Common use of Retirement of Security Trustee Clause in Contracts

Retirement of Security Trustee. The Security Trustee may retire from its appointment as Security Trustee under this Agreement and the other Transaction Documents without giving any reason having given to the ECA Finance Parties, each Borrower, each Lessee and AerVenture not less than thirty (30) days’ notice of its intention to do so, provided that no such retirement shall take effect unless there has been appointed as a successor security agent and trustee by instrument in writing signed by the Security Trustee and accepted in writing by the successor: 21.1.1 a bank or financial institution nominated by the Majority Lenders; or 21.1.2 failing such a nomination, any bank or financial institution nominated by the Security Trustee after consultation with the Secured Parties, 21.1.3 and, in either case, that successor security trustee shall have duly accepted that appointment by delivering to each Agent written confirmation (in a form acceptable to each Agent) of that acceptance agreeing to be bound by this Agreement in the capacity of Security Trustee as if it had been an original party to this Agreement and the other Transaction Documents.

Retirement of Security Trustee. The Security Trustee may retire from its appointment as Security Trustee under this Agreement and the other Transaction Documents without giving any reason having given to the ECA Finance Parties, each Borrower, each Lessee and AerVenture a Principal AerCap Obligor not less than thirty (30) days’ notice of its intention to do so, provided that no such retirement shall take effect unless there has been appointed as a successor security agent and trustee by instrument in writing signed by the Security Trustee and accepted in writing by the successor: 21.1.1 22.1.1 a bank or financial institution nominated by the Majority Lenders; or 21.1.2 22.1.2 failing such a nomination, any bank or financial institution nominated by the Security Trustee after consultation with the Secured Parties, 21.1.3 22.1.3 and, in either case, that successor security trustee shall have duly accepted that appointment by delivering to each Agent written confirmation (in a form acceptable to each Agent) of that acceptance agreeing to be bound by this Agreement in the capacity of Security Trustee as if it had been an original party to this Agreement and the other Transaction Documents.