Security Trustee’s obligations Sample Clauses
The 'Security Trustee's obligations' clause defines the duties and responsibilities of the security trustee in a financing arrangement. Typically, this clause outlines how the security trustee must act on behalf of the secured parties, such as holding security interests, enforcing security, and distributing proceeds from enforcement actions. It may also specify the standard of care required, limitations on liability, and the circumstances under which the trustee must act or refrain from acting. The core function of this clause is to clarify the role and expectations of the security trustee, ensuring all parties understand how security interests will be managed and enforced, thereby reducing uncertainty and potential disputes.
Security Trustee’s obligations. The Security Trustee shall promptly inform the Agent of:
(a) the contents of any notice or document received by it in its capacity as Security Trustee from any Obligor under any Finance Document; and
(b) the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received notice from any other party to this Agreement.
Security Trustee’s obligations. The Security Trustee shall promptly:
(a) copy to the Agent the contents of any notice or document received by it from any Obligor under any Finance Document;
(b) forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and
(c) inform the Agent of the occurrence of any Event of Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received notice from any other party to this Agreement.
Security Trustee’s obligations. The Security Trustee shall promptly:
(a) copy to (i) each Representative and (ii) each Hedge Counterparty the contents of any notice or document received by it from any Debtor or any other grantor of Transaction Security under any Debt Document;
(b) forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party provided that, except where a Debt Document expressly provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party;
(c) inform (i) each Representative and (ii) each Hedge Counterparty of the occurrence of any Event of Default or any default by a Debtor or any other grantor of Transaction Security in the due performance of or compliance with its obligations under any Debt Document of which the Security Trustee has received notice from any other Party; and
(d) to the extent that a Party (other than the Security Trustee) is required to calculate a Common Currency Amount, and upon a request by that Party, notify that Party of the relevant Security Trustee’s Spot Rate of Exchange.
Security Trustee’s obligations. The Security Trustee shall promptly: copy to each Finance Party the contents of any notice or document received by it from the Issuer or any other Finance Party in connection with this Agreement; forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party provided that, except where this Agreement expressly provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and inform each of the other Finance Parties of the occurrence of any Event of Default or any default by the Issuer of any obligations under any of the Debenture Documents of which the Security Trustee has received notice from any other Party.
Security Trustee’s obligations. The Security Trustee shall promptly inform the Facility Agent of:
Security Trustee’s obligations. The Security Trustee shall promptly:
(a) copy to (i) each Agent and (ii) each Hedging Counterparty the contents of any notice or document received by it from any Obligor under any Finance Document;
(b) forward to a Party the original or a copy of any document which is delivered to the Security Trustee for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Trustee is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party;
(c) inform (i) each Agent and (ii) each Hedging Counterparty of the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Trustee has received notice from any other party to this Agreement; and
(d) to the extent that a Party (other than the Security Trustee) is required to calculate a Dollar Currency Amount, and upon a request by that Party, notify that Party of the relevant Security Trustee’s Spot Rate of Exchange.
Security Trustee’s obligations. The Security Trustee shall promptly send copies to the relevant Debt Representatives and, to the extent required under the Relevant Documents, the Issuer of any notice or document received by it in its capacity as Security Trustee under any Relevant Document to which it is a party.