Common use of Duties of the Security Agent Clause in Contracts

Duties of the Security Agent. (a) The Security Agent shall forward promptly to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party. (b) Except where a Transaction Security Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (c) If the Security Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Secured Parties. (d) If the Security Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than any Administrative Party) under this Agreement, it shall promptly notify the other Finance Parties. (e) The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

Duties of the Security Agent. (a) The Security Agent's duties under the Finance Documents are solely mechanical and administrative in nature. (b) The Security Agent shall promptly: (i) forward promptly to the Facility Agent a copy of any document received by the Security Agent from any Obligor or the Spanish Pledgor under any Finance Document; and (ii) forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party. (bc) Except where a Transaction Security Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (cd) If the Security Agent receives notice from a Party referring to this Agreementany Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Secured Parties. (d) If the Security Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than any Administrative Party) under this Agreement, it shall promptly notify the other Finance PartiesLenders. (e) The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

Duties of the Security Agent. (a) The Security Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. (b) The Security Agent shall promptly: (i) forward promptly to the Agent a copy of any document received by the Security Agent from any Obligor under any Finance Document; and (ii) forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party. (bc) Except where a Transaction Security Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (cd) If the Security Agent receives notice from a Party referring to this Agreementany Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Secured Parties. (d) If the Security Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than any Administrative Party) under this Agreement, it shall promptly notify the other Finance Parties. (e) The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

Duties of the Security Agent. (a) The Security Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. (b) The Security Agent shall promptly: (i) forward promptly to the Agent a copy of any document received by the Security Agent from any Obligor under any Finance Document; and (ii) forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party. (bc) Except where a Transaction Security Finance Document specifically provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. (cd) If the Security Agent receives notice from a Party referring to this Agreementany Finance Document, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Secured Parties. (d) If the Security Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than any Administrative Party) under this Agreement, it shall promptly notify the other Finance PartiesAgent. (e) The Security Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).