Common use of Designation and Qualification of Successor Trustees Clause in Contracts

Designation and Qualification of Successor Trustees. The Settlor has appointed a corporate fiduciary having all requi site corporate power and authority to act as the sole original Trustee. At any time during the term of this Trust, the Settlor shall have the right to remove the corporate Trustee acting here under and appoint another qualified corporation as a successor trustee upon seven (7) days' notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. In the event that any corporate trustee shall (i) become insolvent or admit in writing its insolvency, (ii) be unable to or admit in writing its inability to pay its debts as they mature, (iii) make a general assignment for the benefit of creditors, (iv) have an involuntary petition in bankruptcy filed against it, (v) commence a case under or otherwise seek to take advantage of any bank ruptcy, reorganization, insolvency, readjustment of debt, dissolu tion or liquidation law, statute, or proceeding, or (vi) resign, the Trustee shall cease to act and the Settlor shall appoint a successor Trustee. Any successor to the Settlor, as provided herein, shall have the same right to remove and to appoint any Trustee. Any successor Trustee shall qualify by a duly acknowl edged acceptance of this Trust, delivered to the Settlor. Upon acceptance of such appointment by the successor Trustee, the Trustee shall assign, transfer, and pay over to such successor Trustee the funds and properties then constituting the Trust Fund. Any successor Trustee shall have all the rights, powers, duties, and obligations herein granted to the original Trustee. Any successor Trustee shall be under no obligation to inquire into or seek an audit or court approval of the administra tion or accounts of any predecessor and shall be free of liability for the acts or omissions of such predecessors. If for any reason the Settlor cannot or does not act in the event of the resignation or removal of the Trustee, as pro vided above, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee. Any expenses incurred by the Trustee in connection therewith shall be deemed to be expenses of administration payable in accordance with Section 4.1 hereof. The Settlor shall notify the Secretary of the PSCW of any changes of Trustee.

Designation and Qualification of Successor Trustees. The Settlor has appointed a corporate fiduciary having all requi site requisite corporate power and authority to act as the sole and original Trustee. At any time during the term of this Trust, the Settlor shall have the right to remove the corporate Corporate Trustee acting here under hereunder and appoint another qualified corporation as a successor trustee Trustee upon seven thirty (730) days' notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. In the event that that' any corporate trustee shall (i) become insolvent or admit in writing its insolvency, (ii) be unable to or admit in writing its inability to pay its debts as they mature, (iii) make a general assignment for the benefit of creditors, (iv) have an involuntary petition in bankruptcy filed against it, (v) commence a case under or otherwise seek to take advantage of any bank ruptcybankruptcy, reorganization, insolvency, readjustment of debt, dissolu tion dissolution or liquidation law, statute, or proceeding, or (vi) resign, the Trustee shall cease to act and the Settlor shall appoint a successor Trustee. In the event of any such removal or resignation, the Trustee shall have the right to have its accounts settled as provided in Section 3.g. hereof. Any successor to the Settlor, as provided herein, shall have the same right to remove and to appoint any Trustee. Any successor Trustee shall qualify by a duly acknowl edged acknowledged acceptance of this Trust, delivered to the Settlor. Upon acceptance of such appointment by the successor Trustee, the Trustee shall assign, transfer, transfer and pay over to such successor Trustee the funds and properties then constituting the Trust Fund. Any successor Trustee shall have all the rights, powers, duties, duties and obligations herein granted to the original Trustee. Any successor Trustee shall be under no obligation to inquire into or seek an audit or court approval of the administra tion or accounts of any predecessor and shall be free of liability for the acts or omissions of such predecessors. If for any reason the Settlor cannot or does not act in the event of the resignation or removal of the Trustee, as pro vided provided above, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee. Any expenses incurred by the Trustee in connection therewith shall be deemed to be expenses an expense of administration payable in accordance with Section 4.1 4.a. hereof. The Settlor shall notify the Secretary of the PSCW of any changes of Trustee.

Designation and Qualification of Successor Trustees. The Settlor has appointed a corporate fiduciary having all requi site corporate power and authority to act as the sole original Trustee. (a) At any time during the term of this Trust, the Settlor Company shall have the right to remove the corporate Trustee (at the Company's sole discretion) acting here under hereunder and appoint another qualified corporation entity as a successor trustee Trustee upon seven thirty (730) days' notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. In the event that any corporate trustee shall the bank or trust company serving as Trustee or successor Trustee shall: (i) become insolvent or admit in writing its insolvency, ; (ii) be unable to or admit in writing its inability to pay its debts as they such debts mature, ; (iii) make a general assignment for the benefit of creditors, ; (iv) have an involuntary petition in bankruptcy filed against it, ; (v) commence a case under or otherwise seek to take advantage of any bank ruptcybankruptcy, reorganization, insolvency, readjustment of debt, dissolu tion dissolution or liquidation law, statute, or proceeding, ; or (vi) resign, the Trustee shall cease to act and the Settlor Company shall appoint a successor TrusteeTrustee as soon as practicable. In the event of any such removal or resignation, the Trustee or successor Trustee shall have the right to have its accounts finalized as provided in Section 6.05. Any successor to the SettlorCompany, as provided herein, shall have the same right to remove and to appoint any Trustee or successor Trustee. . (b) Any successor Trustee shall be a bank or trust company incorporated and doing business within the United States of America and having a combined capital and surplus of at least Two Hundred Fifty Million Dollars ($250,000,000), if there be such an institution willing, able and legally qualified to perform the duties of Trustee hereunder upon reasonable or customary terms. (c) Any successor Trustee shall qualify by a duly acknowl edged acknowledged acceptance of this Trust, delivered to the SettlorCompany. Upon acceptance of such appointment by the successor Trustee, the Trustee shall assign, transfer, transfer and pay over to such successor Trustee the funds and properties assets then constituting the Trust FundTrust. Any successor Trustee shall have all the rights, powers, duties, duties and obligations herein granted to or incurred by the original Trustee. Any successor Trustee shall be under no obligation to inquire into or seek an audit or court approval of the administra tion or accounts of any predecessor and shall be free of liability for the acts or omissions of such predecessors. If for any reason the Settlor cannot or does not act in the event of the resignation or removal of the Trustee, as pro vided above, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee. Any expenses incurred by the Trustee in connection therewith shall be deemed to be expenses of administration payable in accordance with Section 4.1 hereof. The Settlor shall notify the Secretary of the PSCW of any changes of Trustee.