Common use of Retirement of Security Trustee Clause in Contracts

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause 25.1 (Power of Third Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Seventh Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Seventh Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause CLAUSE 25.1 (Power of Third Seventh Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Seventh Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Fourth Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Fourth Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause 25.1 (Power of Third Fourth Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Fourth Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Sixth Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Sixth Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause CLAUSE 25.1 (Power of Third Sixth Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Sixth Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Issuer Funding 2 without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Issuer Funding 2 covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause 25.1 26.1 (Power Powers of Third Issuer), Funding 2) it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafterthereafter (for the avoidance of doubt, in the same terms as this Deed). If within 60 days of having given notice of its intention to retire, the Third Issuer Funding 2 has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Fifth Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Fifth Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause CLAUSE 25.1 (Power of Third Fifth Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Fifth Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).

Retirement of Security Trustee. Any security trustee for the time being of this Deed may retire at any time upon giving not less than three calendar months' prior notice in writing to the Third Second Issuer without assigning any reason therefor and without being responsible for any costs resulting from such retirement. Provided, however, that the retirement or removal of any security trustee shall not become effective unless there remains at least one security trustee hereof in office upon such retirement or removal. The Third Second Issuer covenants that, in the event of a security trustee (being a sole security trustee) giving notice under this Clause or being removed as referred to in Clause 25.1 (Power of Third Second Issuer), it shall use its best endeavours to procure a new security trustee of this Deed to be appointed as soon as reasonably practicable thereafter. If within 60 days of having given notice of its intention to retire, the Third Second Issuer has failed to appoint a replacement Security Trustee, the outgoing Security Trustee will be entitled to appoint its successor (provided that such successor is acceptable to the Rating Agencies and will agree to the terms of this Deed) and that the Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).