Appointment of Successor Litigation Trustee. In the event of the death, resignation, termination, incompetence or removal of the Litigation Trustee, the Oversight Committee may appoint a successor Litigation Trustee after consultation with the Reorganized Debtors without the approval of the Bankruptcy Court, which the parties acknowledge shall nevertheless retain jurisdiction to resolve any disputes in connection with the service of the Litigation Trustee or his successor. If the Oversight Committee fails to appoint a successor Litigation Trustee within thirty (30) days of the occurrence of a vacancy, counsel for the Oversight Committee, the Reorganized Debtors or the outgoing Litigation Trustee may petition the Bankruptcy Court for such appointment. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge and deliver to the Bankruptcy Court and to the predecessor Litigation Trustee (if practicable) an instrument accepting such appointment and the terms and provisions of this Agreement, and thereupon such successor Litigation Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers and duties of the retiring Litigation Trustee.
Appointment of Successor Litigation Trustee. In the event of a vacancy by reason of the death or removal of the Litigation Trustee or prospective vacancy by reason of resignation, a successor Litigation Trustee shall be selected by a vote of the majority of the LTAC Members. The successor Litigation Trustee shall be appointed as soon as practicable, but in any event within sixty (60) days after the occurrence of the vacancy or, in the case of resignation, at least forty (40) days before the proposed resignation of the then acting Litigation Trustee; provided that an interim Litigation Trustee may be appointed by a vote of the majority of the LTAC Members to take any immediate or urgent actions on behalf of the Litigation Trust.
Appointment of Successor Litigation Trustee. Upon the resignation, death, incapacity, or removal of a Litigation Trustee, the Litigation Trust Board shall appoint a successor Litigation Trustee to fill the vacancy so created, and shall provide notice to the Bankruptcy Court of the identity of the successor Litigation Trustee. Any successor Litigation Trustee so appointed shall consent to and accept in writing the terms of this Agreement and agrees that the provisions of this Agreement shall be binding upon and inure to the benefit of the successor Litigation Trustee.
Appointment of Successor Litigation Trustee. In the event of the death (in the case of a trustee that is a natural person), dissolution (in the case of a trustee that is a corporation or other entity), resignation, incompetency or removal of a Litigation Trustee, replacements shall be appointed by the Post-Confirmation Board. Every successor Litigation Trustee appointed shall execute, acknowledge and deliver to the Bankruptcy Court and to the resigning or removed Litigation Trustee, if applicable, an instrument accepting such appointment, and thereupon such successor Litigation Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the resigning or removed Litigation Trustee.
Appointment of Successor Litigation Trustee. In the event of the death or disability (in the case of a Litigation Trustee that is a natural person), dissolution (in the case of a Litigation Trustee that is not a natural person), resignation, incompetency or removal of the Litigation Trustee, the Litigation Trust Beneficiaries shall designate a successor Litigation Trustee satisfying the requirements set forth in Section 5.1 upon Litigation Trust Majority Approval. If the Litigation Trust Beneficiaries are unable to secure Litigation Trust Majority Approval, the Bankruptcy Court will determine the successor Litigation Trustee satisfying the requirements set forth in Section 5.1. Such appointment shall specify the date on which such appointment shall be effective. Every successor Litigation Trustee appointed hereunder shall, without any further act, deed or conveyance, shall become vested with all rights, powers, trusts and duties of the predecessor Litigation Trustee and the successor Litigation Trustee shall not be personally liable for any act or omission of the predecessor Litigation Trustee.
Appointment of Successor Litigation Trustee. In the event of the death or
Appointment of Successor Litigation Trustee. Upon the resignation, death, dissolution, incapacity, liquidation or removal of a Litigation Trustee, any party in interest (including, in the case of resignation, the Litigation Trustee) may file a motion in the Bankruptcy Court to appoint a successor trustee, which trustee shall be selected in consultation with the Debtors. In the event no party in interest seeks the appointment of a successor Litigation Trustee, the Bankruptcy Court may do so on its own motion. Any successor Litigation Trustee so appointed (a) shall consent to and accept his, her, or its appointment as successor Litigation Trustee, which may be done by e-mail or through acquiescence in not objecting to a motion for approval of his, her, or its appointment as successor Litigation Trustee and (b) shall not have any liability or responsibility for the acts or omissions of any predecessor(s). Any successor Litigation Trustee may be appointed to serve only on an interim basis.
