Common use of Appointment and Retirement of Security Trustee Clause in Contracts

Appointment and Retirement of Security Trustee. The Security Trustee (i) subject to the appointment of a successor (in consultation with the Administrative Borrower) may, and must if the Administrative Agent requires, retire at any time from its position as Collateral Agent under the Loan Documents without assigning any reason, and (ii) must give notice of its intention to retire by giving to the other Secured Parties and the Administrative Borrower not less than thirty (30) days’ nor more than sixty (60) days’ notice.