Common use of The Security Owner must Clause in Contracts

The Security Owner must. (a) carry out on time all of the obligations in connection with the Secured Portfolio and comply with all directions, requests or requirements of Government Agencies relating to the Secured Portfolio; (b) pay all calls, instalments and other amounts payable in respect of the Secured Portfolio; (c) immediately after becoming aware of any Rights, provide the Lender or a Person it nominates with particulars of the Rights; (d) take up Rights in respect of the Secured Portfolio if the Lender asks the Security Owner to do so (the Lender will only ask the Security Owner to do this if it believes failure to take up Rights would make the Secured Portfolio significantly less valuable); (e) if the Lender asks, give the Lender a copy of all documents the Security Owner receives as holder of, or in connection with the Secured Portfolio; (f) if the Security Owner becomes aware of any defect in its ownership of the Secured Portfolio, immediately take steps to rectify it; (g) not do anything, or fail to do anything, that the Lender thinks would have a material adverse effect on the Secured Portfolio or its interest in it; (h) if the Lender asks, ensure that the Person the Lender nominates becomes and remains a signatory to any Deposit Account or any account for monies on deposit or cash management account which forms part of the Secured Portfolio; and (i) comply with any conditions the Lender attaches to any approvals or consents it gives to the Security Owner in connection with the Mortgage.