Appointment by Secured Parties Sample Clauses

Appointment by Secured Parties. (a) Each Secured Party (other than the Security Agent) irrevocably appoints the Security Agent in accordance with the following provisions of this Clause 21 (The Security Agent), to act as its agent, trustee, joint and several creditor or beneficiary of a parallel debt (as the case may be) under this Agreement and with respect to the Security Documents, and irrevocably authorises the Security Agent on its behalf to: (i) execute each Security Document expressed to be executed by the Security Agent on its behalf; and (ii) perform such duties and exercise such rights and powers under this Agreement and the Security Documents as are specifically delegated to the Security Agent by the terms hereof or thereof, together with such rights, powers and discretions as are reasonably incidental hereto or thereto including enforcing the Transaction Security in accordance with the terms of this Agreement and the relevant Transaction Security Document. (b) Each Secured Party confirms that: (i) the Security Agent has authority to accept on its behalf the terms of any reliance letter or engagement letter relating to any reports or letters provided in connection with the Secured Debt Documents or the transactions contemplated by the Secured Debt Documents, to bind it in respect of those reports or letters and to sign that reliance letter or engagement letter on its behalf and to the extent that reliance letter or engagement letter has already been entered into ratifies those actions; and (ii) it accepts the terms and qualifications set out in that reliance letter or engagement letter. (c) The Security Agent shall have only those duties, obligations and responsibilities which are expressly specified in this Agreement and/or the Security Documents to which it is a party (and no others shall be implied). The Security Agent’s duties under this Agreement and/or the Security Documents to which it is a party are solely of a mechanical and administrative nature. (d) The Security Agent is released from any applicable restrictions on entering into any transaction as a representative of: (i) two or more principals contracting with each other; and (ii) one or more principals with whom it is contracting in its own name.

Appointment by Secured Parties. 142143 SECTION 8.11. Delivery of Information. 142143

Appointment by Secured Parties. Each Secured Party (other than the Security Agent) irrevocably appoints the Security Agent to act as its agent, trustee, joint and several creditor or beneficiary of parallel debt (as the case may be) under this Agreement and with respect to the Security Documents and irrevocably authorises the Security Agent on its behalf to execute each Security Document expressed to be executed by the Security Agent on its behalf and perform such duties and exercise such rights and powers under this Agreement and the Security Documents as are specifically delegated to the Security Agent by the terms thereof, together with such rights, powers and discretions as are reasonably incidental thereto, including, without limitation, enforcing the Security Documents in accordance with the terms of this Agreement and the relevant Security Documents.

Appointment by Secured Parties. Subject to paragraph (f) below, each Secured Party irrevocably appoints the Security Agent in accordance with the following provisions of this Clause 21.1 to act as its security agent, mandatario con rappresentanza, trustee, joint and several creditor or, to the extent recognized and permitted by the applicable law, beneficiary of a parallel debt (as the case may be and other than for Security governed by Italian law) under or in connection with this Agreement and with respect to the other Debt Documents and (if applicable) the Senior Unsecured Only Security Documents, and irrevocably authorises and empowers the Security Agent (to the extent legally permissible with express faculty of self-contracting, sub-empowering or multiple representation, including, for the avoidance of doubt, the release from the restrictions set out in section 181 of the German Civil Code and any equivalent restriction under any other applicable law) on its behalf to:

Appointment by Secured Parties. (a) Each Secured Party (other than the Security Agent) irrevocably appoints the Security Agent to act as its agent, trustee, joint and several creditor or beneficiary of parallel debt (as the case may be) under this Agreement and with respect to the Security Documents and irrevocably authorizes the Security Agent on its behalf to execute each Security Document expressed to be executed by the Security Agent on its behalf and perform such duties and exercise such rights and powers under this Agreement and the Security Documents as are specifically delegated to the Security Agent by the terms thereof, together with such rights, powers and discretions as are reasonably incidental thereto. (b) The Security Agent declares that, unless expressly provided to the contrary in any Debt Document, it shall hold the Security Property on trust for the Secured Parties on the terms set out in this Agreement. (c) Each of the Parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or 130 in the Security Documents to which the Security Agent is expressed to be a party (and no others shall be implied). (d) The Security Agent shall be and is hereby authorised by each of the Secured Parties (and to the extent it may have any interest therein, every other Party) to execute on behalf of itself and each Secured Party and other Party where relevant: (i) following the occurrence of the Final Discharge Date, any release of any Transaction Security granted under the Security Documents; and (ii) to the extent contemplated or otherwise permitted or required under the terms of this Agreement and/or any relevant Debt Document, any other release of any Transaction Security.