Common use of Retirement and Removal Clause in Contracts

Retirement and Removal. Any trustee may retire at any time on giving at least 60 calendar days' prior written notice to the Issuer without giving any reason or being responsible for any costs occasioned by such retirement and the ETP Securityholders may by Extraordinary Resolution remove any trustee, provided that the retirement or removal of a sole trust corporation shall not be effective until a trust corporation is appointed as successor trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer shall use all reasonable endeavours to procure that another trust corporation be appointed as trustee but if it fails to do so before the expiry of such 60 calendar day notice period, the trustee shall have the power to appoint a new trustee.

Retirement and Removal. Any trustee Trustee may retire at any time on giving at least 60 calendar days' prior ’ written notice to the Issuer Issuers and the Guarantors without giving any reason or being responsible for any costs occasioned by such retirement and the ETP Securityholders ECN Holders may by Extraordinary Resolution remove any trustee, Trustee provided that the retirement or removal of a sole trust corporation shall not be effective until a trust corporation is appointed as successor trusteeTrustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer Issuers shall use all reasonable endeavours to procure that another trust corporation be appointed as trustee Trustee but if it fails to do so before the expiry of such 60 calendar day notice periodperiod or within 30 days after the passing of any such Extraordinary Resolution, the trustee Trustee shall have the power to appoint a new trusteeTrustee.

Retirement and Removal. Any trustee Trustee may retire at any time on giving at least 60 calendar days' prior ’ written notice to the Issuer without giving any reason or being responsible for any costs occasioned by such retirement retirement, and the ETP Securityholders may Noteholders may, by Extraordinary Resolution Written Resolution, remove any trusteeTrustee, provided that the retirement or removal of a sole trust corporation shall not be effective until a trust corporation is appointed as successor trusteeTrustee. If a sole trust corporation gives notice of retirement or an Extraordinary a Written Resolution is passed for its removal, the Issuer shall use all reasonable endeavours to procure that another trust corporation be appointed as trustee but Trustee but, if it fails to do so before the expiry of such 60 calendar 60-day notice periodperiod or by any period specified in a Written Resolution, the trustee Trustee shall have the power to appoint a new trusteeTrustee.