Common use of TERMINATION BY ISSUER Clause in Contracts

TERMINATION BY ISSUER. The Issuer or the Cash Manager on its behalf (with the prior written approval of the Security Trustee) and/or the Security Trustee, may terminate any of the arrangements set out in this Agreement in respect of the Swap Collateral Account and close such Swap Collateral Accounts held at the Swap Collateral Account Bank upon giving sixty (60) days' prior written notice to the Swap Collateral Account Bank provided in each case that no such termination shall take effect until: (a) a new Swap Collateral Account Bank has been appointed by the Issuer which has the Swap Collateral Account Bank Rating, is a bank for the purposes of Section 991 of the ITA 2007 and security has been granted by the Issuer over the new swap collateral accounts in accordance with the terms of the Deed of Charge; (b) the new Swap Collateral Account Bank has agreed to be bound by the provisions of the Deed of Charge and has entered into an agreement in form and substance similar to this Agreement; and (c) the rate of remuneration of the new Swap Collateral Account Bank has been agreed.

TERMINATION BY ISSUER. The Issuer or the Cash Manager on its behalf (with the prior written approval of the Security Trustee) and/or the Security Trustee, may terminate any of the arrangements set out in this Agreement in respect of the Swap Collateral Account and close such Swap Collateral Accounts held at the Swap Collateral Account Bank upon giving sixty (60) days' prior written notice to the Swap Collateral Account Bank provided in each case that no such termination shall take effect until: (a) a new Swap Collateral Account Bank has been appointed by the Issuer which has the Swap Collateral Account Bank Rating, is a bank for the purposes of Section section 991 of the ITA 2007 and security has been granted by the Issuer over the new swap collateral accounts in accordance with the terms of the Deed of Charge; (b) the new Swap Collateral Account Bank has agreed to be bound by the provisions of the Deed of Charge and has entered into an agreement in form and substance similar to this Agreement; and (c) the rate of remuneration of the new Swap Collateral Account Bank has been agreed.