Common use of Retirement of Security Trustee Clause in Contracts

Retirement of Security Trustee. The Security Trustee covenants that it will retire as Security Trustee if: (a) (Insolvency): an Insolvency Event occurs in relation to the Security Trustee in its personal capacity or in respect of its personal assets (and not in its capacity as trustee of any trust or in respect of any assets it holds as trustee); (b) (Ceases to carry on business): it ceases to carry on business; (c) (Related Trustee retires): a Related Body Corporate of it retires as trustee of the Series Trust under clause 19.1, clause 19.2 or clause 19.4 of the Master Trust Deed or is removed as trustee of the Series Trust under clause 19.3 of the Master Trust Deed and the Manager requires the Security Trustee by notice in writing to retire; (d) (Voting Secured Creditors require retirement): an Extraordinary Resolution requiring its retirement is passed at a meeting of Voting Secured Creditors; (e) (Breach of duty): when required to do so by the Manager or the Trustee by notice in writing, it fails or neglects within 14 days after receipt of such notice to carry out or satisfy any material duty imposed on it by this Deed in respect of the Security Trust; or (f) (Change in ownership): there is a change in ownership of 50% or more of the issued equity share capital of the Security Trustee from the position as at the date of this Deed or effective control of the Security Trustee alters from the position as at the date of this Deed unless in either case approved by the Manager (whose approval must not be unreasonably withheld).