Common use of Failure to Appoint Successor Clause in Contracts

Failure to Appoint Successor. In the event that no successor Trustee to a Trustee who has delivered a notice of resignation in accordance with Section 6.2, or who has received notice of removal in accordance with Section 6.3, has accepted an appointment within 120 days after the receipt by the Corporation of the notice of resignation, or 60 days after the receipt by the Trustee of the notice of removal, the Trustee, the Corporation or any Unitholder may apply to a court of competent jurisdiction for the appointment of a successor to the Trustee. The appointment of such successor by such court shall not require the approval of Unitholders.

Failure to Appoint Successor. In the event that no successor Trustee to a Trustee whose term of office has expired, who has delivered a notice of resignation in accordance with Section 6.28.02, or who has received notice of removal in accordance with Section 6.38.03, has accepted an appointment under Section 8.01 or 8.04 within 120 days after the receipt by the Corporation of the notice of resignation, or 60 days after the receipt by expiration of such term or the delivery of such notice, the Trustee of the notice of removal, the Trustee, or the Corporation or any Unitholder may apply to a court of competent jurisdiction for the appointment of a successor to the TrusteeTrustee to hold office for the term referred to in Section 8.01 or 8.04, as the case may be. The appointment of such successor by such court shall not require the approval of Unitholders.

Failure to Appoint Successor. In the event that no successor Trustee to a Trustee whose term of office has expired, who has delivered a notice of resignation in accordance with Section 6.27.02, or who has received notice of removal in accordance with Section 6.37.03, has accepted an appointment under Section 7.01 or 7.04 within 120 days after the receipt by the Corporation of the notice of resignation, or 60 days after the receipt by expiration of such term or the delivery of such notice, the Trustee of the notice of removal, the Trustee, or the Corporation or any Unitholder may apply to a court of competent jurisdiction for the appointment of a successor to the TrusteeTrustee to hold office for the term referred to in Section 7.01 or 7.04, as the case may be. The appointment of such successor by such court shall not require the approval of Trust Unitholders.

Failure to Appoint Successor. In the event that no successor Trustee to a Trustee who has delivered a notice of resignation in accordance with Section 6.27.2, or who has received notice of removal in accordance with Section 6.37.3, has accepted an appointment within 120 days after the receipt by the Corporation of the notice of resignation, or 60 days after the receipt by the Trustee of the notice of removal, the Trustee, the Corporation or any Unitholder may apply to a court of competent jurisdiction for the appointment of a successor to the Trustee. The appointment of such successor by such court shall not require the approval of Unitholders.