AGENT MAY APPOINT SUCCESSOR. If any Agent gives notice of its resignation in accordance with Clause 12.1 and by the tenth day before the expiration of such notice a Successor Agent has not been duly appointed, such Agent may itself, following such consultation with the Master Issuer as is practicable in the circumstances and with the prior written approval of the Note Trustee and the Master Issuer (provided such failure to appoint was not due to default by the Master Issuer), appoint as its Successor Agent any reputable and experienced bank or financial institution and give notice of such appointment to the Master Issuer, the remaining Agents and the Noteholders.
Appears in 5 contracts
Samples: Master Issuer Paying Agent and Agent Bank Agreement, Master Issuer Paying Agent and Agent Bank Agreement, Master Issuer Paying Agent and Agent Bank Agreement (Holmes Funding LTD)
AGENT MAY APPOINT SUCCESSOR. If any Agent gives notice of its resignation in accordance with Clause 12.1 and by the tenth day before the expiration of such notice a Successor Agent has not been duly appointed, such Agent may itself, following such consultation with the Master Issuer as is practicable in the circumstances and with the prior written approval of the Note Trustee and the Master Issuer (provided such failure to appoint was not due to default by the Master Issuer), appoint as its Successor Agent any reputable and experienced bank or financial institution and give notice of such appointment to the Master Issuer, the remaining Agents and the Noteholders.
Appears in 1 contract
Samples: Paying Agent and Agent Bank Agreement (Permanent Funding (No. 2) LTD)
