Common use of Additional Security Agents Clause in Contracts

Additional Security Agents. (a) The Security Agent may appoint any person to act as a separate security agent or a co-security agent jointly with it: (i) if it considers that appointment to be in the interests of the Secured Parties; (ii) for the purpose of complying with any law, regulation or other condition in any jurisdiction; or (iii) for the purpose of enforcing any Finance Document, or obtaining or enforcing any judgment in any jurisdiction. (b) The Security Agent must notify the Company and the Finance Parties before making any appointment. (c) Any appointment will only be effective if the person appointed confirms to the Security Agent and the Company in form and substance satisfactory to the Security Agent that it is bound by the terms of this Agreement as if it were the Security Agent. (d) Any person appointed will have the rights, powers, authorities and discretions (not exceeding those given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment. (e) The Security Agent may remove any person appointed and may appoint a new separate security agent or co-security agent in its place. (f) The remuneration that the Security Agent may pay to any person appointed, and any costs and expenses incurred by that person in performing its functions pursuant to that appointment will, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.