Common use of Retirement and Removal Clause in Contracts

Retirement and Removal. Any Trustee and/or Security Trustee may retire at any time on giving at least three months’ written notice to the Issuer without giving any reason or being responsible for any costs or liabilities occasioned by such retirement and the Bondholders may by Extraordinary Resolution remove any Trustee and/or Security Trustee, provided that the retirement or removal of a sole Trustee and/or Security Trustee will not be effective until a trust corporation is appointed as successor Trustee and/or Security Trustee, as the case may be. If a sole Trustee and/or Security Trustee 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 and/or Security Trustee, as the case may be, but if it fails to do so before the expiry of such three-month notice period, the Trustee or the Security Trustee, as the case may be, shall have the power (at the expense of the Issuer) to appoint a new Trustee or Security Trustee, as the case may be.