Common use of Retirement and Removal Clause in Contracts

Retirement and Removal. Any Trustee may retire at any time on giving at least three months’ written notice to the Issuers and the Guarantors 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 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 Issuers 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 three month notice period, the Trustee shall have the power to appoint a new Trustee.

Retirement and Removal. Any Trustee may retire at any time on giving at least three months’ ' written notice to the Issuers Issuer and the Guarantors 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 shall will not be effective until a trust corporation is appointed as successor TrusteeTrustee 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 Issuers shall 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.

Retirement and Removal. Any Trustee may retire at any time on giving at least three months’ ' written notice to the Issuers Issuer and the Guarantors 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 shall will not be effective until a trust corporation is appointed as successor TrusteeTrustee in accordance with Clause 13.1. If a sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal, the Issuers shall 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 13.1) to appoint a new Trustee.

Retirement and Removal. Any Trustee may retire at any time on giving at least three months’ written notice to the Issuers and the Guarantors Issuer 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 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 Issuers 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 three month notice period, the Trustee shall have the power to appoint a new Trustee.

Retirement and Removal. Any Trustee may retire at any time on giving at least three months’ written notice to the Issuers Issuer and the Guarantors 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 shall will 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 Issuers shall 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 to appoint a new Trustee.