Common use of Appointment of Successor Trustees Clause in Contracts

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. (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 Future Claimants' Representative concerning the 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 Future Claimants' 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 Future Claimants' 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(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI Trust pursuant to Section 7.2 below.

Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI a Trustee, whether by death, term expiration, resignation or removal, the remaining Trustees shall consult with the TAC and the Legal Future Claimants Representative concerning appointment of a successor PI Trustee (a “Successor Trustee"). The vacancy shall be filled by the unanimous vote of the remaining Trustees unless a majority of the TAC or the Legal Future Claimants 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 Future Claimants Representative vetoes the appointment of a the proposed 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 earliest 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(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI U.S. Asbestos Trust pursuant to Section 7.2 below.

Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI a Plan Trustee, whether by term expiration, resignation or removal, the remaining Plan Trustees shall consult with the TAC and the Legal Futures Representative concerning appointment of a successor PI Plan Trustee. The vacancy shall be filled by the unanimous vote of the remaining Plan Trustees unless a majority of the TAC or the Legal Futures Representative vetoes the appointment. In the event that the remaining Plan Trustees cannot agree on a Successor PI successor Plan Trustee, or a majority of the TAC or the Legal Futures Representative vetoes the appointment of a successor PI Plan Trustee, the Bankruptcy Court shall make the appointment. Nothing shall prevent the reappointment of a PI Plan Trustee for an additional term or terms. (b) Immediately upon the appointment of any Successor PI successor Plan Trustee, all rights, titles, duties, powers and authority of the predecessor PI Plan Trustee hereunder shall be vested in, and undertaken by, the Successor PI successor Plan Trustee without any further act. No Successor PI successor Plan Trustee shall be liable personally for any act or omission of his or her predecessor Plan Trustees. (c) Each Successor PI successor Plan Trustee shall serve until the earlier of (i) the end of a full term of five (5) years if the predecessor PI Plan Trustee completed his or her term, (ii) the end of the remainder of the term of the PI Plan Trustee whom he or she is replacing if said predecessor PI Plan Trustee did not complete said term, (iii) his or her death, (iv) his or her resignation pursuant to Section 4.3(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI Plan Trust pursuant to Section 7.2 below.

Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI a Class 7A Trustee, whether by death, term expiration, resignation resignation, or removal, the remaining Trustees PD FCR shall consult with the TAC and the Legal Representative concerning appointment of appoint a successor PI Class 7A 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 of a vacancy in the remaining Trustees position of a Class 7B Trustee, whether by death, term expiration, resignation, or removal the PD FCR and the ZTAC Members shall appoint a successor Class 7B Trustee. If the ZTAC and the PD FCR cannot agree on a Successor PI Trustee, or a majority of the TAC or the Legal Representative vetoes the appointment of a successor PI Class 7B Trustee, the Bankruptcy Court shall make the appointment. Nothing shall prevent the reappointment of a PI Trustee for an additional term or terms, and there shall be no limit on the number of terms that a Trustee may serve. (b) Immediately upon the appointment of any Successor PI successor Trustee, all rights, titles, duties, powers and authority of the predecessor PI Trustee hereunder shall be vested in, and undertaken by, the Successor PI successor Trustee without any further act. No Successor PI successor Trustee shall be liable personally for any act or omission of his or her predecessor Trustees. (c) Each Successor PI successor 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(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI PD Trust pursuant to Section 7.2 below.

Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI a Class 7A Trustee, whether by death, term expiration, resignation resignation, or removal, the remaining Trustees PD FCR shall consult with the TAC and the Legal Representative concerning appointment of appoint a successor PI Class 7A 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 of a vacancy in the position of a Class 7B Trustee, whether by death, term expiration, resignation, or removal, the PD FCR and the remaining Trustees members of the ZTAC Members shall appoint a successor Class 7B Trustee. If the ZTAC and the PD FCR cannot agree on a Successor PI Trustee, or a majority of the TAC or the Legal Representative vetoes the appointment of a successor PI Class 7B Trustee, the Bankruptcy Court shall make the appointment. Nothing shall prevent the reappointment of a PI Trustee for an additional term or terms, and there shall be no limit on the number of terms that a Trustee may serve. (b) Immediately upon the appointment of any Successor PI successor Trustee, all rights, titles, duties, powers and authority of the predecessor PI Trustee hereunder shall be vested in, and undertaken by, the Successor PI successor Trustee without any further act. No Successor PI successor Trustee shall be liable personally for any act or omission of his or her predecessor Trustees. (c) Each Successor PI successor 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(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI PD Trust pursuant to Section 7.2 below.

Appointment of Successor Trustees. (a) In the event of a vacancy in the position of PI TrusteeTrustee(s) position, whether by term expiration, resignation death, retirement, 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 other Trustee(s), with the consent of the TAC or and the Legal Representative vetoes the appointmentFCR. In the event that the remaining Trustees Trustee(s) cannot agree on a Successor PI Trusteethe successor Trustee(s), or a majority of the TAC or the Legal Representative vetoes the appointment of a successor PI Trusteeand FCR do not consent, the Bankruptcy Court shall make select the appointment. Nothing shall prevent the reappointment of a PI Trustee for an additional term or termssuccessor Trustee. (b) Immediately upon the appointment of any Successor PI Trusteesuccessor Trustee(s), all rights, titles, duties, powers and authority of the predecessor PI Trustee Trustee(s) hereunder shall be vested in, and undertaken by, the Successor PI Trustee successor Trustee(s) without any further act. No Successor PI Trustee successor Trustee(s) shall be liable personally for any act or omission of his or her predecessor TrusteesTrustee(s). No successor Trustee(s) shall have any duty to investigate the acts or omissions of his or her predecessor Trustee(s). (c) Each Successor PI Trustee successor Trustee(s) shall serve until the earlier earliest of (i) the end expiration 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 his or she is replacing if said predecessor PI Trustee did not complete said termher death, (iii) his or her deathmandatory retirement at the end of the year in which the Trustee(s) reaches the age of 70 (unless, and for so long as, this mandatory retirement requirement is waived by the agreement of the TAC and the FCR), (iv) his or her resignation pursuant to Section 4.3(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI Asbestos Trust pursuant to Section 7.2 below. (d) Nothing in this Trust Agreement shall (i) prevent the reappointment of an individual serving as a Trustee for an additional term, (ii) limit the number of terms that a Trustee may serve; or (iii) require that a Trustee(s) be appointed to serve an additional term once his or her term expires.

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 Future Claimants' Representative concerning appointment of a successor PI Trustee. The vacancy shall be filled by the unanimous vote of the remaining txx xxxxxxxng Trustees unless a majority of the TAC or the Legal Future Claimants' 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 Future Claimants' 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(b4.2(b) above, (v) his or her removal pursuant to Section 4.3(c4.2(c) above, or (vi) the termination of the PI Trust pursuant to Section 7.2 below.