Replacement of Security Trustee. (a) If Security Trustee is replaced as trustee under the Security Trust Deed, then:
Replacement of Security Trustee. If Security Trustee is replaced as trustee under the Security Trust Deed, then: Security Trustee may assign, transfer or novate (or do any combination of these things in respect of) its rights and obligations under this Deed to the replacement trustee if it has all the required qualifications, consents, authorisations and approvals necessary to carry on a business similar to the Security Trustee; Security Trustee may be released from its obligations under this Deed when the replacement security trustee provides, in a form and substance reasonably acceptable to the Operator and the Commonwealth: copies of a deed poll under which the replacement security trustee undertakes to be bound by this Deed as if it were the Security Trustee with effect from the date of that deed poll; and evidence that it has undertaken to be bound by each other document to which the Security Trustee is bound in its capacity as security trustee; and the other parties agree to co-operate and to execute such documents as are reasonably necessary to give effect to any such assignment, transfer or novation (or any combination of them). The Operator must pay the Commonwealth’s legal and other costs and expenses incurred in complying with this clause 1.13.
Replacement of Security Trustee. (Novation): If the Security Trustee is replaced as trustee under the Security Trust Deed, then the Security Trustee must ensure the conditions in clause 13.2 are satisfied by no later than the time at which the replacement becomes effective. (Novation deed): Each party agrees that, subject to the Security Trustee complying with clause 1.15(a), it will enter into a novation deed with any replacement security trustee that is appointed under the Security Trust Deed (in a form reasonably acceptable to the State, the Security Trustee and the replacement security trustee). Finance Documents Project Co represents and warrants to the State that: (full disclosure): before the date of this Deed, it has fully disclosed to the State the terms of the Finance Documents; and (documents governing and creating Project Co's financial indebtedness): those Finance Documents (together with the Equity Documents) are, on the date of this Deed, the only documents governing or creating Project Co's financial indebtedness. Continuance of rights (Rights not affected): This Deed does not affect the rights or obligations of a party under a Project Document, except to the extent expressly provided in this Deed. (Liability not affected): The failure by a party (other than Project Co) to comply with the provisions of this Deed does not affect the liability of Project Co under any other Project Document. Representations and warranties Each party represents and warrants to each other party that:
Replacement of Security Trustee. (a) (Assignment or novation): If the Security Trustee is replaced as trustee under the Security Trust Deed, then the Security Trustee may assign, novate or otherwise transfer its rights and obligations under this Deed to the replacement trustee.
Replacement of Security Trustee. REMOVAL OF SECURITY TRUSTEE 10.1 If they are different persons, the Agent may remove the Security Trustee from office, or if the Agent and the Security Trustee are the same person, the Majority of Senior Creditors may remove the Security Trustee from office, in each case by notice given to the Security Trustee, if:
Replacement of Security Trustee. 23 10.1.Resignation of Security Trustee 23 10.2.Removal of Security Trustee 24 10.3.Effect of resignation or removal 24 10.4.Costs of resignation or removal 24 10.5.Assurances 24 10.6.Appointment of successor Security Trustee 24 11.Administrative Agent provisions 25 11.1.Communication by Lenders 25 11.2.Capacity and dealings 25 11.3.Information about Lenders 26 11.4.Notification of Event of Default and Enforcement Date 26 11.5.Assignment by Administrative Agent 26
Replacement of Security Trustee. (1) The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to Westaim and S&N sixty (60) days notice in writing or such shorter notice as Westaim may accept as sufficient. If at any time a material conflict of interest in the Security Trustee’s role as a fiduciary hereunder arises, the Security Trustee must, within thirty (30) days after ascertaining that it has such a conflict, either eliminate such conflict or resign in the manner and with the effect specified in this Section 7.2. S&N may remove the Security Trustee and appoint a new Security Trustee. In the event of the Security Trustee resigning or being so removed by S&N or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, Westaim shall forthwith appoint a new Security Trustee unless a new Security Trustee has already been appointed by S&N; failing such appointment by Westaim the retiring Security Trustee, at Westaim’s expense, may apply to a Justice of the Court of Queen’s Bench of Alberta, on such notice as the Court may direct, for the appointment of a new Security Trustee; but any new Security Trustee so appointed by Westaim or by the Court will be subject to removal by S&N. Any new Security Trustee appointed under any provision of this Section 7.1 must be a corporation authorized to carry on the business of a trust company in the
