Common use of Retirement of Security Trustee Clause in Contracts

Retirement of Security Trustee. Any 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 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. Funding 2 covenants that, in the event of a security trustee (being a sole trustee) giving notice under this Clause or being removed as referred to in Clause 26.1 (Powers of Funding 2) it shall use its best endeavours to procure a new trustee of this Deed to be appointed as soon as reasonably practicable thereafter (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, 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Rating Agencies confirm in writing that the current ratings of the Notes shall not be either downgraded, reviewed or withdrawn as a result of such appointment).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 Funding 2 the 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. Funding 2 The 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 26.1 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 the 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 Funding 2 the 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. Funding 2 The 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 26.1 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 the 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).

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 Funding 2 the 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. Funding 2 The 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 26.1 CLAUSE 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 the 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 Funding 2 the 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. Funding 2 The 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 26.1 CLAUSE 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 the 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 Funding 2 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. Funding 2 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 26.1 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 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 Funding 2 the 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. Funding 2 The 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 26.1 CLAUSE 25.1 (Powers Power of Funding 2) 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 (for the avoidance of doubt, in the same terms as this Deed)thereafter. If within 60 days of having given notice of its intention to retire, Funding 2 the 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).