Common use of TRUST CORPORATION Clause in Contracts

TRUST CORPORATION. Each of the Trustee and the Manager undertakes that if the only Note Trustee which is a Trust Corporation retires, resigns or is removed it will use its reasonable endeavours to appoint a new Note Trustee which is a Trust Corporation as soon as reasonably practicable. The retirement, resignation or removal of any Note Trustee shall not become effective until a successor Note Trustee which is a Trust Corporation is appointed. The Manager must assist the Trustee to appoint a new Note Trustee of this deed. If the Trustee fails to appoint a new Note Trustee within three months from such retirement, resignation or removal, the Note Trustee shall be entitled to appoint a new Note Trustee which is a Trust Corporation and such appointment shall be deemed to have been made under clause 22.2 of this deed.

TRUST CORPORATION. Each of the Trustee and the Trust Manager undertakes that if the only Note Trustee which is a Trust Corporation retires, resigns retires or is removed it will use its reasonable endeavours to appoint a new Note Trustee of this deed which is a Trust Corporation as soon as reasonably practicable. The retirement, resignation retirement or removal of any Note Trustee shall not become effective until a successor Note Trustee which is a Trust Corporation is appointed. The Trust Manager must assist the Trustee to appoint a new Note Trustee of this deed. If the Trustee fails to appoint a new Note Trustee within three months from such retirement, resignation retirement or removal, the Note Trustee shall be entitled to appoint a new Note Trustee which is a Trust Corporation and such appointment shall be deemed to have been made under clause 22.2 of this deed.