Common use of Assignment and transfer by Security Trustee Clause in Contracts

Assignment and transfer by Security Trustee. The Security Trustee may assign and/or transfer all or any of its rights and/or obligations under this Deed without the prior written consent of the Chargor. Where the assignee is a successor of the Security Trustee, upon such assignment and transfer taking effect, the assignee shall be and be deemed to be acting as security trustee for the Beneficiaries for the purposes of this Deed and in place of the Security Trustee.