Common use of APPOINTMENT OF A COMMON REPRESENTATIVE Clause in Contracts

APPOINTMENT OF A COMMON REPRESENTATIVE. In accordance with Article 14(5) of the Covered Bonds Law, the power of appointing a new common representative shall be vested in the holders of Covered Bonds and no person shall be appointed who shall not previously have been approved by a Resolution or Written Resolution of the holders of Covered Bonds. The holders of Covered Bonds may at any time, by means of a Resolution or Written Resolution, remove the Common Representative and appoint a new common representative in accordance with this clause and the applicable laws. The removal of any Common Representative shall not become effective unless there shall be a Common Representative hereof in office after such removal. Without prejudice to the possibility of substitution or replacement, only one person or entity may hold office as Common Representative under this Agreement at any one time.

APPOINTMENT OF A COMMON REPRESENTATIVE. In accordance with Article 14(5) article 14.5 of the Covered Bonds Law, the power of appointing a new common representative shall be vested in the holders of Covered Bonds and no person shall be appointed who shall not previously have been approved by a Resolution or Written Resolution of the holders of Covered Bonds. The holders of Covered Bonds may at any time, by means of a Resolution or Written Resolution, remove the Common Representative with cause and appoint a new common representative in accordance with this clause and the applicable laws. The removal of any Common Representative shall not become effective unless there shall be a Common Representative hereof in office after such removal. Without prejudice to the possibility of substitution or replacement, only one person or entity may hold office as Common Representative under this Agreement at any one time.

APPOINTMENT OF A COMMON REPRESENTATIVE. In accordance with Article 14(5) 14.5 of the Covered Bonds Law, the power of appointing a new common representative shall be vested in the holders of Covered Bonds and no person shall be appointed who shall not previously have been approved by a Resolution or Written Resolution of the holders of Covered Bonds. The holders of Covered Bonds may at any time, by means of a Resolution or Written Resolution, remove the Common Representative with cause and appoint a new common representative in accordance with this clause and the applicable laws. The removal of any Common Representative shall not become effective unless there shall be a Common Representative hereof in office after such removal. Without prejudice to the possibility of substitution or replacement, only one person or entity may hold office as Common Representative under this Agreement at any one time.