Common use of Completion of Substitution Clause in Contracts

Completion of Substitution. Upon the execution of such documents and compliance with such requirements, the Substituted Obligor will be deemed to be named in this Trust Deed and the Subordinated Notes as the principal debtor in place of the Issuer (or of any previous Substituted Obligor under this Clause 15.2) and this Trust Deed and the Subordinated Notes will be deemed to be modified in such manner as shall be necessary to give effect to the substitution and, without prejudice to the generality of the foregoing, any references in this Trust Deed or the Subordinated Notes to the Issuer shall be deemed to be references to the Substituted Obligor. Any such substitution shall be binding on the Noteholders and shall be notified promptly to the Noteholders in accordance with Condition 17 (Notices); and

Completion of Substitution. Upon the execution of such documents and compliance with such requirements, the Substituted Obligor will be deemed to be named in this Trust Deed and the Subordinated Notes as the principal debtor in place of the Issuer (or of any previous Substituted Obligor under this Clause 15.217.2) and this Trust Deed and the Subordinated Notes will be deemed to be modified in such manner as shall be necessary to give effect to the substitution and, without prejudice to the generality of the foregoing, any references in this Trust Deed or the Subordinated Notes to the Issuer shall be deemed to be references to the Substituted Obligor. Any such substitution shall be binding on the Noteholders and shall be notified promptly to the Noteholders in accordance with Condition 17 (Notices)16; and