Appointment of Replacement Trustees Sample Clauses

Appointment of Replacement Trustees. When a Trustee dies, resigns, is removed or reaches the end of his or her term and is not re-appointed, a successor Trustee will be immediately appointed by the applicable Party. Any such successor Trustee, immediately upon completing and filing with the Recording Secretary an Acceptance of Trust in the form of Schedule "D", is vested with all the property, rights, powers and duties of a Trustee hereunder from that date forward as if originally named as a Trustee.
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Appointment of Replacement Trustees. If a Trustee dies, resigns, becomes incapacitated or is removed from office as provided herein, the party who appointed such Trustee shall immediately appoint a successor Trustee and give the other Trustees notice of such appointment. If that party fails to appoint a successor Trustee within 30 days of the Trustee’s death, resignation, incapacity or removal from office, the remaining Trustees shall give written notice to the party who appointed such Trustee. The party who appointed such Trustee shall have a further 60 days from the date upon which such notification is received to appoint a successor Trustee, failing which the remaining Trustees shall meet (a majority of the Trustees in office on the date such meeting is held constituting a quorum, notwithstanding anything in this Agreement to the contrary) and appoint a successor Trustee. Any individual appointed to serve as a successor Trustee shall, upon an Acceptance of Trust being filed with the Board, immediately become vested with all the powers, rights, estates and interests of the other Trustees under this Agreement with the like effect as if he or she had been originally named as Trustee.
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Related to Appointment of Replacement Trustees

  • Appointment of Representatives 6.01 The Employer acknowledges the right of the Union to appoint employees as Representatives of the Union.

  • Appointment of Trustee The Depositor hereby appoints the Trustee as trustee of the Trust, effective as of the date hereof, to have all the rights, powers and duties set forth herein.

  • Appointment of Co-Trustee or Separate Trustee Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property securing any Mortgage Note may at the time be located, the Master Servicer and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-trustee or co-trustees jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity and for the benefit of the Certificateholders, such title to the Trust Fund or any part thereof, whichever is applicable, and, subject to the other provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Master Servicer and the Trustee may consider necessary or desirable. If the Master Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request to do so, or in the case an Event of Default shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 8.06 and no notice to Certificateholders of the appointment of any co-trustee or separate trustee shall be required under Section 8.08. Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

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