Common use of Appointment of Successor Trustees Clause in Contracts

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. Should at any time (a) In the event of the death, resignation or removal of the Xxxx X. Xxxxx as Trustee resign (for purposes of this Section 4.3, the “Initial Trustee”), or be removed; or be deceased or incapacitated; or be adjudged by a court in the event the term of competent jurisdiction to be bankrupt or insolventservice of such Initial Trustee is not renewed as provided in Section 4.2(a), a such vacancy shall immediately be deemed to exist. In such eventfilled by [Insert Name] (for purposes of this Section 4.3, Xxxxx X. Xxxxxxxxx shall automatically be deemed to have been appointed as successor Trustee (the “Successor Trustee”), effective upon who shall thereafter serve as Trustee pursuant to the earlier terms of the date Trust Agreement and other Trust Documents. In the event of such vacancy and acceptance the death, resignation or removal of such appointment the Successor Trustee, or in accordance with Section 4.15 the event the term of this Agreement. The compensation service of the Successor Trustee is not renewed as provided in Section 4.2(a), such vacancy shall immediately be filled by [Insert Name] (for purposes of this Section 4.3, the “Second Successor Trustee”), who shall thereafter serve as Trustee pursuant to the terms of the Trust Agreement and other Trust Documents. In the event of the death, resignation or removal of the Second Successor Trustee, or in the event the term of service of the Second Successor Trustee is not renewed as provided in Section 4.2(a), such vacancy shall be filled by the TAC, OAC and FCR as set forth in Schedule C heretoherein. Should at any time The TAC, OAC and FCR will each nominate an individual to serve as successor Trustee (up to a total of three nominees). If the Successor Trustee resign or be removed; or be deceased or incapacitated; or be adjudged by TAC, OAC and FCR agree upon a court of competent jurisdiction successor Trustee, then, subject to be bankrupt or insolvent, Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP, on behalf the approval of the BeneficiariesBankruptcy Court, such individual shall appoint a successor Trustee to fill become 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 vacancyTrustee. In the event that the Beneficiaries do TAC, OAC and the FCR cannot elect a agree on the successor Trustee, the Bankruptcy Court shall make the appointment. Each successor Trustee within 30 days after will be eligible to serve two consecutive five (5) year terms. (b) Immediately upon the expiration appointment of any successor Trustee pursuant to Section 4.3(a) above, all rights, titles, duties, powers, and authority of the 90-day period set forth above predecessor Trustee hereunder shall be vested in this Section 4.14, and undertaken by the successor Trustee without any further act. No successor Trustee shall be appointed by a court liable personally for any act or omission of competent jurisdiction upon application of any Beneficiary his or known creditor of the Trust. The compensation of any her predecessor Trustee. (c) Each successor Trustee appointed by Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP, shall serve until the earliest of (i) his 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.her death,

Appointment of Successor Trustees. Should at any time (i) In the Trustee resign event of the death, resignation or be removed; or be deceased or incapacitated; or be adjudged by removal of a court of competent jurisdiction to be bankrupt or insolventTrustee, a vacancy shall be deemed to exist. In such eventexist and a successor shall be appointed by the other two (2) Trustees, Xxxxx X. Xxxxxxxxx shall automatically be deemed subject to have been appointed as successor Trustee (“Successor Trustee”), effective upon the earlier approval of the Bankruptcy Court. Such appointment shall specify the date of such vacancy and acceptance of on which such appointment in accordance with Section 4.15 of this Agreement. The compensation shall be effective. (ii) Notice of the Successor appointment of any successor Trustee shall be as set forth filed with the Bankruptcy Court and shall be published on the NOAT II Website when it is filed with the Bankruptcy Court. (iii) In filling any vacancy in Schedule C hereto. Should at any time the Successor Trustee resign or be removed; or be deceased or incapacitated; or be adjudged by position of 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 vacancyTrustee, the Beneficiaries may, pursuant remaining Trustees shall apply the following standard 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 any 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, Trustee: the successor Trustee shall be appointed by a court of competent jurisdiction upon application of any Beneficiary disinterested, independent individual with experience in one or known creditor more of the Trust. The compensation following areas: public policy/public health, law enforcement, ethics and compliance, finance, general business and/or corporate governance. (iv) Immediately upon the appointment of any successor Trustees, all rights, titles, duties, powers and authority of the predecessor Trustees hereunder shall be vested in, and undertaken by, the successor Trustees without any further act. No successor Trustees 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. (v) Any successor Trustee appointed by Squarin accordance with this Trust Agreement shall execute an instrument accepting its appointment and shall deliver a counterpart thereof to the Bankruptcy Court for filing and, Milnerin case of a Trustee’s resignation, Petersonto the resigning Trustee. Thereupon, Miranda & Xxxxxxxxxxsuch successor Trustee shall, LLPwithout any further act, or by a court become vested with all the liabilities, duties, powers, rights, title, discretion and privileges of competent jurisdiction its predecessor in the Trust with like effect as if originally named an initial Trustee and shall be deemed appointed pursuant to this Section 4.14 section 1123(b)(3)(B) of the Bankruptcy Code. The resigning or removed Trustee shall be mutually determined in good faith duly assign, transfer and deliver to such successor Trustee all property and money held by such resigning or removed Trustee hereunder and shall, as directed by the Bankruptcy Court or reasonably requested by such successor Trustee, execute and deliver an instrument or instruments conveying and transferring to such successor Trustee upon the trusts herein expressed, all the liabilities, duties, powers, rights, title, discretion and Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP (acting on behalf privileges of the Beneficiaries), such resigning or by law, as appropriateremoved Trustee.

Appointment of Successor Trustees. Should at (i) In the event of a vacancy in the position of one (1) Trustee for any time reason, 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 filled by the earlier unanimous vote 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 remaining Trustees cannot elect agree on a successor Trustee within 30 days after the expiration thirty (30) days, each of the 90-day period set forth above remaining Trustees shall propose a Trustee candidate and the Trust Protector (as defined in this Section 4.145.12(a) below) shall select one such candidate as the Successor Trustee. (ii) In the event of a vacancy in the position of two (2) Trustees for any reason, the remaining Trustee and the Trust Protector shall, after consultation, jointly appoint two (2) successor Trustees, both of whom shall each be acceptable to both of the remaining Trustee and the Trust Protector. In the event the remaining Trustee and the Trust Protector cannot agree on two (2) successor Trustees, the selection of two (2) successor Trustees shall be resolved in accordance with the dispute resolution provisions of Section 6.14. (iii) In the event of a vacancy in the position of three (3) Trustees for any reason, the Trust Protector shall recommend three (3) successor Trustees for the Delaware Court of Chancery to appoint and any costs relating thereto shall be borne by the Trust. (iv) Notice of the appointment of any successor Trustee(s) shall be filed with the Bankruptcy Court and shall be published on the TAFT II Website when it is filed with the Bankruptcy Court. (v) In filling any vacancy in the position of one or more Trustees, the remaining Trustee(s) and/or the Trust Protector shall apply the following standard to any successor Trustee: the successor Trustee shall be appointed by a court of competent jurisdiction upon application of any Beneficiary disinterested, independent individual with experience in one or known creditor more of the Trust. The compensation following areas: public policy/public health, tribal health or welfare, tribal self- determination, administration or self-governance, other tribal affairs, ethics and compliance, finance, general business and/or corporate governance. (vi) Immediately upon the appointment of any successor Trustee appointed by SquarTrustee(s), Milnerall rights, Petersontitles, Miranda & Xxxxxxxxxxduties, LLP, or by a court powers and authority of competent jurisdiction pursuant to this Section 4.14 the predecessor Trustee(s) hereunder shall be mutually determined in good faith by such vested in, and undertaken by, the successor Trustee(s) without any further act. No successor Trustee(s) shall be liable personally for any act or omission of his or her predecessor Trustee. No successor Trustee and Squar, Milner, Peterson, Miranda & Xxxxxxxxxx, LLP (acting on behalf shall have any duty to investigate the acts or omissions of the Beneficiaries), his or by law, as appropriateher predecessor Trustee.