Examples of Eligible Trust in a sentence
Any Person into which the Trust Advisor may be merged or consolidated, or any Person resulting from any merger, conversion, other change in form or consolidation to which the Trust Advisor shall be a party, or any Person succeeding to the business of the Trust Advisor, shall be the successor of the Trust Advisor hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that the successor or surviving Person is an Eligible Trust Advisor.
Notwithstanding Clauses 14.1, 14.2 and 14.3, no retirement or removal of the US$ Note Trustee will be effective until a Substitute US$ Note Trustee that is an Eligible Trust Corporation and that satisfies the requirement set out in Clause 9.9 has been appointed in its place.
If a Substitute US$ Note Trustee has not been appointed under Clauses 14.2 or 14.3 at a time when the position of US$ Note Trustee would, but for this Clause 14.4, become vacant in accordance with those Clauses, the Issuer must promptly advise the US$ Noteholders and the US$ Noteholders may by an Extraordinary Resolution appoint an Eligible Trust Corporation nominated by any of them to act as US$ Note Trustee.
Upon such retirement the US$ Note Trustee, subject to any approval required by law, may appoint in writing any other Eligible Trust Corporation as US$ Note Trustee in its stead provided that the Manager has first provided the Issuer with a Rating Notification in relation to the appointment of the replacement US$ Note Trustee.
If the US$ Note Trustee does not propose a replacement by the date which is one month prior to the date of its proposed retirement, the Manager is entitled to appoint a Substitute US$ Note Trustee, which must be an Eligible Trust Corporation, as of the date of the proposed retirement provided that the Manager has first provided the Issuer with a Rating Notification in relation to the appointment of the proposed Substitute US$ Note Trustee.