Condition to Resignation and Termination. Without prejudice to Clause 14.5, no such resignation or termination of the appointment of an Agent pursuant to Clauses 14.1 and 14.2 shall, however, take effect until a replacement Agent (which in relation to the Issuing and Paying Agent shall be a bank or trust company) has been appointed and no resignation or termination of the appointment of a Paying Agent shall take effect if there would not then be Paying Agents as required by the Conditions or any Relevant Stock Exchange; provided that if the Issuer shall fail within a period of 30 calendar days of notice of resignation by any relevant Agent to appoint a successor to such Agent in circumstances where a successor for such Agent is required to be appointed pursuant to the Conditions of the relevant Series of ETP Securities, the Agent that has given notice of resignation shall be entitled to select a leading international bank of recognised good standing and repute acceptable to the Issuer and the Trustee to act as successor Agent and the Issuer shall appoint that bank as the successor Agent. The Issuer undertakes to notify any such resignation, appointment or termination to the holders of the ETP Securities pursuant to Clause 14.8. The payment of any successor Agent and the costs and expenses incurred by the Issuer in any termination, resignation, replacement or retirement of the relevant Agent shall be solely the responsibility of the Issuer.
Appears in 4 contracts
Samples: Agency Agreement, Agency Agreement, Agency Agreement
