Common use of Removal of Security Trustee Clause in Contracts

Removal of Security Trustee. 13.2.1 If at any time the Security Trustee shall be legally unable to act, or shall be adjudged insolvent, or a receiver of the Security Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Loan Note Issuer shall notify the Loan Note Holders of each Series of Loan Notes and such Loan Note Holders shall instruct the Loan Note Issuer by way of a Term Series Direction, in respect of each Term Series of Loan Notes, or a VFN Series Direction, in respect of each VFN Series of Loan Notes, in each case in accordance with the provisions of the Loan Note Supplement for each relevant Series and this Deed, whether to remove the Security Trustee and, if so, shall direct the Loan Note Issuer as to which person to appoint as a successor Security Trustee. The Loan Note Issuer shall, upon receiving such direction, promptly appoint such person as successor Security Trustee as detailed in Clause 13.4 (Successor Security Trustee) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Security Trustee so removed and one copy to the successor Security Trustee. 13.2.2 The Secured Creditors of all Outstanding Series of Loan Notes may at any time by direction signed by all the Secured Creditors (other than the Security Trustee) in writing addressed to the Security Trustee and the Loan Note Issuer remove the Security Trustee and shall do so by giving written notice thereof to the Security Trustee and the Loan Note Issuer, such notice to contain a direction to the Loan Note Issuer as to which person to appoint as a successor Security Trustee. Upon receiving such notice, the Loan Note Issuer shall be vested with the power to appoint such successor Security Trustee and shall promptly make such appointment as detailed in Clause 13.4 (Successor Security Trustee) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Security Trustee being removed and one copy to the successor Security Trustee.

Removal of Security Trustee. 13.2.1 If at any time the Security Trustee shall be legally unable to act, or shall be adjudged insolvent, or a receiver of the Security Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Loan Note Issuer shall notify the Loan Note Holders of each Series of Loan Notes and such Loan Note Holders shall instruct the Loan Note Issuer by way of a Term Series Direction, in respect of each Term Series of Loan Notes, or a VFN Series Direction, in respect of each VFN Series of Loan Notes, in each case in accordance with the provisions of the Loan Note Supplement for each relevant Series and this Deed, whether to remove the Security Trustee and, if so, shall direct the Loan Note Issuer as to which person to appoint as a successor Security Trustee. The Loan Note Issuer shall, upon receiving such direction, promptly appoint such person any successor specified therein as successor Security Trustee as detailed in Clause 13.4 (Successor Security Trustee) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Security Trustee so removed and one copy to the successor Security Trustee. 13.2.2 The Secured Creditors of all Outstanding Series of Loan Notes may at any time by direction signed by all the Secured Creditors (other than the Security Trustee) in writing addressed to the Security Trustee and the Loan Note Issuer remove the Security Trustee and shall do so by giving written notice thereof to the Security Trustee and the Loan Note Issuer, such notice to contain a direction to the Loan Note Issuer as to which person to appoint as a successor Security Trustee. Upon receiving such notice, the Loan Note Issuer shall be vested with the power to appoint such successor Security Trustee and shall promptly make such appointment as detailed in Clause 13.4 (Successor Security Trustee) by written instrument, in duplicate, one copy of which instrument shall be delivered to the Security Trustee being removed and one copy to the successor Security Trustee.