Common use of NOTE TRUSTEE'S RETIREMENT AND REMOVAL Clause in Contracts

NOTE TRUSTEE'S RETIREMENT AND REMOVAL. 20.1 A trustee of this Deed may retire at any time on giving not less than 30 days prior written notice to the Issuer without assigning any reason and without being responsible for any costs occasioned by such retirement. The Class A Noteholders or, if none of the Class A Notes remain outstanding, the Class B Noteholders or if none of the Class B Notes remain outstanding, the Class C Noteholders shall have the power exercisable by Extraordinary Resolution to remove any trustee or trustees for the time being of this Deed. The Issuer undertakes that in the event of the only trustee hereof which is a Trust Corporation giving notice under this Clause or being removed by Extraordinary Resolution it will use all reasonable endeavours to procure a new trustee of this Deed being a Trust Corporation to be appointed as soon as reasonably practicable thereafter. The retirement or removal of any such trustee shall not become effective until a successor trustee being a Trust Corporation is appointed, provided that if the Issuer shall fail to appoint a successor within 60 days of the Note Trustee giving notice of resignation, then the retiring Note Trustee, having regard to the provisions of Clause 20 may appoint a successor.

NOTE TRUSTEE'S RETIREMENT AND REMOVAL. 20.1 A trustee of this Deed may retire at any time on giving not less than 30 days prior written notice to the Issuer without assigning any reason and without being responsible for any costs occasioned by such retirement. The Class A A1 Noteholders and the Class A2 Noteholders or, if none of the Class A A1 Notes or the Class A2 Notes remain outstanding, the Class B Noteholders or if none of the Class B Notes remain outstanding, the Class C Noteholders shall have the power exercisable by Extraordinary Resolution to remove any trustee or trustees for the time being of this Deed. The Issuer undertakes that in the event of the only trustee hereof which is a Trust Corporation giving notice under this Clause or being removed by Extraordinary Resolution it will use all reasonable endeavours to procure a new trustee of this Deed being a Trust Corporation to be appointed as soon as reasonably practicable thereafter. The retirement or removal of any such trustee shall not become effective until a successor trustee being a Trust Corporation is appointed, provided that if the Issuer shall fail to appoint a successor within 60 days of the Note Trustee giving notice of resignation, then the retiring Note Trustee, having regard to the provisions of Clause 20 may appoint a successor.