Common use of Retirement and Removal Clause in Contracts

Retirement and Removal. Any Trustee may retire at any time on giving not less than three months' notice in writing to the Issuer without giving any reason and without being responsible for any costs occasioned by such retirement, and the Noteholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of any sole trustee or sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee. If a sole trustee or sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee and if it shall not do so within a reasonable period, the Trustee shall be entitled to do so on the Issuer’s behalf and at the Issuer’s cost.

Retirement and Removal. Any Trustee may retire at any time on giving not less than three months' notice in writing to the Issuer without giving any reason and without being responsible for any costs occasioned by such retirement, and the Noteholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of any sole trustee or sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee. If a sole trustee or sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee and if it shall not do so within a reasonable period, the Trustee shall be entitled to do so on the Issuer’s behalf and at the Issuer’s cost.

Retirement and Removal. Any Trustee may retire at any time on giving not less than three months' notice in writing to the Issuer Company without giving any reason and without being responsible for any costs occasioned by such retirement, retirement and the Noteholders Bondholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of any sole trustee Trustee or sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee. If a sole trustee Trustee or sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal under this ClauseClause 16.2, the Issuer it will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee. Any replacement or retirement of a Trustee will be notified by the Company to the Bondholders and if it shall not do so within a reasonable period, to the Trustee shall be entitled to do so on the Issuer’s behalf and at the Issuer’s costAgents as soon as practicable.