Common use of Trusteeship Clause in Contracts

Trusteeship. The Company declares that, as and when the security created by this Debenture shall become enforceable, it will hold all the Charged Assets (subject to the Company's right of redemption) upon trust to convey, assign, transfer or otherwise dispose of or deal with the same in such manner and to such person as the Bank shall direct, and declares that it shall be lawful for the Bank to appoint new trustees of the Charged Assets, or any part thereof, from time to time in place of the Company or in place of any trustee appointed under this power.