Co-security Trustee Clause Samples
Co-security Trustee. (a) The Security Trustee may appoint a separate security trustee or a co-security trustee in any jurisdiction outside Hong Kong:
(i) if the Facility Agent (acting on the instructions of the Majority Lenders) considers that without the appointment the interests of the Lenders under the Finance Documents might be materially and adversely affected;
(ii) for the purpose of complying with any law, regulation or other condition in any jurisdiction; or
(iii) for the purpose of obtaining or enforcing a judgment or enforcing any Finance Document in any jurisdiction.
(b) Any appointment under this Subclause will only be effective if the security trustee or co-security trustee confirms to the Security Trustee and the Company in form and substance satisfactory to the Security Trustee that it is bound by the terms of this Agreement as if it were the Security Trustee.
(c) The Security Trustee may remove any security trustee or co-security trustee appointed by it and may appoint a new security trustee or co-security trustee in its place.
(d) The Borrowers must pay to the Security Trustee any reasonable remuneration paid by the Security Trustee to any security trustee or co-security trustee appointed by it, together with any related costs and expenses properly incurred by the security trustee or co-security trustee.
Co-security Trustee. (a) The Security Trustee may appoint a separate security agent or a co-security agent in any jurisdiction outside England and Wales:
(i) if the Security Trustee considers that without the appointment the interests of the Finance Parties under the Finance Documents might be materially and adversely affected;
(ii) for the purpose of complying with any law, regulation or other condition in any jurisdiction; or
(iii) for the purpose of obtaining or enforcing a judgment or enforcing any Finance Document in any jurisdiction.
(b) Any appointment under this Subclause will only be effective if the security agent or co-security agent confirms to the Security Trustee and the Company in form and substance satisfactory to the Security Trustee that it is bound by the terms of this Agreement as if it were the Security Trustee.
(c) The Security Trustee may remove any security agent or co-security agent appointed by it and may appoint a new security agent or co-security agent in its place.
(d) The Company must pay to the Security Trustee any reasonable remuneration paid by the Security Trustee to any separate security agent or co-security agent appointed by it, together with any related costs and expenses properly incurred by the separate security agent or co-security agent.
Co-security Trustee. (a) The Security Trustee may appoint a separate security trustee or a co-security trustee in any jurisdiction outside England and Wales:
(i) if the Security Trustee considers that without the appointment the interests of the Lenders under the Finance Documents might be materially and adversely affected;
(ii) for the purpose of complying with any law, regulation or other condition in any jurisdiction; or
(iii) for the purpose of obtaining or enforcing a judgment or enforcing any Finance Document in any jurisdiction.
(b) Any appointment under this Subclause will only be effective if the security trustee or co-security trustee confirms to the Security Trustee and the Company in form and substance satisfactory to the Security Trustee that it is bound by the terms of this Agreement as if it were the Security Trustee.
(c) The Security Trustee may remove any security trustee or co-security trustee appointed by it and may appoint a new security trustee or co-security trustee in its place.
(d) The Company must pay to the Security Trustee any remuneration properly incurred by the Security Trustee to any security trustee or co-security trustee appointed by it, together with any related costs and expenses properly incurred by the security trustee or co-security trustee. 15335-01152 PG:2140636.16 58 Table of Contents