The Foreign Security Agreements Clause Samples

The Foreign Security Agreements. (a) Each Dutch Facility Secured Party confirms its approval of the relevant Foreign Security Agreements and of any security interest intended to be created under it, and authorizes and instructs the Dutch Security Trustee to execute and deliver the relevant Foreign Security Agreements. (b) The Dutch Security Trustee may accept without inquiry the title (if any) which any Person may have to any assets over which security interest is intended to be created by the relevant Foreign Security Agreements, and shall not be liable to any other party for any defect in or failure of any such title. (c) The Dutch Security Trustee shall not be (i) liable or responsible to any Dutch 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 Foreign 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 Foreign Security Agreements, to require any other person to maintain any such insurance, or to make any inquiry 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 Foreign Security Agreements, title deed or other document relating to any assets over which security interest is intended to be created by the relevant Foreign Security Agreements.