Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI Trustee, whether by term expiration, resignation or removal, the remaining Trustees shall consult with the TAC and the Legal Representative concerning appointment of a successor PI Trustee. The vacancy shall be filled by the unanimous vote of the remaining Trustees unless a majority of the TAC or the Legal Representative vetoes the appointment. In the event that the remaining Trustees cannot agree on a Successor PI Trustee, or a majority of the TAC or the Legal Representative vetoes the appointment of a successor PI Trustee, the Bankruptcy Court shall make the appointment. Nothing shall prevent the reappointment of a PI Trustee for an additional term or terms.
(b) Immediately upon the appointment of any Successor PI Trustee, all rights, titles, duties, powers and authority of the predecessor PI Trustee hereunder shall be vested in, and undertaken by, the Successor PI Trustee without any further act. No Successor PI Trustee shall be liable personally for any act or omission of his or her predecessor Trustees.
(c) Each Successor PI Trustee shall serve until the earlier of (i) the end of a full term of five (5) years if the predecessor PI Trustee completed his or her term, (ii) the end of the remainder of the term of the PI Trustee whom he or she is replacing if said predecessor PI Trustee did not complete said term, (iii) his or her death, (iv) his or her resignation pursuant to Section 4.3(b) above, (v) his or her removal pursuant to Section 4.3(c) above, or (vi) the termination of the PI Trust pursuant to Section 7.2 below.
Appointment of Successor Trustees. In the event a Trustee has been removed or has given notice of its intention to resign, a successor Trustee shall be appointed by the Trustor within ten (10) days of the resignation of the prior Trustee. Notice of appointment of successor Trustee shall be given by the Trustee to each Unit Owner.
Appointment of Successor Trustees. If a Trustee dies, resigns or is removed, the vacancy occurring as a result of such death, resignation or removal shall be promptly filled with a qualified individual by the Settlor; provided, however, that at no time shall there be more than one Trustee of this Trust who is an Affiliate of the Settlor, or who is employed by the Settlor or by an Affiliate of the Settlor.
Appointment of Successor Trustees. Should at any time the Trustee resign or be removed; or be deceased or incapacitated; or be adjudged by a court of competent jurisdiction to be bankrupt or insolvent, a vacancy shall be deemed to exist. In such event, Xxxxx X. Xxxxxxxxx shall automatically be deemed to have been appointed as successor Trustee (“Successor Trustee”), effective upon the earlier of the date of such vacancy and acceptance of such appointment in accordance with Section 4.15 of this Agreement. The compensation of the Successor Trustee shall be as set forth in Schedule C hereto. Should at any time the Successor Trustee resign or be removed; or be deceased or incapacitated; or be adjudged by a court of competent jurisdiction to be bankrupt or insolvent, Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP, on behalf of the Beneficiaries, shall appoint a successor Trustee to fill the vacancy within 90 days after the creation of the vacancy. If there are no remaining Trustees, or Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP has not filled the vacancy within 90 days after the creation of the vacancy, the Beneficiaries may, pursuant to Article VII hereof, call a meeting in order that Beneficiaries holding at least a majority of the Units represented at the meeting may appoint a successor Trustee to fill the vacancy. In the event that the Beneficiaries do not elect a successor Trustee within 30 days after the expiration of the 90-day period set forth above in this Section 4.14, the successor Trustee shall be appointed by a court of competent jurisdiction upon application of any Beneficiary or known creditor of the Trust. The compensation of any successor Trustee appointed by Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP, or by a court of competent jurisdiction pursuant to this Section 4.14 shall be mutually determined in good faith by such successor Trustee and Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP (acting on behalf of the Beneficiaries), or by law, as appropriate.
Appointment of Successor Trustees. Section 8.04
Appointment of Successor Trustees. Upon the expiration of the term of appointment of a Trustee, or in the event of the resignation, removal, or inability of a Trustee to act or to continue to act as co- trustee of this Trust, the then serving Trustees, by a majority vote, shall fill the vacancy thereby occasioned within one hundred and twenty days (120) of being notified of the vacancy. Such appointment shall become effective immediately upon the written acceptance of the appointment by the successor Trustee without obtaining approval from any court having jurisdiction over the Trust. A Trustee appointed to fill a vacancy on account of resignation, removal, or inability to act shall serve the unexpired term of the Trustee for whom the individual is appointed successor. All other appointments shall be for five (5) year terms.
Appointment of Successor Trustees. If a Trustee shall have given notice of resignation pursuant to Section 9.6 or if notice of removal shall have been given to a Trustee and the Issuer pursuant to Section 9.7 and such notice does not appoint a successor Trustee or if such notice of removal appointed a successor Trustee and such successor shall not have accepted such appointment within fifteen (15) days after the giving of such notice of removal, a successor Trustee may be appointed by the Majority Holders with the consent of the Issuer not to be unreasonably withheld. If no such appointment shall have been made within twenty-five (25) days after the giving of such notice of resignation or the giving of such notice of removal, a successor Trustee may be appointed by the holder of any Outstanding Note or, upon application of the retiring Trustee, by any court of competent jurisdiction.
Appointment of Successor Trustees. (a) In the event of a vacancy in a Trustee position, whether by term expiration, death, retirement, resignation, or removal, the vacancy shall be filled by the TAC and the FCR. In the event that the TAC and the FCR cannot agree on the appointment of a successor Trustee, the Bankruptcy Court shall select the successor Trustee.
(b) Immediately upon the appointment of any successor Trustee, all rights, titles, duties, powers, and authority of the predecessor Trustee hereunder shall be vested in, and undertaken by, the successor Trustee without any further act. No successor Trustee shall be liable personally for any act or omission of his or her predecessor Trustee. No successor Trustee shall have any duty to investigate the acts or omissions of his or her predecessor Trustee.
(c) Each successor Trustee shall serve until the earliest of (i) the end of the term of five (5) years for which he or she was appointed if his or her immediate predecessor Trustee completed his or her term pursuant to Section 4.2(a) above, (ii) the end of the term of the Trustee whom he or she replaced if his or her predecessor Trustee did not complete such term,
Appointment of Successor Trustees. In the event of the resignation, removal or inability of a Trustee to act or to continue to act as Co-Trustee of this Trust, the Board shall fill the vacancy thereby occasioned within sixty (60) days of being notified of the vacancy. Such appointment shall become effective immediately upon the action of the Board without obtaining approval from any court having jurisdiction over the Trust. A Trustee appointed to fill a vacancy on account of resignation, removal or inability to act shall serve the unexpired term of the Trustee for whom the individual is appointed successor.
Appointment of Successor Trustees. Upon the death, incapacity, resignation or discharge of XXXX XXX, XXXX XXX, residing at , shall be the Successor Trustee.
