European Security Agreements Clause Samples
A European Security Agreements clause establishes the terms under which security interests are created, managed, and enforced in accordance with European laws and regulations. This clause typically outlines the types of collateral involved, the rights and obligations of the parties, and the procedures for perfecting and registering security interests within European jurisdictions. Its core practical function is to ensure that security arrangements are legally valid and enforceable across relevant European countries, thereby protecting the interests of secured parties and reducing legal uncertainty.
European Security Agreements. (a) Each Foreign Facility Secured Party confirms its approval of the relevant European Security Agreements and of any security interest intended to be created under it, and authorizes and instructs European Security Trustee to execute and deliver the relevant European Security Agreements.
(b) European Security Trustee may accept without enquiry the title (if any) which any Person may have to any assets over which security interest is intended to be created by the relevant European Security Agreements, and shall not be liable to any other party for any defect in or failure of any such title.
(c) European Security Trustee shall not be (i) liable or responsible to any Foreign Facility Secured Party for any failure to perfect, protect, register, make any filing or give notice in respect of the security interest intended to be created by the relevant European Security Agreements, unless that failure arises directly from its own gross negligence or willful misconduct; (ii) obliged to insure any assets over which security interest is intended to be created by the relevant European Security Agreements, to require any other person to maintain any such insurance, or to make any enquiry or conduct any investigation into the legality, validity, effectiveness, adequacy or enforceability of any insurance existing over any such asset; or (iii) obliged to hold in its own possession the relevant European Security Agreements, title deed or other document relating to any assets over which security interest is intended to be created by the relevant European Security Agreements.
European Security Agreements the Belgian Security Agreements, the Dutch Security Agreements and the UK Security Agreements.
European Security Agreements. (a) The European Security Trustee shall accept without investigation, requisition or objection, such title as any person may have to the assets which are subject to the relevant European Security Agreements and shall not (i) be bound or concerned to examine or enquire into the title of any person; (ii) be liable for any defect or failure in the title of any person, whether that defect or failure was known to the European Security Trustee or might have been discovered upon examination or enquiry and whether capable of remedy or not; or (iii) be liable for any failure on its part to give notice of the relevant European Security Agreements to any third party or otherwise perfect or register the security interests created by the relevant European Security Agreements (unless such failure arises directly from the European Security Trustee’s gross negligence or wilful misconduct).
(b) The European Security Trustee shall hold the relevant European Security Agreements and all proceeds of enforcement of them on trust for the European Secured Parties on the terms and conditions of this Agreement.
(c) The relevant European Security Agreements shall rank as continuing security interest for the discharge of the liabilities secured by it.