Common use of Spanish Security Clause in Contracts

Spanish Security. The Security Documents governed by Spanish law will be granted in favor of each and every Lender to secure the secured obligations (expressly excluding any parallel debt structure) and shall not be held on trust unless expressly permitted by law. At this respect, each Lender (other than the Administrative Agent) hereby irrevocably authorizes and empowers the Administrative Agent (with full power to appoint and to substitute and to delegate) to act on its behalf and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in connection with the acceptance, preparation, amendment, novation, extension, confirmation, release, execution, enforcement, or, where necessary, notarization of a Spanish public document and delivery of the Security Documents subject to Spanish law and the perfection (including, where mandatory, registration) and monitoring of the Collateral. Therefore, the Administrative Agent shall be entitled to accept the Collateral subject to Spanish law in the name and on behalf of the Lenders by virtue of the powers that herein are granted by each Lender. Nothing in this Section 11.29 shall limit or be deemed to modify the exculpatory provisions, or any other rights, immunities and protections, afforded to the Administrative Agent under this Agreement or any other Loan Document.

Spanish Security. The Security Documents governed by Spanish law will be granted in favor of each and every Lender to secure the secured obligations (expressly excluding any parallel debt structure) and shall not be held on trust unless expressly permitted by law. At this respect, each Lender (other than the Administrative Agent) hereby irrevocably authorizes and empowers the Administrative Agent (with full power to appoint and to substitute and to delegate) to act on its behalf and if required under applicable law, or if otherwise appropriate, in its name and on its behalf in connection with the acceptance, preparation, amendment, novation, extension, confirmation, release, execution, enforcement, or, where necessary, notarization of a Spanish public document and delivery of the Security Documents subject to Spanish law and the perfection (including, where mandatory, registration) and monitoring of the Collateral. Therefore, the Administrative Agent shall be entitled to accept the Collateral subject to Spanish law in the name and on behalf of the Lenders by virtue of the powers that herein are granted by each Lender. Nothing in this Section 11.29 shall limit or be deemed to modify the exculpatory provisions, or any other rights, immunities and protections, afforded to the Administrative Agent under this Agreement or any other Loan Document.