Common use of Co-Security Agents Clause in Contracts

Co-Security Agents. (a) The Security Agent may appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate security agent or as a co-security agent jointly with the Security Agent (i) if the Security Agent considers that without such appointment the interests of the Lenders under the Finance Documents would be materially and adversely affected or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act is or acts are to be performed or (iii) for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of the provisions of the Finance Documents, provided in each case that such separate security agent or co-security agent becomes bound by the terms of this Agreement as if it were the Security Agent. (b) Each separate security agent or co-security agent shall (subject always to the provisions of this Agreement) have such powers, authorities and discretions (not exceeding those conferred on the Security Agent by this Agreement) and such duties and obligations as shall be conferred or imposed by the instrument of appointment. (c) The Security Agent shall have power in like manner to remove any such person. If an Event of Default is continuing, such reasonable remuneration as the Security Agent may pay to any such person, together with any attributable costs, charges and expenses properly incurred by it in performing its function as such separate security agent or co-security agent shall for the purpose of this Agreement be treated as costs, charges and expenses incurred by the Security Agent.

Co-Security Agents. (a) The Security Agent may appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate security agent or as a co-security agent jointly with the Security Agent (i) if the Security Agent considers that without such appointment the interests of the Lenders Banks under the Finance Documents would be materially and adversely affected or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act is or acts are to be performed or (iii) for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction of either a judgment already obtained or any of the provisions of the Finance Documents, provided in each case that such separate security agent or co-security agent becomes bound by the terms of this Agreement as if it were the Security Agent. (b) Each separate security agent or co-security agent shall (subject always to the provisions of this Agreement) have such powers, authorities and discretions (not exceeding those conferred on the Security Agent by this Agreement) and such duties and obligations as shall be conferred or imposed by the instrument of appointment. (c) The Security Agent shall have power in like manner to remove any such person. If an Event of Default is continuing, such reasonable remuneration as the Security Agent may pay to any such person, together with any attributable costs, charges and expenses properly incurred by it in performing its function as such separate security agent or co-security agent shall for the purpose of this Agreement be treated as costs, charges and expenses incurred by the Security Agent.