Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time: (i) until the issuance of any Securities, by written instrument executed by the Sponsor; (ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and (iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities. (b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor. (c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that: (i) no such resignation of the Trustee that acts as the Property Trustee shall be effective: a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee. (d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6. (e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be. (f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 9 contracts
Samples: Trust Agreement (Merrill Lynch Capital Trust I), Trust Agreement (Us Bancorp \De\), Trust Agreement (Us Bancorp \De\)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; Securities unless an Event of Default shall have occurred and be continuing, and
(iii) if an Event of Default shall have occurred and be continuing, after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of to:
(A) the Property Trustee and Delaware TrusteeAdministrative Trustees, by vote or written consent of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Common Securities acting separately as a class; and
(B) the Property Trustee and the Delaware Trustee, by vote or written consent of the Holders of a Majority in liquidation amount of the Trust Preferred Securities, acting separately as a class.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Successor Property Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) Sections 5.2 and 5.3 has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees Trustees, the Delaware Trustee (if the removed Property Trustee is not also the Delaware Trustee) and the Sponsor. .
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Trustees, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee) and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its such Trustee's successor shall have been appointed, until his death or its dissolution appointed or until his or its such Trustee's death, bankruptcy, dissolution, termination, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor other Trustees, the Sponsor, the Trust and, after an Event of Default has occurred and is continuing, the TrustHolders of Trust Preferred Securities, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and Sponsor, the Delaware Trustee, the resigning Property TrusteeTrustee and, after an Event of Default has occurred and is continuing, the Holders of Trust Preferred Securities; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities and the Trust is terminated pursuant to the terms of this Agreement and the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and Sponsor, the Property Trustee, the resigning Delaware TrusteeTrustee and, after an Event of Default has occurred and is continuing, the Holders of Trust Preferred Securities.
(d) The Holders of the Common Securities or, if an Event of Default has occurred and is continuing after the issuance of any Securities, the Holders of Trust Preferred Securities shall use their best all reasonable efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and other Trustees, the Sponsor, the Trust and, after an Event of Default has occurred and is continuing, the Holders of the Trust Preferred Securities of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of the resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
Appears in 7 contracts
Samples: Trust Agreement (Dte Energy Co), Trust Agreement (Dte Energy Co), Trust Agreement (Dte Energy Co)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default or an ICONs Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 5 contracts
Samples: Trust Agreement (Merrill Lynch & Co Inc), Trust Agreement (Merrill Lynch & Co Inc), Trust Agreement (Merrill Lynch Capital Trust III)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and;
(iii) after the initial issuance of the Capital Trust Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Trust Preferred Securities.; provided, however, that the Administrative Trustees may still be appointed or removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 5 contracts
Samples: Trust Agreement (Consolidated Natural Gas Co/Va), Trust Agreement (CSX Capital Trust 1), Trust Agreement (Markel Corp)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)6.06(b) hereof, Trustees may be appointed or removed without cause at any time:
(iA) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;Bank; and
(iiB) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote a Majority of the Holders of a Majority in Liquidation Amount of the outstanding Trust Common Securities Security voting as a class at a meeting of the Holder of the Trust Common Security, provided, that the Holders of Trust Common Security shall remove (x) the Common Securities; and
(iii) after the issuance of the Capital Securities Property Trustee and the occurrence Delaware Trustee, respectively, in the case of an Indenture Event a material breach of Default, and only with respect to each representation of the Property Trustee and or the Delaware Trustee, by vote as applicable that is not cured within 60 days after notice of such breach has been given to the Holders Property Trustee or Delaware Trustee, as applicable, and (y) the Property Trustee in an event of a Majority in Liquidation Amount of bankruptcy occurs with respect to the Capital SecuritiesProperty Trustee.
(bi) The the Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.03 hereof (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ; provided that the Holder of the Trust Common Security in the case of a removal of the Property Trustee pursuant to the proviso to clause (a) above shall use its reasonable best efforts to appoint a Successor Property Trustee within no more than 90 days of such removal;
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 Section 3.11, Section 6.02 and 6.4 Section 6.04 hereof (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor; provided that the Holder of the Trust Common Security in the case of a removal of the Delaware Trustee pursuant to the proviso to clause (a) above shall use its reasonable best efforts to appoint a Successor Delaware Trustee within no more than 90 days of such removal;
(iii) no such removal of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses of such entity have been paid.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee; and
(iii) no such resignation of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses of such entity have been paid.
(d) The Holders Holder of the Trust Common Securities Security shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.06.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.06 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation removal or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, resigning or being removed may petition petition, at the expense of the Trust, any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) Upon termination of this Agreement or removal or resignation of the Property Trustee or Delaware Trustee, as applicable, pursuant to this Section 6.06, and before the appointment of any Successor Property Trustee or Successor Delaware Trustee, as applicable, the Trust shall pay to the Property Trustee or the Delaware Trustee, as applicable, all amounts to which it is entitled to the date of such termination, removal or resignation.
Appears in 4 contracts
Samples: Trust Agreement (Deutsche Bank Contingent Capital LLC II), Trust Agreement (Deutsche Bank Contingent Capital LLC III), Trust Agreement (Deutsche Bank Aktiengesellschaft)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities (it being understood that in no event will the Holders of the Preferred Securities have the right to vote, appoint, remove or replace the Administrative Trustees, which voting rights are exclusively vested in the Holder of the Common Securities).
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(c) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(cd) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
32 39 (i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 3 contracts
Samples: Trust Agreement (Hercules Inc), Trust Agreement (Hercules Inc), Trust Agreement (Hercules Inc)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.6(b) hereof and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Capital Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
Appears in 3 contracts
Samples: Trust Agreement (Webster Financial Corp), Trust Agreement (Webster Financial Corp), Trust Agreement (Webster Financial Corp)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)6.06(b) hereof, Trustees may be appointed or removed without cause at any time:
(iA) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;Bank; and
(iiB) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote a Majority of the Holders of a Majority in Liquidation Amount of the outstanding Trust Common Securities Security voting as a class at a meeting of the Holder of the Trust Common Security, provided, that the Holders of Trust Common Security shall remove (x) the Common Securities; and
(iii) after the issuance of the Capital Securities Property Trustee and the occurrence Delaware Trustee, respectively, in the case of an Indenture Event a material breach of Default, and only with respect to each representation of the Property Trustee and or the Delaware Trustee, by vote as applicable that is not cured within 60 days after notice of such breach has been given to the Holders Property Trustee or Delaware Trustee, as applicable, and (y) the Property Trustee in an event of a Majority in Liquidation Amount of bankruptcy occurs with respect to the Capital SecuritiesProperty Trustee.
(bi) The the Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.03 hereof (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ; provided that the Holder of the Trust Common Security in the case of a removal of the Property Trustee pursuant to the proviso to clause (a) above shall use its reasonable best efforts to appoint a Successor Property Trustee within no more than 90 days of such removal;
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 Section 3.11, Section 6.02 and 6.4 Section 6.04 hereof (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor; provided that the Holder of the Trust Common Security in the case of a removal of the Delaware Trustee pursuant to the proviso to clause (a) above shall use its reasonable best efforts to appoint a Successor Delaware Trustee within no more than 90 days of such removal;
(iii) no such removal of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses due and payable to such entity under or pursuant to this Agreement have been paid.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee; and
(iii) no such resignation of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses due and payable to such entity under or pursuant to this Agreement have been paid.
(d) The Holders Holder of the Trust Common Securities Security shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.06.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.06 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation removal or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, resigning or being removed may petition petition, at the expense of the Trust, any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) Upon termination of this Agreement or removal or resignation of the Property Trustee or Delaware Trustee, as applicable, pursuant to this Section 6.06, and before the appointment of any Successor Property Trustee or Successor Delaware Trustee, as applicable, the Trust shall pay to the Property Trustee or the Delaware Trustee, as applicable, all amounts to which it is entitled to the date of such termination, removal or resignation.
Appears in 3 contracts
Samples: Trust Agreement (Deutsche Bank Contingent Capital LLC V), Trust Agreement (Deutsche Bank Contingent Capital LLC V), Trust Agreement (Deutsche Bank Capital Funding Trust XII)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities, unless an Event of Default under the corresponding subordinated debt securities shall have occurred and be continuing, in which case the Property Trustee and the Delaware Trustee may not be so removed; and
(iii) after the issuance of the Capital Securities and the occurrence of any Securities, if an Indenture Event of DefaultDefault under the corresponding subordinated debt securities shall have occurred and be continuing, and only with respect to each of the Property Trustee and the Delaware Trustee, Trustee may be removed by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital outstanding Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the such Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicableTrustee at the expense of the Sponsor. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 2 contracts
Samples: Trust Agreement (Berkley W R Corp), Trust Agreement (Berkley W R Corp)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b7.7(b), Trustees may be appointed or removed without cause at any time:time by the Grantor.
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 7.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative removed Property Trustee, the Regular Trustees and the Sponsor. Grantor;
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 7.2 and 6.4 7.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative removed Delaware Trustee, the Regular Trustees and the SponsorGrantor;
(iii) No removal of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses incurred by such entity have been paid.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its dissolution, termination, bankruptcy, death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Grantor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Grantor, the Regular Trustees and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and;
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Grantor, the Regular Trustees and the resigning Delaware Trustee; and
(iii) no such resignation of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses incurred by such entity have been paid.
(d) The Holders of the Common Securities Grantor shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Delaware Trustee or the Delaware Property Trustee delivers an instrument of resignation in accordance with this Section 6.67.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 7.7 within 60 30 days after delivery to the Sponsor Grantor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 2 contracts
Samples: Trust Agreement (Penelec Capital Trust), Trust Agreement (Met Ed Capital Trust)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b6.07(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Preferred Trust Securities, by written instrument executed by the Sponsor;Initial Depositor; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Preferred Trust Securities, by vote of the Control Party; provided, however, that if a Trust Enforcement Event has occurred and is continuing, the Property Trustee or Delaware Trustee may only be appointed or removed without cause at any time by the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Trust Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.07(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.03 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Successor Depositor; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.07(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 6.02 and 6.4 6.04 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorSuccessor Depositor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Successor Depositor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (1) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Successor Depositor and the resigning Property Trustee; or
b. (2) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Successor Depositor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities Control Party shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.07; provided, however, that if a Trust Enforcement Event has occurred and is continuing, a Successor Property Trustee or Successor Delaware Trustee may only by appointed by the Holders of a Majority in Liquidation Amount of the Preferred Trust Securities if such instrument of resignation is delivered.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.07 within 60 days after delivery to the Sponsor Successor Depositor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 2 contracts
Samples: Trust Agreement (Texas Utilities Co /Tx/), Trust Agreement (Txu Europe Funding I L P)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and;
(iii) after the initial issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.; provided, however, that the Administrative Trustees may still be appointed or removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 2 contracts
Samples: Trust Agreement (Dominion Resources Inc /Va/), Trust Agreement (Dominion Resources Capital Trust Iv)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees may be appointed or removed without cause at any timetime except during an event of default:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;Depositor; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Depositor; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorDepositor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Depositor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Depositor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Depositor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, Trustee as the case may be, be if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) 5.7. If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(fe) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 2 contracts
Samples: Trust Agreement, Trust Agreement (Allstate Financing X)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by the vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders liquidation amount of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. ; and
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; providedPROVIDED, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Property Trustee, Successor Delaware Trustee or Successor Property Trustee, or, if there is one Regular Trustee, a Regular Trustee, as the case may be, if the Property Trustee or the Delaware Trustee or such sole Regular Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery pursuant to the Sponsor and the Trust this Section 5.6 of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.6(b) hereof and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities, and with respect to the Administrative Trustees, in the manner set forth in Section 5.6(a)(ii) hereof.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:: -------- -------
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Capital Securities shall use their best efforts to promptly appoint a Successor Delaware Property Trustee or Successor Property Delaware Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper to prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
(h) Any successor Delaware Trustee shall file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the name and principal place of business of such Successor Delaware Trustee in the State of Delaware.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees any Trustee may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) in the case of Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities;
(but prior to iii) in the occurrence case of the Property Trustee and the Delaware Trustee, unless an Indenture Event of Default)Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to , the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees any Trustee may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the SponsorCompany;
(ii) in the case of Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities;
(but prior to iii) in the occurrence case of the Property Trustee and the Delaware Trustee, unless an Indenture Event of Default)Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to , the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesCompany; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) in the case of the Administrative Trustees, after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class by written consent or at a meeting of the Holders of the Common Securities;
(iii) in the case of the Institutional Trustee and the Delaware Trustee, unless a Default shall have occurred and be continuing after the issuance of any Securities, by a vote of the Holders of a Majority in liquidation amount of the Common Securities voting as a class by written consent or at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Institutional Trustee and the Delaware Trustee, if a Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by a vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Trust Preferred Securities voting as a class by written consent or at a meeting of the Holders of the Trust Preferred Securities.
(b) (i) The Trustee that acts as Property Institutional Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Property Institutional Trustee under Section 6.3(a) 5.3 (a “Successor Property Institutional Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Institutional Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(iii) after the issuance of the Capital Trust Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Trust Preferred Securities.; provided, however, that the Administrative Trustees may still be appointed or removed without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securitiessecurities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities Trust Securities, except as provided in clause (but prior to the occurrence of an Indenture Event of Default)iii) hereof, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of any Trust Securities, if an Indenture Event of DefaultDefault has occurred and is continuing, and only with respect only to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Preferred Securities voting as a class at a meeting of the Holders of the Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Property Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) 5.3 has been appointed and has accepted such appointment by written instrument executed by such Successor successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) Section 5.2 has been appointed and has accepted such appointment by written instrument executed by such Successor successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)4.6(b) of this Trust Agreement, Trustees may be appointed or removed without cause at any time:
(i) until in the issuance case of any Securities, by written instrument executed MP Designees by the Sponsorvote of the Holders of a Majority of the Class A Trust Interests;
(ii) after in the issuance case of any Securities (but prior to the occurrence of an Indenture Event of Default)HFH Designees, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; andClass B Trust Interests;
(iii) after in the issuance case of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital SecuritiesClass A Trust Interests and the Holders of a Majority of the Class B Trust Interests.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a4.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 4.2 and 6.4 4.3 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorTrustees.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Holders and the Trustany other Trustees, which resignation shall take effect upon such delivery receipt or upon such later date time as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Holders and the resigning Delaware Trustee. Unless otherwise specified in the notice, the acceptance of the resignation shall not be necessary to make it effective.
(d) The Upon the resignation or removal of any Administrative Trustee with or without cause, a successor Administrative Trustee (a "Successor Administrative Trustee") shall be selected by the vote of the Holders of a Majority of the Class A Trust Interests if the Trustee was a MP Designee and shall be selected by the Holder of the Class B Trust Interests if the Transferee was an HFH Designee.
(e) A Majority of the Holders of the Common Securities Class A Trust Interests and a Majority of the Holders of the Class B Trust Interests shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee is removed pursuant to Section 4.6(a) or delivers an instrument of resignation in accordance with this Section 6.64.6(c).
(ef) If no Successor Property Delaware Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 4.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the Delaware Trustee resigning or removed Property Trustee or Delaware Trusteebeing removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(fg) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, or by vote of the Holders of a Majority in Liquidation Amount of the Capital Securitiesunanimous written consent.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, PROVIDED that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) if the Trust is deemed not to be an Investment Company solely by reason of Rule 3a-7, until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Property Trustee or Successor Property TrusteeDelaware Trustee promptly, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 30 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may (at the expense of the Sponsor) petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(iii) whether or not an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and Delaware Trustee, for cause by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of the Holders of the Preferred Securities (it being understood that in no event will the Holders of the Preferred Securities have the right to vote, appoint, remove or replace the Administrative Trustees, which voting rights are exclusively vested in the Holder of the Common Securities); and
(iv) if an Event of Default shall have occurred and be continuing after the issuance of the Securities, by vote of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities (it being understood that in no event will the Holders of the Preferred Securities have the right to vote, appoint, remove or replace the Administrative Trustees, which voting rights are exclusively vested in the Holder of the Common Securities).
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its her successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by the vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders liquidation amount of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative removed Property Trustee, the Regular Trustees and the Sponsor. ; and
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; providedPROVIDED, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Sponsor, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee) and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Property Trustee, Successor Delaware Trustee or Successor Property Trustee, or, if there is one Regular Trustee, a Regular Trustee, as the case may be, if the Property Trustee or the Delaware Trustee or such sole Regular Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery pursuant to the Sponsor and the Trust this Section 5.6 of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) Upon the resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall promptly pay to such Trustee all amounts that may be owed to such Trustee pursuant to Section 10.4.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and;
(iii) after the initial issuance of the Capital Trust Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Trust Preferred Securities.; provided, however, that the Administrative Trustees may still be appointed or removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition at the expense of the Sponsor any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.7(b) of this Declaration and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until its or his or its successor shall have been appointed, appointed or until his death or its dissolution dissolution, or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:: -------- -------
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may may, at the expense of the Sponsor, petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, and appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Debenture Issuer shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
(h) Any successor to an Administrative Trustee shall be an officer, director, employee or Affiliate of the Sponsor.
Appears in 1 contract
Samples: Declaration of Trust (Sandy Spring Capital Trust I)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b6.3(b), Trustees the Trustees, or any of them, may be appointed or removed without cause at any time:time at the written direction of the Series A Holder.
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with under Section 6.6(a6.3(a) until a successor Regular Trustee possessing the qualifications to act as Property Trustee ("Successor Regular Trustee") that is qualified under Section 6.3(a) (a “Successor Property Trustee”6.2(a) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Regular Trustee and delivered to the Administrative Trustees and Series A Holder; and
(ii) the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.3(a) until a successor Trustee Delaware Trustee, possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 Section 6.1(a) (a “"Successor Delaware Trustee”) "), has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Regular Trustee and the SponsorSeries A Holder.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Series A Holder and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property such Trustee shall be effective:
a. effective until a Successor Property Regular Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Property Regular Trustee and delivered to the Trust, the Sponsor Series A Holder and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated Regular Trustee and the proceeds thereof distributed to the holders of the Securitiesis qualified under Section 6.2(a); and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Series A Holder and the resigning Delaware TrusteeTrustee and is qualified under Section 6.1(a).
(d) The Holders of the Common Securities Series A Holder shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Regular Trustee or Successor Delaware Trustee, as the case may be, if the Regular Trustee or the Delaware Trustee is removed from office or delivers an instrument of resignation in accordance with this Section 6.3.
(e) If no Successor Regular Trustee or Successor Delaware Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.3 within 60 30 days after delivery to the Sponsor Series A Holder and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Regular Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Regular Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Regular Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee Notwithstanding the replacement of any Trustee, a predecessor trustee shall be liable for entitled to all of the acts or omissions to act protections and benefits of any Successor Property Trustee or Successor Delaware Trustee, as the case may beArticle VIII hereof.
Appears in 1 contract
Samples: Trust Agreement (Anschutz Philip F)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by 29 37 written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Us Bancorp \De\)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.7(b) of this Declaration and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Capital Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Debenture Issuer shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; Securities unless an Event of Default shall have occurred and be continuing, and
(iii) if an Event of Default shall have occurred and be continuing, after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of to: (A) the Property Trustee and Delaware TrusteeAdministrative Trustees, by vote or written consent of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Common Securities acting separately as a class; and (B) the Property Trustee and the Delaware Trustee, by vote or written consent of the Holders of a Majority in liquidation amount of the Trust Preferred Securities, acting separately as a class.
(b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Successor Property Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) Sections 5.2 and 5.3 has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and Trustees, the Sponsor. The Trustee that acts as Delaware Trustee shall (if the removed Property Trustee is not be removed in accordance with Section 6.6(a) until a successor Trustee possessing also the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Apache Corp)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the SponsorDepositor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the SponsorDepositor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorDepositor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Depositor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Depositor and the resigning Property Trustee; or
b. (B) until the assets of Trust has been completely wound up and terminated in accordance with the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesAgreement; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Depositor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor Depositor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Asbc Capital Ii)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.6(b) of this Agreement and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Trust Preferred Securities voting as a class at a meeting of Holders of the Trust Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may may, at the expense of the Company, petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition at the expense of the Sponsor any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(iii) after the issuance of the Capital Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities.; provided, however, that the Administrative Trustees may still be appointed or removed without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Us Bancorp \De\)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and;
(iii) after the initial issuance of the Capital Trust Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Trust Preferred Securities.; provided, however, that the Administrative Trustees may still be appointed or removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(bi) The Trustee that acts as Property Institutional Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Institutional Trustee possessing the qualifications to act as Property Institutional Trustee under Section 6.3(a) Sections 5.2 and 5.3 (a “"Successor Property Institutional Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Institutional Trustee and delivered to the Administrative Regular Trustees and the Sponsor. ; and
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its such Trustee's successor shall have been appointed, until his death or its dissolution appointed or until his or its such Trustee's death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Institutional Trustee shall be effective:
a. (A) until a Successor Property Institutional Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Institutional Trustee and delivered to the Trust, the Sponsor and the resigning Property Institutional Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best all reasonable efforts to promptly appoint a Successor Delaware Trustee or Successor Property Institutional Trustee, as the case may be, if the Property Institutional Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Institutional Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Institutional Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and;
(iii) after the initial issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.; provided, however, that the Administrative Trustees may still be appointed or removed with or without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting; and;
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Dominion Resources Capital Trust Iv)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.02(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any the Trust Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities the Trust Securities,
(but prior A) other than with respect to the occurrence Special Regular Trustee, by vote of the Holders of a Majority in aggregate liquidation amount of the Common Securities voting as a class; and
(B) if an Indenture Appointment Event has occurred and is continuing, one additional Regular Trustee (the "Special Regular Trustee") may be appointed, who shall not be an Affiliate of Defaultthe Sponsor, by vote of the Holders of a Majority in aggregate liquidation amount of the Preferred Securities, voting as a class and such Special Regular Trustee may only be removed (otherwise than by the operation of Section 5.02(c)), by vote of the Holders of a Majority in Liquidation Amount aggregate liquidation amount of the Common Preferred Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securitiesclass.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.02(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the Sponsor. The Property Trustee being removed; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.02(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 Section 5.01(a)(C) (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the SponsorDelaware Trustee being removed.
(c) A Trustee appointed to office shall hold office until his or its such Trustee's successor shall have been appointed, until his death or its dissolution appointed or until his or its such Trustee's death, removal or resignation. , provided that a Special Regular Trustee shall only hold office while an Appointment Event is continuing and shall cease to hold office immediately after the Appointment Event pursuant to which the Special Regular Trustee was appointed and all other Appointment Events cease to be continuing.
(d) Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument (a "Resignation Request") in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. effective until a Successor Property Trustee possessing the qualifications to a ct as Property Trustee under Section 5.01(c) has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and;
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.; and
(diii) The no such resignation of a Special Regular Trustee shall be effective until the 60th day following delivery of the Resignation Request to the Sponsor and the Trust or such later date specified in the Resignation Request during which period the Holders of the Common Preferred Securities shall use their best efforts have the right to promptly appoint a Successor Delaware successor Special Regular Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation provided in accordance with this Section 6.6.Article V.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.02 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removala Resignation Request, the resigning or removed Property Trustee or Delaware Trustee, as applicablethe case may be, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securitiesclass; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only (A) with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities and (B) with respect to each of the Administrative Trustees, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees Trustees, the Sponsor and the SponsorProperty Trustee being removed. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Trustees, the Sponsor and the SponsorDelaware Trustee being removed.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the TrustAdministrative Trustees, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the TrustAdministrative Trustees, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities Holder shall use their best its commercially reasonable efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the removed or resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition at the expense of the Sponsor any court of competent jurisdiction in the U.S. United States for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)6.06(b) hereof, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;Bank; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote a Majority of the Holders of a Majority in Liquidation Amount of the outstanding Trust Common Securities Security voting as a class at a meeting of the Holders Holder of the Trust Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital SecuritiesSecurity.
(bi) The the Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.03 hereof (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ;
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.06(a) hereof until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 Section 3.11, Section 6.02 and 6.4 Section 6.04 hereof (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor;
(iii) no such removal of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses of such entity have been paid.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee; and
(iii) no such resignation of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses of such entity have been paid.
(d) The Holders Holder of the Trust Common Securities Security shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.06.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.06 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation removal or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, resigning or being removed may petition petition, at the expense of the Trust, any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) Upon termination of this Agreement or removal or resignation of the Property Trustee or Delaware Trustee, as applicable, pursuant to this Section 6.06, and before the appointment of any Successor Property Trustee or Successor Delaware Trustee, as applicable, the Trust shall pay to the Property Trustee or the Delaware Trustee, as applicable, all amounts to which it is entitled to the date of such termination, removal or resignation.
Appears in 1 contract
Samples: Trust Agreement (Deutsche Bank Capital Funding Trust VIII)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.6(b) of this Agreement and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Trust Preferred Securities voting as a class at a meeting of Holders of the Trust Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may may, at the expense of the Sponsor, petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b4.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as as:
(i) Property Trustee shall not be removed in accordance with Section 6.6(a4.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 4.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as ; and
(ii) Delaware Trustee shall not be removed in accordance with Section 6.6(a4.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 4.2 and 6.4 4.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an any instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon on such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if as the Property Trustee or the Delaware Trustee if the resigning Property Trustee or Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.64.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 4.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) Any Successor Delaware Trustee appointed hereunder shall file an amendment to the Certificate of Trust with the Secretary of State reflecting the name and principal place of business of such trustee in the State of Delaware.
Appears in 1 contract
Samples: Indenture (Land O Lakes Inc)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.02(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any the Trust Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities the Trust Securities,
(but prior A) other than with respect to the occurrence Special Regular Trustee, by vote of the Holders of a Majority in Stated Amount of the Common Securities voting as a class; and
(B) if an Indenture Appointment Event has occurred and is continuing, one additional Regular Trustee (the "Special Regular Trustee") may be appointed, who shall not be an Affiliate of Defaultthe Sponsor, by vote of the Holders of a Majority in Stated Amount of the Preferred Securities, voting as a class and such Special Regular Trustee may only be removed (otherwise than by the operation of Section 5.02(c)), by vote of the Holders of a Majority in Liquidation Stated Amount of the Common Preferred Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securitiesclass.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.02(a) until a successor Successor Property Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”5.01(c) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the Sponsor. The Property Trustee being removed; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.02(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 Section 5.01(a)(C) (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the SponsorDelaware Trustee being removed.
(c) A Trustee appointed to office shall hold office until his or its such Trustee's successor shall have been appointed, until his death or its dissolution appointed or until his or its such Trustee's death, removal or resignation. , provided that a Special Regular Trustee shall only hold office while an Appointment Event is continuing and shall cease to hold office immediately after the Appointment Event pursuant to which the Special Regular Trustee was appointed and all other Appointment Events cease to be continuing.
(d) Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument (a "Resignation Request") in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. effective until a Successor Property Trustee possessing the qualifications to act as Property Trustee under Section 5.01(c) has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and;
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.; and
(diii) The no such resignation of a Special Regular Trustee shall be effective until the 60th day following delivery of the Resignation Request to the Sponsor and the Trust or such later date specified in the Resignation Request during which period the Holders of the Common Preferred Securities shall use their best efforts have the right to promptly appoint a Successor Delaware successor Special Regular Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation provided in accordance with this Section 6.6.Article V.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.02 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removala Resignation Request, the resigning or removed Property Trustee or Delaware Trustee, as applicable, Trustee may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, thereupon after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees any Trustee may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) in the case of Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities;
(but prior to iii) in the occurrence case of the Property Trustee and the Delaware Trustee, unless an Indenture Event of Default)Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities (it being understood that in no event will the Holders of the Preferred Securities have the right to vote, appoint, remove or replace the Administrative Trustees, which voting rights are exclusively vested in the Holder of the Common Securities).
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(c) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(cd) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(de) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.7.
(ef) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(fg) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees any Trustee may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the SponsorCompany;
(ii) in the case of Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities;
(but prior to iii) in the occurrence case of the Property Trustee and the Delaware Trustee, unless an Indenture Event of Default)Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the removed Property Trustee, the Administrative Trustees and the Sponsor. The Company; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Administrative Trustees and the SponsorCompany.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Company and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the TrustAdministrative Trustees, the Sponsor Company and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the TrustAdministrative Trustees, the Sponsor Company and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b6.07(b), Trustees may be appointed or removed without cause at any time:
(i) : until the issuance of any Preferred Trust Securities, by written instrument executed by the Sponsor;
(ii) Initial Depositor; and after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Preferred Trust Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital SecuritiesControl Party.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.07(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.03 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Successor Depositor; and the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.07(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 6.02 and 6.4 6.04 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorSuccessor Depositor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Successor Depositor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no : No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Successor Depositor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) and no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Successor Depositor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities Control Party shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.07.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.07 within 60 days after delivery to the Sponsor Successor Depositor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.7(b) of this Declaration and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and or the Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
32 40 (i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation 29 120 Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the 30 121 Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(bSections 5.07(b) and (c), Trustees may be appointed or removed without cause at any time:
(i) without cause until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, without cause by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and;
(iii) whether or not an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only with respect to each of the Property Trustee and Delaware Trustee, for cause by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of the Holders of the Preferred Securities (it being understood that in no event will the Holders of the Preferred Securities have the right to vote, appoint, remove or replace the Administrative Trustees, which voting rights are exclusively vested in the Holder of the Common Securities); and
(iv) if an Event of Default shall have occurred and be continuing after the issuance of the Securities, with respect to the Property Trustee or the Delaware Trustee, by vote of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.07(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.07(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.02 and 6.4 5.04 (a “Successor Delaware Trustee”"SUCCESSOR DELAWARE TRUSTEE") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, 41 47 the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.07.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.07 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Trust Agreement (Hercules Inc)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority majority in Liquidation Amount of the Capital Preferred Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Indenture (First Security Capital V)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed with or without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and
(iii) after the initial issuance of the Capital Securities and after the occurrence and during the continuance of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities., provided, that, this right does not extend to the Administrative Trustees, who may be appointed or removed with or without cause in such circumstances, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities; and
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 30 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Trust Common Securities voting as a class at a meeting of the Holders of the Trust Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. ; and
(c) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(cd) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(de) The Holders of the Trust Common Securities shall use their best efforts to promptly appoint a Successor Delaware Property Trustee or Successor Property Delaware Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation or is removed in accordance with this Section 6.65.6.
(ef) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery pursuant to the Sponsor and the Trust this Section 5.6 of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(fg) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Declaration of Trust (American Equity Investment Life Holding Co)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the initial issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the initial issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesSecurities or by written consent in lieu of such meeting; and
(iii) after the initial issuance of the Capital Trust Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Trust Preferred Securities; provided, however, that the Administrative Trustees may still be appointed or removed without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities or by written consent in lieu of such meeting.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a3.8(h) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b)5.6(b) hereof and to Section 6(b) of Annex I hereto, Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, for cause by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities voting as a class at a meeting of the Holders of the Capital Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Securities, with or without cause, by vote of Holders of a Majority in Liquidation Amount of the Capital Securities voting as a class at a meeting of Holders of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees removed Property Trustee, the Administrators and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with this Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrators and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Capital Securities shall use their best efforts to promptly appoint a Successor Delaware Property Trustee or Successor Property Delaware Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper to prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(g) At the time of resignation or removal of the Property Trustee or the Delaware Trustee, the Sponsor shall pay to such Trustee any amounts that may be owed to such Trustee pursuant to Section 10.4.
(h) Any successor Delaware Trustee shall file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the name and principal place of business of such Successor Delaware Trustee in the State of Delaware.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority majority in Liquidation Amount of the Capital Preferred Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b8.10(b), Issuer Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Capital Securities, by written instrument executed by the SponsorDepositor;
(ii) after the issuance of any Capital Securities (but prior to the occurrence of an Indenture a Debenture Event of DefaultDefault if in the case of the Property Trustee or the Delaware Trustee), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common SecuritiesDepositor; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture a Debenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Issuer Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a8.10(a) until a successor Property Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a8.7(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the SponsorDepositor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a8.10(a) until a successor Delaware Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 Section 8.7(c) (a “Successor Delaware Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees and the SponsorDepositor.
(c) A An Issuer Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his their death or its dissolution or until his their or its removal or resignation. Any Issuer Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Issuer Trustee and delivered to the Sponsor Depositor and the Issuer Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Issuer Trust, the Sponsor Depositor and the resigning Property Trustee; or
b. (B) until the assets of the Issuer Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Issuer Trust, the Sponsor Depositor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities Depositor shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.68.10.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 8.10 within 60 days after delivery to the Sponsor Depositor and the Issuer Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Issuer Trustee shall be liable for the acts or omissions to act of any Successor successor.
(g) The Property Trustee or Successor Delaware shall give notice of each resignation and each removal of an Issuer Trustee and each appointment of a successor Issuer Trustee to all Holders in the manner provided in Section 10.8 and shall give notice to the Depositor and to the Administrative Trustees. Each notice shall include the name of the successor Issuer Trustee and the address of its Corporate Trust Office if it is the Property Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.7(b), Trustees any Trustee may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the SponsorDepositor;
(ii) in the case of Administrative Trustees, after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities;
(but prior to iii) in the occurrence case of the Property Trustee and the Delaware Trustee, unless an Indenture Event of Default)Default shall have occurred and be continuing after the issuance of any Securities, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iiiiv) in the case of the Property Trustee and the Delaware Trustee, if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware TrusteeSecurities, by vote of the Holders of a Majority in Liquidation Amount of the Capital Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities.
(b) (i) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor Delaware Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to , the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesDepositor; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;Xxxxxxx; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as as:
(i) Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 5.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as ; and
(ii) Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an any instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon on such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if as the Property Trustee or the Delaware Trustee if the resigning Property Trustee or Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b7.7(b), Trustees may be appointed or removed without cause at any time:time by the Grantor.
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 7.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative removed Property Trustee, the Regular Trustees and the Sponsor. Grantor;
(ii) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 7.2 and 6.4 7.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative removed Delaware Trustee, the Regular Trustees and the SponsorGrantor;
(iii) No removal of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses incurred by such entity have been paid.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its dissolution, termination, bankruptcy, death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor Grantor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Grantor, the Regular Trustees and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and;
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor Grantor, the Regular Trustees and the resigning Delaware Trustee; and
(iii) no such resignation of the Property Trustee or the Delaware Trustee shall be effective until all of the fees, charges, and expenses incurred by such entity have been paid.
(d) The Holders of the Common Securities Grantor shall use their its best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Delaware Trustee or the Delaware Property Trustee delivers an instrument of resignation in accordance with this Section 6.67.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 7.7 within 60 30 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition petition, at the expense of the Grantor, any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
Appears in 1 contract
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of PROVIDED, HOWEVER, that if an Indenture Event of DefaultDefault shall have occurred and be continuing, and only with respect to each of the Property Trustee and Delaware Trustee, Trustee may be removed only by the vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Securities voting as a class at a meeting of Holders of Capital Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “the "Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. .
(c) The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and to the SponsorDelaware Trustee being removed.
(cd) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, appointed or until his death (or its dissolution or until his liquidation or its other similar event in the case of a Trustee who is other than a natural person), removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; providedPROVIDED, howeverHOWEVER, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no No such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(de) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Property Trustee or Successor Property Delaware Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.6.
(ef) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(fg) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be. No Successor Property Trustee or Successor Delaware Trustee shall be liable for the acts or omissions of a predecessor Property Trustee or Delaware Trustee, as the case may be.
Appears in 1 contract
Samples: Declaration of Trust (Zenith National Insurance Corp)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b5.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of if an Indenture Event of DefaultDefault shall have occurred and be continuing, and only with respect to each of to:
(A) the Property Trustee and Delaware TrusteeRegular Trustees, by the vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Capital Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(B) the Institutional Trustee and the Delaware Trustee, by the vote of the Holders of a Majority in liquidation amount of the Preferred Securities voting as a class at a meeting of the Holders of the Preferred Securities.
(b) The Trustee that acts as Property as:
(i) Institutional Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Institutional Trustee possessing the qualifications to act as Property Institutional Trustee under Section 6.3(a5.3(a) (a “Successor Property Trustee”"SUCCESSOR INSTITUTIONAL TRUSTEE") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Institutional Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the Sponsor. The Institutional Trustee that acts as being removed; and
(ii) Delaware Trustee shall not be removed in accordance with Section 6.6(a5.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.2 and 6.4 5.4 (a “Successor Delaware Trustee”"SUCCESSOR DELAWARE TRUSTEE") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Trustees Regular Trustees, the Sponsor and the SponsorDelaware Trustee being removed.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, dissolution, termination, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument (a "RESIGNATION REQUEST") in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Institutional Trustee shall be effective:
a. (A) until a Successor Property Institutional Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Institutional Trustee and delivered to the Trust, the Sponsor and the resigning Property Institutional Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the SecuritiesHolders; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Institutional Trustee or Successor Property Trustee, Delaware Trustee as the case may be, be if the Property Institutional Trustee or the Delaware Trustee delivers an instrument of resignation a Resignation Request in accordance with this Section 6.65.6.
(e) If no Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.6 within 60 days after delivery to the Sponsor and the Trust of an instrument a notice of resignation removal or removala Resignation Request, the resigning or removed Property Institutional Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition petition, at the expense of the Sponsor, any court of competent jurisdiction in the U.S. for appointment of a Successor Property Institutional Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Institutional Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Institutional Trustee or Successor Delaware Trustee, as the case may be.
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Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b6.7(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Trust Securities, by written instrument executed by the Sponsor;; and
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Trust Securities, by vote of the Holders of a Majority in Liquidation Amount liquidation amount of the Trust Common Securities voting as a class at a meeting of the Holders of the Trust Common Securities; and
(iii) after the issuance of the Capital Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a6.7(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) 6.3 (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a6.7(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no No such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Trust Securities; and
and (ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Trust Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.66.7.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 6.7 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removalresignation, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor successor Delaware Trustee, as the case may be.
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Samples: Declaration of Trust (Merrill Lynch Preferred Capital Trust Iv)
Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(bSections 5.07(b) and (c), Trustees may be appointed or removed without cause at any time:
(i) with or without cause until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) unless an Event of Default shall have occurred and be continuing after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default)Securities, with or without cause by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) if an Event of Default shall have occurred and be continuing after the issuance of the Capital Securities and the occurrence of an Indenture Event of DefaultSecurities, and only (A) with or without cause with respect to each of the Property Trustee or the Delaware Trustee (but not any Administrative Trustee), by vote of Holders of a Majority in Liquidation Amount of the Preferred Securities voting as a class at a meeting of Holders of the Preferred Securities and Delaware (B) with or without cause with respect to an Administrative Trustee, by vote of the Holders of a Majority in Liquidation Amount of the Capital Common Securities voting as a class at a meeting of the Holders of the Common Securities.
(bi) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a5.07(a) until a successor Trustee possessing the qualifications to act as Successor Property Trustee under Section 6.3(a) (a “Successor Property Trustee”) has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Trustees and the Sponsor. The ; and
(ii) the Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a5.07(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 5.02 and 6.4 5.04 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the removed Delaware Trustee, the Property Trustee (if the removed Delaware Trustee is not also the Property Trustee), the Administrative Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution appointed or until his or its death, removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the other Trustees, the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, provided that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. (A) until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor Sponsor, the Delaware Trustee (if the resigning Property Trustee is not also the Delaware Trustee) and the resigning Property Trustee; or
b. (B) until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders Holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Property Trustee (if the resigning Delaware Trustee is not also the Property Trustee), the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities or, if an Event of Default shall have occurred and be continuing after the issuance of the Securities, the Holders of the Preferred Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.65.07.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, Trustee shall have been appointed and accepted appointment as provided in this Section 6.6 5.07 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware TrusteeTrustee resigning or being removed, as applicable, may petition at the expense of the Sponsor any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem properproper and prescribe, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No former Property Trustee or former Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
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Appointment, Removal and Resignation of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time:
(i) until the issuance of any Securities, by written instrument executed by the Sponsor;
(ii) after the issuance of any Securities (but prior to the occurrence of an Indenture Event of Default), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and
(iii) after the issuance of the Capital Preferred Securities and the occurrence of an Indenture Event of Default, and only with respect to each of the Property Trustee and Delaware Trustee, by vote of the Holders of a Majority majority in Liquidation Amount of the Capital Preferred Securities.
(b) The Trustee that acts as Property Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Property Trustee under Section 6.3(a) (a “"Successor Property Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Property Trustee and delivered to the Administrative Regular Trustees and the Sponsor. The Trustee that acts as Delaware Trustee shall not be removed in accordance with Section 6.6(a) until a successor Trustee possessing the qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “"Successor Delaware Trustee”") has been appointed and has accepted such appointment by written instrument executed by such Successor Delaware Trustee and delivered to the Administrative Regular Trustees and the Sponsor.
(c) A Trustee appointed to office shall hold office until his or its successor shall have been appointed, until his death or its dissolution or until his or its removal or resignation. Any Trustee may resign from office (without need for prior or subsequent accounting) by an instrument in writing signed by the Trustee and delivered to the Sponsor and the Trust, which resignation shall take effect upon such delivery or upon such later date as is specified therein; provided, however, that:
(i) no such resignation of the Trustee that acts as the Property Trustee shall be effective:
a. until a Successor Property Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Property Trustee and delivered to the Trust, the Sponsor and the resigning Property Trustee; or
b. until the assets of the Trust have been completely liquidated and the proceeds thereof distributed to the holders of the Securities; and
(ii) no such resignation of the Trustee that acts as the Delaware Trustee shall be effective until a Successor Delaware Trustee has been appointed and has accepted such appointment by instrument executed by such Successor Delaware Trustee and delivered to the Trust, the Sponsor and the resigning Delaware Trustee.
(d) The Holders of the Common Securities shall use their best efforts to promptly appoint a Successor Delaware Trustee or Successor Property Trustee, as the case may be, if the Property Trustee or the Delaware Trustee delivers an instrument of resignation in accordance with this Section 6.6.
(e) If no Successor Property Trustee or Successor Delaware Trustee, as the case may be, shall have been appointed and accepted appointment as provided in this Section 6.6 within 60 days after delivery to the Sponsor and the Trust of an instrument of resignation or removal, the resigning or removed Property Trustee or Delaware Trustee, as applicable, may petition any court of competent jurisdiction in the U.S. for appointment of a Successor Property Trustee or Successor Delaware Trustee, as applicable. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor Property Trustee or Successor Delaware Trustee, as the case may be.
(f) No Property Trustee or Delaware Trustee shall be liable for the acts or omissions to act of any Successor Property Trustee or Successor Delaware Trustee, as the case may be.
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