Common use of CHANGE OF SECURITY TRUSTEE Clause in Contracts

CHANGE OF SECURITY TRUSTEE. 19.1 If there is any change in the identity of the Security Trustee in accordance with the Funding 1 Deed of Charge, the Seller, the Mortgages Trustee and Funding 1 shall execute such documents and take such action as the successor Security Trustee and the outgoing Security Trustee may reasonably require for the purpose of vesting in the successor Security Trustee the rights and obligations of the outgoing Security Trustee hereunder and releasing the outgoing Security Trustee from its future obligations under this Agreement and the Seller shall give notice thereof to the Rating Agencies. 19.2 It is hereby acknowledged and agreed that by its execution of this Agreement the Security Trustee shall not assume or have any of the obligations or liabilities of the Seller or Funding 1 or the Mortgages Trustee hereunder.