Common use of Change of Master Issuer Security Trustee Clause in Contracts

Change of Master Issuer Security Trustee. In the event that there is any change in the identity of the Master Issuer Security Trustee or an additional Master Issuer Security Trustee is appointed in accordance with the provisions of the Master Issuer Deed of Charge, the existing Master Issuer Security Trustee, the new Master Issuer Security Trustee or the retiring Master Issuer Security Trustee, as the case may be, the Master Issuer Cash Manager, the Master Issuer and each Master Issuer Account Bank shall execute such documents and take such actions as such of the existing Master Issuer Security Trustee, the new Master Issuer Security Trustee or the retiring Master Issuer Security Trustee, as the case may be, shall agree are reasonably necessary for the purpose of vesting in such new Master Issuer Security Trustee the rights, benefits and obligations of the Master Issuer Security Trustee under this Agreement and under the Master Issuer Deed of Charge and, if relevant, releasing the retiring Master Issuer Security Trustee from its future obligations hereunder and thereunder. It is acknowledged that a trust corporation may be appointed as sole trustee and in the event that there are one or more Master Issuer Security Trustees, at least one of such Master Issuer Security Trustees shall be a trust corporation.

Change of Master Issuer Security Trustee. In the event that there is any change in the identity of the Master Issuer Security Trustee or an additional Master Issuer Security Trustee is appointed in accordance with the provisions of the Master Issuer Deed of Charge, the existing Master Issuer Security Trustee, the new Master Issuer Security Trustee or the retiring Master Issuer Security Trustee, as the case may be, the Master Issuer Cash Manager, the Master Issuer and each the Master Issuer Account Bank shall execute such documents and take such actions as such of the existing Master Issuer Security Trustee, the new Master Issuer Security Trustee or the retiring Master Issuer Security Trustee, as the case may be, shall agree are reasonably necessary for the purpose of vesting in such new Master Issuer Security Trustee the rights, benefits and obligations of the Master Issuer Security Trustee under this Agreement and under the Master Issuer Deed of Charge and, if relevant, releasing the retiring Master Issuer Security Trustee from its future obligations hereunder and thereunder. It is acknowledged that a trust corporation may be appointed as sole trustee and in the event that there are one or more Master Issuer Security Trustees, at least one of such Master Issuer Security Trustees shall be a trust corporation.