Common use of CHANGE OF SECURITY TRUSTEE Clause in Contracts

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. 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, the Seller, the Mortgages Trustee, Funding and each of the Account Bank Banks 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. 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. 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, the Seller, the Mortgages Trustee, Funding and the 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. 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.