Retirement and Removal. Any Trustee may retire at any time on giving at least three months' written notice to the Issuer and the Guarantor without giving any reason or 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 a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.1. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will 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 three month notice period, the Trustee shall have the power (at the expense of the Issuer and subject to Clause 14.1) to appoint a new Trustee.
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Samples: Trust Deed
Retirement and Removal. Any Trustee may retire at any time on giving at least three months' written notice to the Issuer and the Guarantor without giving any reason or 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 a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.113.1. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but if it fails to do so before the day falling 10 days prior to the expiry of such three month notice period, the Trustee shall have the power (at the expense of the Issuer and subject to Clause 14.113.1) to appoint a new Trustee.
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Samples: Trust Deed
Retirement and Removal. Any Trustee may retire at any time on giving at least three months' written notice to the Issuer and the Guarantor without giving any reason or being responsible for any costs occasioned by such retirement and the Noteholders Bondholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.1Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but and if it fails to do so before does not procure the appointment of a new trustee within 30 days of the expiry of such three month the Trustee's notice periodreferred to in this Clause, the Trustee shall have the power (at the expense of the Issuer and subject be entitled to Clause 14.1) to appoint procure forthwith a new Trusteetrustee.
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Retirement and Removal. Any Trustee may retire at any time on giving at least three months' ’ written notice to the Issuer and the Guarantor without giving any reason or 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 a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.1Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but and if it fails to do so before does not procure the appointment of a new trustee within 30 days of the expiry of such three month the Trustee’s notice periodreferred to in this Clause, the Trustee shall have the power (at the expense of the Issuer and subject be entitled to Clause 14.1) to appoint procure forthwith a new Trusteetrustee.
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Samples: Trust Deed (PPL Corp)
Retirement and Removal. Any Trustee may retire at any time on giving at least three two months' ’ written notice to the Issuer and the Guarantor Bank without giving any reason or being responsible for any costs occasioned by such retirement. The retirement and the of any Trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after such retirement. The Noteholders may by Extraordinary Resolution and having given not less than two months’ prior written notice remove any Trustee provided that the retirement or removal of a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.1Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will Bank shall use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but if it Trustee. If the Bank fails to do so before the expiry of such three month notice period, the Trustee shall have the power (at the expense of the Issuer and subject to Clause 14.1) to appoint a new TrusteeTrustee within 30 days following the notice or Extraordinary Resolution referred to in this Clause 14.2, the Trustee may do so.
Appears in 1 contract
Samples: Trust Deed
Retirement and Removal. Any Trustee may retire at any time on giving at least three months' ’ written notice to the Issuer and the Guarantor without giving any reason or 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 a sole trust corporation will not be effective until a trust corporation is appointed as successor Trustee in accordance with Clause 14.1Trustee. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuer will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee but if it the Issuer fails to do so before the expiry of such three month months’ notice period, the Trustee shall have the power (at the expense of the Issuer and subject to Clause 14.1) to appoint a new Trustee.
Appears in 1 contract
Samples: Trust Deed