CHANGE OF SECURITY TRUSTEE Sample Clauses

CHANGE OF SECURITY TRUSTEE. 29.1 If there is any change in the identity of the Security Trustee in accordance with the Funding 1 Deed of Charge, the Servicer, the Seller, Funding 1 and the Mortgages Trustee shall execute such documents and take such action as the successor Security Trustee and the outgoing Security Trustee may reasonably require for the purpose of vesting in the successor Security Trustee the rights and obligations of the outgoing Security Trustee under this Agreement and releasing the outgoing Security Trustee from its future obligations under this Agreement. 29.2 It is hereby acknowledged and agreed that by its execution of this Agreement the Security Trustee shall not assume or have any of the obligations or liabilities of the Servicer, the Seller, Funding 1 or the Mortgages Trustee under this Agreement.

CHANGE OF SECURITY TRUSTEE. In the event that there is any change in the identity of the Security Trustee or an additional security trustee is appointed in accordance with the Deed of Charge, the Cash Manager shall execute such documents with any other parties to this Agreement and take such actions as such new security trustee may require for the purposes of vesting in such new security trustee the rights of the Security Trustee under this Agreement and under the Deed of Charge and releasing the retiring Security Trustee from further obligations thereunder.

CHANGE OF SECURITY TRUSTEE. (a) If there is any change in the identity of the Security Trustee in accordance with the Deed of Charge, the Collateral Account Bank, the Cash Manager and the Issuer shall execute such documents and take such action as the successor security trustee and the outgoing Security Trustee may reasonably require for the purpose of vesting in the successor security trustee the rights and powers of the outgoing Security Trustee under this Agreement and releasing the outgoing Security Trustee from its future obligations under this Agreement. (b) It is hereby acknowledged and agreed that by its execution of this Agreement the Security Trustee shall not assume or have any obligations or liabilities to the Collateral Account Bank, the Cash Manager or the Issuer under this Agreement notwithstanding any provision herein and that the Security Trustee has agreed to become a party to this Agreement for the purpose only of taking the benefit of this Agreement and agreeing to amendments to this Agreement pursuant to Clause 27 (Amendments). Any liberty or right which may be exercised (or not exercised, as the case may be) or determination which may be made under this Agreement by the Security Trustee may be exercised (or not exercised, as the case may be) or made in the Security Trustee's absolute discretion or as directed by the Note Trustee pursuant to the Deed of Charge without any obligation to give reasons therefor and the Security Trustee shall not be responsible for any liability occasioned by so acting but subject always to the provisions of the Deed of Charge. Without prejudice to the obligations of the Issuer, neither the Security Trustee nor any receiver appointed pursuant to the Deed of Charge shall be liable to pay any amounts due under this Agreement, subject as provided in Clause 6.3 (Payments under the Cash Management Agreement) of the Deed of Charge. All the provisions of the Deed of Charge and the Trust Deed relating to the exercise by the Security Trustee of its powers, trusts, authorities, duties, rights and discretions shall apply, mutatis mutandis, to the discharge by the Security Trustee of its powers, trusts, authorities, duties, rights and discretions under this Agreement.

CHANGE OF SECURITY TRUSTEE. 25 30. Amendments...............................................................25 31.

CHANGE OF SECURITY TRUSTEE. 19.1 If there is any change in the identity of the Security Trustee in accordance with the Funding 1 Deed of Charge, the Seller, the Mortgages Trustee and Funding 1 shall execute such documents and take such action as the successor Security Trustee and the outgoing Security Trustee may reasonably require for the purpose of vesting in the successor Security Trustee the rights and obligations of the outgoing Security Trustee hereunder and releasing the outgoing Security Trustee from its future obligations under this Agreement and the Seller shall give notice thereof to the Rating Agencies. 19.2 It is hereby acknowledged and agreed that by its execution of this Agreement the Security Trustee shall not assume or have any of the obligations or liabilities of the Seller or Funding 1 or the Mortgages Trustee hereunder.

CHANGE OF SECURITY TRUSTEE. In the event that there is any change in the identity of the Security Trustee or an additional Security Trustee is appointed in accordance with the Funding 1 Deed of Charge, as the case may be, the Cash Manager shall execute such documents with any other parties to this Agreement and take such actions as such new Security Trustee may reasonably require for the purposes of vesting in such new Security Trustee the rights of the Security Trustee under this Agreement and under the Funding 1 Deed of Charge and releasing the retiring Security Trustee from further obligations thereunder and while any of the Notes of any Issuer remains outstanding shall give notice thereof to the Rating Agencies.

CHANGE OF SECURITY TRUSTEE. 17.1 If there is any change in the identity of the Security Trustee in accordance with the Deed of Charge, the Seller and the LLP shall execute such documents and take such action as the successor Security Trustee and the outgoing Security Trustee may reasonably require for the purpose of vesting in the successor Security Trustee the lights and powers of the outgoing Security Trustee hereunder and the Seller shall give notice thereof to the Rating Agencies. 17.2 It is hereby acknowledged and agreed that by its execution of this Agreement the Security Trustee shall not assume or have any obligations or liabilities to the Seller or the LLP hereunder.

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

CHANGE OF SECURITY TRUSTEE. 21 20. Not Used..............................................................21 21.

CHANGE OF SECURITY TRUSTEE. In the event that there is any change in the identity of the Security Trustee or an additional Security Trustee is appointed in accordance with the provisions of the Seventh Issuer Deed of Charge, the existing Security Trustee, the new Security Trustee or the retiring Security Trustee, as the case may be, the Seventh Issuer Cash Manager, the Seventh Issuer and the Seventh Issuer Account Bank shall execute such documents and take such actions as such of the new Security Trustee and the retiring Security Trustee or, as the case may be, the existing Security Trustee shall agree are reasonably necessary for the purpose of vesting in such new Security Trustee the rights, benefits and obligations of the Security Trustee under this Agreement and releasing the retiring Security Trustee from its future obligations hereunder.