Common use of COMPANY APPOINTMENT OF SUCCESSOR Clause in Contracts

COMPANY APPOINTMENT OF SUCCESSOR. If the Trustee resigns or is removed in accordance with Section 11(a) or Section 11(b), the Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace the Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer.

COMPANY APPOINTMENT OF SUCCESSOR. If the Trustee resigns or is removed in accordance with Section 11(a) or Section 11(b), the Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace the Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new successor Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by the Company or the successor Trustee to evidence the transfer.