Common use of Co-security Agent Clause in Contracts

Co-security Agent. (a) The Security Agent may appoint a separate security agent or a co-security agent in any jurisdiction: (i) if the Security Agent 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 agent or co-security agent confirms to the Security Agent and the Borrower 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. (c) The Security Agent 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.