Common use of Termination by the Issuer Clause in Contracts

Termination by the Issuer. (a) The Issuer, or PML as Administrator on its behalf, may (with the prior written approval of the Trustee, such approval not to be required where PML as Administrator exercises its right under Clause 6.5.3(b) of the Administration Agreement) revoke its appointment of the Account Bank by not less than 30 days' notice to the Account Bank (with a copy, to the Trustee). Such revocation shall not take effect until a replacement financial institution or institutions (in each case, which is an Authorised Entity) chosen by the Issuer or PML as Administrator (with the prior written consent of the Trustee, such consent not to be required where a certificate is provided to the Trustee pursuant to Clause 6.5.4 of the Administration Agreement) shall have entered into an agreement on terms substantially similar to those set out in this Agreement, provided that (i) where the Issuer or PML as Administrator determines that it is not practicable, taking into account the then prevailing market conditions, to agree terms substantially similar to those set out in this Agreement with such financial institution, the Issuer, or, as the case may be, PML as Administrator shall have certified in writing to the Trustee that, to the extent the terms are not substantially similar as aforementioned, such terms are reasonable commercial terms taking into account the then prevailing current market conditions, which certificate may be relied upon by the Trustee without liability and without further enquiry and shall be conclusive and binding on all parties and the Secured Parties and (ii) the Trustee shall not be obliged to enter into any such arrangements if to do so would, in the sole opinion of the Trustee, have the effect of increasing the obligations or duties, or decreasing the protections, of the Trustee in the Relevant Documents and/or the Conditions.

Termination by the Issuer. (a) The Issuer, or PML as the Administrator on its behalf, may (with the prior written approval of the Trustee, such approval not to be required where PML as the Administrator exercises its right under Clause 6.5.3(b6.6.3(b) of the Administration Agreement) revoke its appointment of the Account Bank by not less than 30 days' notice to the Account Bank (with a copy, to the Trustee). Such revocation shall not take effect until a replacement financial institution or institutions (in each case, which is an Authorised Entity) chosen by the Issuer or PML as the Administrator (with the prior written consent of the Trustee, such consent not to be required where a certificate is provided to the Trustee pursuant to Clause 6.5.4 6.6.4 of the Administration Agreement) shall have entered into an agreement on terms substantially similar to those set out in this Agreement, provided that (i) where the Issuer or PML as the Administrator determines that it is not practicable, taking into account the then prevailing market conditions, to agree terms substantially similar to those set out in this Agreement with such financial institution, the Issuer, or, as the case may be, PML as the Administrator shall have certified in writing to the Trustee that, to the extent the terms are not substantially similar as aforementioned, such terms are reasonable commercial terms taking into account the then prevailing current market conditions, which certificate may be relied upon by the Trustee without liability and without further enquiry and shall be conclusive and binding on all parties and the Secured Parties and (ii) the Trustee shall not be obliged to enter into any such arrangements if to do so would, in the sole opinion of the Trustee, have the effect of increasing the obligations or duties, or decreasing the protections, of the Trustee in the Relevant Documents and/or the Conditions.