Common use of DELEGATION OF POWERS; APPOINTMENT OF CO-TRUSTEES Clause in Contracts

DELEGATION OF POWERS; APPOINTMENT OF CO-TRUSTEES. The Security Agent shall be entitled:- (i) whenever it thinks fit, to delegate by power of attorney or otherwise to any person or persons all or any of the rights, trusts, powers, authorities and discretions vested in it by this Agreement or any other Security Document and such delegation may be made upon such terms and subject to such conditions and subject to such regulations as the Security Agent may think fit and the Security Agent shall not be bound to supervise the proceedings or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate provided that the Security Agent shall have acted reasonably in making such delegation to such delegate and the Security Agent shall promptly give notice to each of the Banks, the Issuing Banks, the Standby 132 Lender, the Co-Arrangers and the Agent of the appointment of any delegate or such delegate as aforesaid; and (ii) with the prior consent of the Majority Banks and the Borrowers, to appoint (and subsequently to dismiss) such other person or persons as it thinks fit to become additional trustees hereunder (but so that there shall not be more than two trustees at any time) to assist it in carrying out its rights and duties hereunder and under the other Security Documents and each such additional trustee shall be entitled to the same rights and subject to the same obligations hereunder as the Security Agent.

DELEGATION OF POWERS; APPOINTMENT OF CO-TRUSTEES. The Security Agent Trustee shall be entitled:- (i) subject to the prior written consent of the Majority Banks and whenever it thinks fit, to delegate by power of attorney or otherwise to any person or persons all or any of the rights, trusts, powers, authorities and discretions vested in it by this Agreement or any other Security Document and such delegation may be made upon such terms and subject to such conditions and subject to such regulations as the Security Agent Trustee may think fit and the Security Agent Trustee shall not be bound to supervise the proceedings or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate provided that the Security Agent Trustee shall have acted reasonably in making such delegation to such delegate and the Security Agent Trustee shall promptly give notice to each of the Banks, the Issuing Banks, the Standby 132 Lender, the Co-Arrangers and the Agent other Banks of the appointment of any delegate or such delegate as aforesaid; and (ii) with the prior consent of the Majority other Banks and the BorrowersBorrower, to appoint (and subsequently to dismiss) such other person or persons as it thinks fit to become additional trustees hereunder (but so that there shall not be more than two trustees at any time) to assist it in carrying out its rights and duties hereunder and under the other Security Documents and each such additional trustee shall be entitled to the same rights and subject to the same obligations hereunder as the Security AgentTrustee.

DELEGATION OF POWERS; APPOINTMENT OF CO-TRUSTEES. The Security Agent shall be entitled:- (i) whenever it thinks fit, to delegate by power of attorney or otherwise to any person or persons all or any of the rights, trusts, powers, authorities and discretions vested in it by this Agreement or any other Security Document and such delegation may be made upon such terms and subject to such conditions and subject to such regulations as the Security Agent may think fit and the Security Agent shall not be bound to supervise the proceedings or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate provided that the Security Agent shall have acted reasonably in making such delegation to such delegate and the Security Agent shall promptly give notice to each of the Banks, the Issuing Banks, the Standby 132 Lender, the Co-Arrangers and the Agent of the appointment of any delegate or such delegate as aforesaid; and (ii) with the prior consent of the Majority Banks and the BorrowersBorrower, to appoint (and subsequently to dismiss) such other person or persons as it thinks fit to become additional trustees hereunder (but so that there shall not be more than two trustees at any time) to assist it in carrying out its rights and duties hereunder and under the other Security Documents and each such additional trustee shall be entitled to the same rights and subject to the same obligations hereunder as the Security Agent.