Resignation of the Security Trustee Clause Samples
The 'Resignation of the Security Trustee' clause outlines the process and conditions under which the security trustee may step down from their role in a secured transaction. Typically, this clause specifies the notice period the trustee must provide, the requirements for appointing a successor, and the transfer of rights and obligations to the new trustee. Its core function is to ensure continuity and stability in the administration of security interests, preventing gaps in representation and safeguarding the interests of secured parties if the original trustee resigns.
Resignation of the Security Trustee. 22.2.6.1. In the event that as a result of any law it shall become illegal for Bank Hapoalim (or any subsequent Security Trustee) to act as Security Trustee, it may retire without being responsible for the costs occasioned by such retirement by giving not less than 30 (thirty) days’ (or such lesser period if required under law to resign within a shorter period) prior written notice to that effect to the Facility Agent (with a copy to the Borrower), provided that the retirement or removal of the Security Trustee shall not take effect until the appointment of a new Security Trustee and the assignment from the Security Trustee to such new trustee of all its rights and obligations under the Finance Documents (including this Agreement) in accordance with this clause 22.2.
6.1. Upon appointment as aforesaid, the Security Trustee shall assign to the new trustee all its rights and obligations under the Finance Documents (including this Agreement), such assignment to be in a form as reasonably approved by the Facility Agent.
22.2.6.2. If the Security Trustee gives notice of its resignation pursuant to clause 22.2.6.1 above, then any one of the Israeli banks being Lenders may be appointed as a successor to the Security Trustee by the Lenders during the period of such notice but, if no such successor may be appointed under law or if no such Israeli bank is willing to act as the Security Trustee, the Facility Agent shall appoint as the Security Trustee’s successor any reputable and experienced Israeli bank.
22.2.6.3. If a successor to the Security Trustee is appointed under the provisions of clause 22.2.6.1 above, then: (a) the departing Security Trustee shall be discharged from any further obligation under the Finance Documents, in its capacity as Security Trustee; and (b) its successors and each of the other Finance Parties and the Borrower shall have the same rights and obligations amongst themselves as they would have had if such successor had been the original Security Trustee.
Resignation of the Security Trustee. 30.1.1 The Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the Agent.
Resignation of the Security Trustee. (a) The Security Trustee may resign and appoint one of its affiliates as successor by giving notice to the Company, each Representative and the Hedge Counterparties.
(b) Alternatively the Security Trustee may resign by giving not less than 30 days’ notice to the other Parties in which case (prior to the Revolving Facility Discharge Date) the Majority Revolving Lenders or (after the Revolving Facility Discharge Date and prior to the Senior Secured Discharge Date) the Senior Secured Trustees may appoint a successor Security Trustee (after consultation with the Company).
(c) If the Majority Revolving Lenders (or, after the Revolving Facility Discharge Date and prior to the Senior Secured Discharge Date, the Senior Secured Trustees) have not appointed a successor Security Trustee in accordance with paragraph (b) above within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Representatives) may appoint a successor Security Trustee which must be a financial institution of good standing and have an office in the United Kingdom through which it will be acting for the purposes of the Debt Documents to which it is party including this Agreement.
(d) The retiring Security Trustee (the “Retiring Security Trustee”) shall, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Debt Documents.
(e) The Security Trustee’s resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer of all of the Security Property to that successor.
(f) Upon the appointment of a successor, the Retiring Security Trustee shall be discharged from any further obligation in respect of the Debt Documents (other than its obligations under paragraph (b) of Clause 16.23 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Trustee, remain entitled to the benefit of Clauses 16 (The Security Trustee), 20.1 (Debtors’ indemnity) and 20.3 (Primary Creditors’ indemnity). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.
(g) The Majority Revolving Lenders (or, after the Revolving Facility Discharge Date and prior to the ...
Resignation of the Security Trustee. 16.15.1 The Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the other Beneficiaries.
16.15.2 Alternatively the Security Trustee may resign by giving notice to the other Beneficiaries, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Security Trustee.
16.15.3 If the Majority Lenders have not appointed a successor Security Trustee in accordance with clause 16.15.2 within thirty (30) days after notice of resignation was given, the Security Trustee (after consultation with the Borrower) may appoint a successor Security Trustee.
16.15.4 The retiring Security Trustee shall, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Facility Documents.
Resignation of the Security Trustee. (a) The Security Trustee may resign and appoint one of its Affiliates as successor by giving notice to the other Parties (or to the Agent on behalf of the Lenders).
(b) Alternatively the Security Trustee may resign by giving notice to the other Parties (or to the Agent on behalf of the Lenders) in which case the Majority Lenders may appoint a successor Security Trustee.
(c) If the Majority Lenders have not appointed a successor Security Trustee in accordance with paragraph (b) of this Clause 29.22 (Resignation of Security Trustee) within 30 days after the notice of resignation was given, the Security Trustee (after consultation with the Agent) may appoint a successor Security Trustee.
(d) The retiring Security Trustee shall, at its own cost, make available to the successor Security Trustee such documents and records and provide such assistance as the successor Security Trustee may reasonably request for the purposes of performing its functions as Security Trustee under the Finance Documents.
(e) The Security Trustee’s resignation notice shall only take effect upon (a) the appointment of a successor and (b) the transfer of all of the Transaction Security to that successor.
Resignation of the Security Trustee. In this event, the Security Trustee shall resign in accordance with paragraph (f) of this Clause 29.22 (Resignation of the Security Trustee).