Common use of Powers of Security Trustee to appoint Clause in Contracts

Powers of Security Trustee to appoint. Notwithstanding the provisions of Clause 17.1 (Power of Funding), the Security Trustee may (as attorney for Funding) upon giving prior notice to Funding but without the consent of Funding or the Funding Secured Creditors appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Security Trustee: (a) if the Security Trustee considers such appointment to be in the interests of the Funding Secured Creditors; or (b) for the purposes of conforming to any legal requirement, restriction or condition in any jurisdiction in which any particular act or acts are to be performed or any Funding Charged Property is or is to be located; or (c) for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of a judgment already obtained or of the provisions of this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents to which the Security Trustee is a party or obligations arising pursuant thereto or of any of the security constituted by or pursuant to this Second Priority Funding Deed of Charge. Funding hereby irrevocably appoints the Security Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of this Second Priority Funding Deed of Charge and any other Funding Transaction Document to which the Security Trustee is a party) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Security Trustee by this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents to which the Security Trustee is a party) and such duties and obligations as shall be conferred or imposed on it by the instrument of appointment. The Security Trustee shall have power in like manner to remove any such person. Such proper remuneration as the Security Trustee may pay to any such person, together with any attributable costs, charges and expenses incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of this Second Priority Funding Deed of Charge be treated as costs, charges and expenses incurred by the Security Trustee.

Powers of Security Trustee to appoint. Notwithstanding the provisions of Clause 17.1 19.1 (Power of Funding), the Security Trustee may (as attorney for Funding) upon giving prior notice to Funding but without the consent of Funding or the Funding Secured Creditors appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as a co-trustee jointly with the Security Trustee: (a) if the Security Trustee considers such appointment to be in the interests of the Funding Secured Creditors; or (b) for the purposes of conforming to any legal requirement, restriction or condition in any jurisdiction in which any particular act or acts are to be performed or any Funding Charged Property is or is to be located; or (c) for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of a judgment already obtained or of the provisions of this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents to which the Security Trustee is a party or obligations arising pursuant thereto or of any of the security constituted by or pursuant to this Second Priority Funding Deed of Charge. Funding hereby irrevocably appoints the Security Trustee to be its attorney in its name and on its behalf to execute any such instrument of appointment. Such a person shall (subject always to the provisions of this Second Priority Funding Deed of Charge and any other Funding Transaction Document to which the Security Trustee is a party) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Security Trustee by this Second Priority Funding Deed of Charge or any of the other Funding Transaction Documents to which the Security Trustee is a party) and such duties and obligations as shall be conferred or imposed on it by the instrument of appointment. The Security Trustee shall have power in like manner to remove any such person. Such proper remuneration as the Security Trustee may pay to any such person, together with any attributable costs, charges and expenses incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of this Second Priority Funding Deed of Charge be treated as costs, charges and expenses incurred by the Security Trustee.