Removal of Trustee. The Trustee may be removed, with or without cause, at a meeting held in accordance with the requirements of Article VIII by the affirmative vote of the holders of a majority of all the Units then outstanding; provided, however, that any removal of the Trustee shall be effective only at such time as a qualified successor Trustee has accepted appointment as successor Trustee.
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Samples: Royalty Trust Indenture (Cross Timbers Oil Co), Royalty Trust Indenture (Cross Timbers Oil Co), Royalty Trust Agreement (Newfield Exploration Co /De/)
Removal of Trustee. The Trustee may be removedremoved as Trustee hereunder, with or without cause, by the affirmative vote at a meeting duly called and held in accordance with the requirements provisions of Article VIII by the affirmative vote V hereof of the holders of Record Date Unit Holders representing a majority of all the Units then outstanding; provided, however, that any removal of represented at the Trustee shall be effective only at such time as a qualified successor Trustee has accepted appointment as successor Trusteemeeting.
Appears in 2 contracts
Samples: Royalty Trust Agreement (Sabine Royalty Trust), Royalty Trust Agreement
Removal of Trustee. The Trustee may be removedremoved as Trustee hereunder, with or without cause, by the affirmative vote at a meeting duly called and held in accordance with the requirements provisions of Article VIII by the affirmative vote ARTICLE V hereof of the holders of Record Date Unit Holders holding Certificates representing a majority of all the Units then outstanding; providedrepresented at the meeting. Subsequent to such vote, however, that any removal of the Trustee being removed shall be effective have only at those duties and obligations such time Trustee would have if such Trustee had commenced a resignation as a qualified successor Trustee has accepted appointment as successor Trusteedescribed in Section 8.02 hereof.
Appears in 2 contracts
Samples: Trust Agreement (Bp Prudhoe Bay Royalty Trust), Royalty Trust Agreement (Bp Prudhoe Bay Royalty Trust)
Removal of Trustee. The Trustee may be removedremoved at any time by an instrument or concurrent instruments in writing, with signed by the Issuer or without by the Servicer (subject to the prior written consent of the Issuer, which consent shall not be unreasonably withheld or delayed, if such removal is not for cause, at a meeting held in accordance ) and filed with the requirements Trustee and the Borrower; provided that no removal shall become effective until the acceptance of Article VIII appointment by the affirmative vote of the holders of a majority of all the Units then outstanding; provided, however, that any removal of the Trustee shall be effective only at such time as a qualified successor Trustee has accepted appointment as successor Trustee.provided in Section 7.08 of this Indenture
Appears in 1 contract
Samples: Trust Indenture
Removal of Trustee. The Manager may remove the Trustee may be removed, at any time with or without causecause by an instrument in writing delivered to the Trustee, at such removal to be effective upon the acceptance of appointment by a meeting held successor Trustee in accordance with the requirements of Article VIII by the affirmative vote of the holders of a majority of all the Units then outstanding; provided, however, that any removal of the Trustee shall be effective only at such time as a qualified successor Trustee has accepted appointment as successor TrusteeSection 11.3.
Appears in 1 contract
Samples: Business Trust Agreement (Kevco Partners Investment Trust)
Removal of Trustee. The Trustee may be removed, with or without cause, removed as trustee of the Fund at any time by Extraordinary Resolution passed at a meeting held in accordance with the requirements of Article VIII Unitholders called for such purpose or by the affirmative vote Manager upon the occurrence of a Termination Event in respect of the holders of a majority of all the Units then outstanding; provided, however, that any Trustee. The removal of the Trustee under this Section 11.2 shall not be effective only at until the appointment of, and acceptance of such time as appointment by, a qualified successor new trustee in the place of the Trustee has accepted appointment as successor Trusteeto be removed.
Appears in 1 contract
Removal of Trustee. The Trustee may be removed, with or without cause, at a meeting held in accordance with the requirements of Article VIII by the affirmative vote of the holders of a majority of all the Units then outstanding; provided, however, that any removal of the Trustee shall be effective only at such time as a qualified successor Trustee has accepted appointment as successor Trustee.
Appears in 1 contract
Samples: Royalty Trust Indenture (San Juan Basin Royalty Trust)