Common use of Appointment of Successor Litigation Trustee Clause in Contracts

Appointment of Successor Litigation Trustee. In the event of the death (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 Trust Governing Board shall designate a successor Litigation Trustee. Such appointment shall specify the date on which such appointment shall be effective. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge, and deliver to the Bankruptcy Court and to the retiring Litigation Trustee an instrument accepting the appointment under this Litigation Trust Agreement and agreeing to be bound thereto, and thereupon the successor Litigation Trustee, without any further act, deed, or conveyance, shall become vested with all rights, powers, trusts, and duties of the retiring Litigation Trustee; provided, however, that a removed or resigning Litigation Trustee shall, nevertheless, when requested in writing by the successor Litigation Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Litigation Trustee under the Liquidating Trust all the estates, properties, rights, powers, and trusts of such predecessor Litigation Trustee.

Appointment of Successor Litigation Trustee. In the event of the death (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)death, resignation, incompetencytermination, incompetence or removal of the Litigation Trustee, the Trust Governing Board shall designate Oversight Committee may appoint a successor Litigation TrusteeTrustee 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. Such appointment shall specify If the date on which 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 shall be effectiveappointment. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge, acknowledge and deliver to the Bankruptcy Court and to the retiring predecessor Litigation Trustee (if practicable) an instrument accepting such appointment and the appointment under terms and provisions of this Litigation Trust Agreement and agreeing to be bound theretoAgreement, and thereupon the such successor Litigation Trustee, without any further act, deed, deed or conveyance, shall become vested with all the rights, powers, trusts, powers and duties of the retiring Litigation Trustee; provided, however, that a removed or resigning Litigation Trustee shall, nevertheless, when requested in writing by the successor Litigation Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Litigation Trustee under the Liquidating Trust all the estates, properties, rights, powers, and trusts of such predecessor Litigation Trustee.

Appointment of Successor Litigation Trustee. In the event of the death (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 Trust Governing Board shall designate a successor Litigation Trustee. Such appointment shall specify the date on which such appointment shall be effective. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge, and deliver to the Bankruptcy Court and to the retiring Litigation Trustee Trust Board an instrument accepting the appointment under this Litigation Trust Agreement and agreeing to be bound thereto, and thereupon the successor Litigation Trustee, without any further act, deed, or conveyance, shall become vested with all rights, powers, trusts, and duties of the retiring Litigation Trustee; provided, however, that a removed or resigning Litigation Trustee shall, nevertheless, when requested in writing by the successor Litigation Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Litigation Trustee under the Liquidating Litigation Trust all the estates, properties, rights, powers, and trusts of such predecessor Litigation Trustee.

Appointment of Successor Litigation Trustee. In the event of the death (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, incompetencyincompetency (in the case of a Litigation Trustee that is a natural person), or removal of the Litigation Trustee, the Trust Governing Board Oversight Committee, by unanimous vote, shall designate a successor Litigation Trustee. Such appointment shall specify the date on which such appointment shall be effective. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge, and deliver to the Bankruptcy Court and to the retiring Litigation Trustee Beneficiaries an instrument accepting the appointment under this Litigation Trust Agreement and agreeing to be bound thereto, and thereupon the successor Litigation Trustee, without any further act, deed, or conveyance, shall become vested with all rights, powers, trusts, and duties of the retiring Litigation Trustee; provided, however, that a removed or resigning Litigation Trustee shall, nevertheless, when requested in writing by the successor Litigation Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Litigation Trustee under the Liquidating Litigation Trust all the estates, properties, rights, powers, and trusts of such predecessor Litigation Trustee.

Appointment of Successor Litigation Trustee. In the event of the death (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 Governing Advisory Board shall designate a successor Litigation Trustee. Such appointment shall specify the date on which such appointment shall be effective. Every successor Litigation Trustee appointed hereunder shall execute, acknowledge, and deliver to the Bankruptcy Court and to the retiring Litigation Trustee Trust Advisory Board an instrument accepting the appointment under this Litigation Trust Agreement and agreeing to be bound thereto, and thereupon the successor Litigation Trustee, without any further act, deed, or conveyance, shall become vested with all rights, powers, trusts, and duties of the retiring Litigation Trustee; provided, however, that a removed or resigning Litigation Trustee shall, nevertheless, when requested in writing by the successor Litigation Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Litigation Trustee under the Liquidating Litigation Trust all the estates, properties, rights, powers, and trusts of such predecessor Litigation Trustee.