Common use of Release of Substituted Obligor Clause in Contracts

Release of Substituted Obligor. An agreement by the Trustee pursuant to Condition 14.3 and this Clause 15.3 will, if so expressed, release the Issuer (or a previous substitute) from any or all of its obligations under the relevant Trust Deed, the ETP Securities and the other relevant Programme Documents. The Substituted Obligor shall give notice of the substitution to the ETP Securityholders within 14 calendar days of the execution of such documents and compliance with such requirements as set out in Condition 14.3 and this Clause 15.3.