Common use of Retirement or Removal not Effective Clause in Contracts

Retirement or Removal not Effective. The retirement or removal of any Note Trustee shall not become effective unless (i) there remains at least one trustee hereof being a trust corporation in office upon such retirement or removal and (ii) while the Bank of New York remains Note Trustee, the Bank of New York, in its capacity as Security Trustee shall also retire or be removed simultaneously. The Current Issuer covenants that, in the event of a trustee (being a sole trustee or the only trust corporation) giving notice or being removed under Clause 14.5 (Retirement or Removal of Note Trustee) it shall use its best endeavours to procure a new Note Trustee of these presents (being a trust corporation) to be appointed as soon as reasonably practicable thereafter (for the avoidance of doubt, on the same terms as these presents). If within 30 days of having given notice of its intention to retire, the Current Issuer has failed to appoint a replacement Note Trustee, the outgoing Note Trustee will be entitled to appoint its successor provided that the Rating Agencies confirm that the then current ratings of the Current Issuer Notes shall not be either downgraded or reviewed as a result of such appointment.

Retirement or Removal not Effective. The retirement or removal of any Note Security Trustee shall not become effective unless (i1) there remains at least one trustee hereof being a trust corporation in office upon such retirement or removal and (ii2) while there remains at least one trustee of each Issuer Trust Deed and Issuer Deed of Charge being the Bank of New York remains Note Trustee, the Bank of New York, in its capacity as Security Trustee shall also retire or be removed simultaneouslysame trust corporation. The Current Issuer Funding covenants that, in the event of a trustee (being a sole trustee or the only trust corporation) giving notice under Clause 17.5 (Retirement of Security Trustee) or being removed under as referred to in Clause 14.5 17.1 (Retirement or Removal Power of Note TrusteeFunding) it shall use its best endeavours to procure a new Note Security Trustee of these presents this Deed (being a trust corporation) to be appointed as soon as reasonably practicable thereafter (for the avoidance of doubt, on in the same terms as these presentsthis Second Priority Funding Deed of Charge). If within 30 60 days of having given notice of its intention to retire, the Current Issuer Funding has failed to appoint a replacement Note Security Trustee, the outgoing Note Security Trustee will be entitled to appoint its successor (provided that the Rating Agencies confirm that the then current ratings of the Current Issuer Notes shall not be either downgraded downgraded, reviewed or reviewed withdrawn as a result of such appointment).

Retirement or Removal not Effective. The retirement or removal of any Note Trustee shall not become effective unless (i) there remains at least one trustee hereof being a trust corporation in office upon such retirement or removal and (ii) while the if The Bank of New York remains is the retiring Note TrusteeTrustee or the Note Trustee being removed, the The Bank of New York, in its capacity capacities as Issuer Security Trustee shall and Funding 2 Security Trustee also retire retires or be is removed simultaneously. The Current Master Issuer covenants that, in the event of a trustee (being a sole trustee or the only trust corporation) giving notice or being removed under Clause 14.5 (Retirement or Removal of Note Trustee) it shall use its best endeavours to procure a new Note Trustee of these presents (being a trust corporation) to be appointed as soon as reasonably practicable thereafter (for the avoidance of doubt, on the same terms as these presents). If within 30 days of having given notice of its intention to retire, the Current Master Issuer has failed to appoint a replacement Note Trustee, the outgoing Note Trustee will be entitled to appoint its successor provided that the Rating Agencies confirm that the then current ratings of the Current Issuer Notes shall not be either downgraded or reviewed as a result of such appointment.

Retirement or Removal not Effective. The retirement or removal of any Note Trustee shall not become effective unless (i) there remains at least one trustee hereof being a trust corporation in office upon such retirement or removal and (ii) while the Bank of New York remains Note Trustee, the Bank of New York, in its capacity as Security Trustee shall also retire or be removed simultaneously. The Current Master Issuer covenants that, in the event of a trustee (being a sole trustee or the only trust corporation) giving notice or being removed under Clause 14.5 (Retirement or Removal of Note Trustee) it shall use its best endeavours to procure a new Note Trustee of these presents (being a trust corporation) to be appointed as soon as reasonably practicable thereafter (for the avoidance of doubt, on the same terms as these presents). If within 30 days of having given notice of its intention to retire, the Current Master Issuer has failed to appoint a replacement Note Trustee, the outgoing Note Trustee will be entitled to appoint its successor provided that the Rating Agencies confirm that the then current ratings of the Current Issuer Notes shall not be either downgraded or reviewed as a result of such appointment.