English Law Governed Transaction Security. (a) This Section 11.13 shall be governed by English law and applies in relation to the English Security Documents, with the security interest created or expressed to be created pursuant to the English Security Documents being the “
English Law Governed Transaction Security. (a) This Section 11.13 shall be governed by English law and applies in relation to the English Security Documents, with the security interest created or expressed to be created pursuant to the English Security Documents being the “English Transaction Security”. For the purposes of this Section 11.13 only: (i) “Finance Parties” means each Secured Bank Provider, Lender and the Agent; (ii) “Secured Parties” means each Finance Party from time to time party to this Agreement, any Receiver or Delegate and each other agent, arranger and lender from time to time party to this Agreement; (iii) “Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Collateral; and (iv) “Delegate” means any delegate, agent, attorney or co-trustee appointed by the Agent. (b) The Agent declares that it holds the benefit of the English Transaction Security in trust for each Finance Party on the terms contained in this Agreement. (c) Each of the Finance Parties: (i) authorizes the Agent to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the English Security Documents together with any other incidental rights, powers, authorities and discretions; and (ii) agrees that no Finance Party shall have any independent power to enforce, or have recourse to, any of the Liens or Collateral created or evidenced, or expressed to be created or evidenced, under the English Security Documents or to exercise any right, power, authority or discretion arising under the English Security Documents except through the Agent.
