NotesAdministrative Agent. (c) The Security Trustee shall not have any duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Collateral, or, to otherwise take or refrain from taking any action under, or in connection with, this Agreement, except as expressly provided by the terms of this Agreement or expressly provided in written instructions received pursuant to this Agreement. (d) Except if it is herein otherwise expressly provided that no such request is required, the Security Trustee shall not be under any obligation to take any action which is discretionary with the Security Trustee or otherwise requires judgment to be made by the Security Trustee under the provisions hereof, except on written request by the holders of the Notes or by the requisite portion thereof as expressly provided herein.