Common use of REPLACEMENT OF OPERATING BANK Clause in Contracts

REPLACEMENT OF OPERATING BANK. If at any time the existing Operating Bank ceases to be a Qualified Institution the Trust Cash Manager or, if applicable, any Co-Trust Cash Manager shall notify the Receivables Trustee and the Receivables Trustee shall within 10 Business Days of being notified establish (or direct the Trust Cash Manager or Co-Trust Cash Manager to establish) new Trust Accounts meeting the conditions specified with respect to each such Trust Account with a Qualified Institution which shall become the new Operating Bank, and shall transfer any cash or any investments to such new Trust Accounts. If the Receivables Trustee shall fail to establish the new Trust Accounts as required by this Clause 5.1(d) the Trust Cash Manager or any Co-Trust Cash Manager shall be authorised to establish the Trust Accounts itself.

REPLACEMENT OF OPERATING BANK. If at any time the existing Operating Bank ceases to be a Qualified Institution Institution, the Trust Cash Manager or, if applicable, any Co-Trust Cash Manager shall notify the Receivables Trustee and the Receivables Trustee shall within 10 Business Days of being notified establish (or direct the Trust Cash Manager or Co-Trust Cash Manager to establish) new Trust Accounts meeting the conditions specified with respect to each such Trust Account with a Qualified Institution outside the United Kingdom which shall become the new Operating Bank, and shall transfer any cash or any investments to such new Trust Accounts. If the Receivables Trustee shall fail to establish the new Trust Accounts as required by this Clause 5.1(d5.1(e) the Trust Cash Manager or any Co-Trust Cash Manager shall be authorised to establish the Trust Accounts itself.