Individual Trustees. To the extent the Mortgaged Property is located in the State of Arizona, the Arizona Individual Trustee; to the extent the Mortgaged Property is located in the State of California, the California Individual Trustee; to the extent the Mortgaged Property is located in the State of Tennessee, the Tennessee Individual Trustee; and to the extent the Mortgaged Property is located in the State of Texas, the Texas Individual Trustee.
Individual Trustees. Individual Trustees have been designated hereunder so that (a) if the State is Arizona, and Trustee is deemed to be incompetent or unqualified to enforce its rights for itself and as trustee for the Secured Creditors, then all the acts required to be performed in such State, in the enforcement of Trustee’s rights hereunder, shall and will be performed by Arizona Individual Trustee, acting alone; (b) if the State is California, and Trustee is deemed to be incompetent or unqualified to enforce its rights for itself and as trustee for the Secured Creditors, then all the acts required to be performed in such State, in the enforcement of Trustee’s rights hereunder, shall and will be performed by California Individual Trustee, acting alone; (c) if the State is Tennessee, and Trustee is deemed to be incompetent or unqualified to enforce its rights for itself and as trustee for the Secured Creditors, then all the acts required to be performed in such State, in the enforcement of Trustee’s rights hereunder, shall and will be performed by Tennessee Individual Trustee, acting alone; and (d) if the State is Texas, and Trustee is deemed to be incompetent or unqualified to enforce its rights for itself and as trustee for the Secured Creditors, then all the acts required to be performed in such State, in the enforcement of Trustee’s rights hereunder, shall and will be performed by Texas Individual Trustee, acting alone.
Individual Trustees. Any individual Trustee shall be entitled to receive and retain as remuneration for his services under the Trust Deed such sum or sums as a Participating Company may from time to time resolve to pay to him notwithstanding that he is also an officer or employee of a Participating Company and he shall not be disqualified from voting or taking part in any decision of the Trustees on any matter by virtue of any personal or beneficial interest (actual or prospective) therein.
Individual Trustees. Except as otherwise stated in this Agreement, including but not limited to Section 6.4.4 and 6.5, at all times that there are two (2) Individual Trustees serving hereunder, any power vested in the "Individual Trustees" under this Agreement shall be exercised by a unanimous vote of the then acting Individual Trustees holding such power. Except as otherwise stated in this Agreement, including but not limited to Section 6.4.4 and 6.5, if at any time there are more than two (2) Individual Trustees serving hereunder, except as otherwise stated in this Agreement, any power vested in the "Individual Trustees" under this Agreement shall be exercised by majority vote of the then acting Individual Trustees. Except as otherwise stated in this Agreement, including but not limited to Section 6.4.4 and 6.5, in the event of a tie vote among the then acting Individual Trustees, the Chairperson's vote will control.
Individual Trustees. Any Individual Trustee serving hereunder shall be entitled to the annual commission of Two Hundred Thousand US Dollars ($200,000), and any Individual Trustee serving hereunder as Chairperson shall be entitled to the annual commission of Two Hundred Twenty Thousand US Dollars ($220,000), as adjusted for inflation in the manner set forth below, and paid quarterly or more frequently as the Corporate Trustee determines in arrears; provided, however, if the Corporate Trustee is serving as Individual Trustee, the Corporate Trustee shall be paid for its service as both Corporate Trustee and Individual Trustee in accordance with Section 6.7.2; provided, further, however, that any Individual Trustee serving as Chairperson hereunder shall be entitled to the Compensation shall be prorated for any year in which the Individual Trustee does not serve for the entire year on the basis of days served assuming a calendar year of 365 days.
