Common use of Appointment of Successor Co-Trustee Clause in Contracts

Appointment of Successor Co-Trustee. If a Co-Trustee resigns or the Administrator removes a Co-Trustee, the Administrator will promptly appoint a successor who meets the applicable eligibility requirements in Section 9.1. If no successor is appointed and has accepted the appointment within 30 days after the Administrator’s receives notice of the resignation or removal of the Co-Trustee, the Co-Trustee may petition a court of competent jurisdiction to appoint a successor. No successor Co-Trustee may accept appointment under this Section 9.3 unless, at the time of the acceptance, the successor Co-Trustee meets the applicable eligibility requirements in Section 9.1.

Appointment of Successor Co-Trustee. If a Co-Trustee resigns or the Administrator removes a Co-Trustee, the Administrator will promptly appoint a successor who meets the applicable eligibility requirements in Section 9.1. If no successor is appointed and has accepted the appointment within 30 days after the Administrator’s 's receives notice of the resignation or removal of the Co-Trustee, the Co-Trustee may petition a court of competent jurisdiction to appoint a successor. No successor Co-Trustee may accept appointment under this Section 9.3 unless, at the time of the acceptance, the successor Co-Trustee meets the applicable eligibility requirements in Section 9.1.