Common use of Replacement of the Trustee Clause in Contracts

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the Trust Oversight Board, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Trustee may be removed by the Bankruptcy Court upon application and after notice and a hearing, which application may be brought by any party in interest (including any Director serving on the Trust Oversight Board) or by majority vote of the Trust Oversight Board. In the event of the resignation or removal of the Trustee, the Trust Oversight Board may, by majority vote, designate a person to serve as successor Trustee; provided, however, that if the Trust Oversight Board shall fail to appoint a successor with thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court based upon submissions from Directors on the Trust Oversight Board or the Beneficiary). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and the predecessor Trustee shall be fully released from all responsibilities relating to the Trust. In the event of the removal or resignation of any Trustee, such Trustee shall be immediately compensated for all fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article IV shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the Trust members of the Oversight BoardCommittee, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed by the Bankruptcy Court upon application motion and after notice and a hearing, which application motion may be brought by any party in interest (including any Director serving on the Trust Oversight Board) or by majority vote members of the Trust Oversight BoardCommittee). In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Trust Oversight Board may, by majority vote, Committee may designate a person to serve as successor Trustee; provided, however, that if . If the Trust Oversight Board Committee shall fail to appoint a successor with within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from Directors on interested parties (including the Trust Oversight Board Committee, any Beneficiary or counsel to the BeneficiaryLitigation Trust). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee shall be fully released from all responsibilities relating to the TrustLitigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 4.2 and 4.3 hereof. In the event of the removal or resignation of Trustee’s appointment terminates for any Trusteereason, such Trustee (or his estate or representatives) shall be immediately promptly compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article IV shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the Trust Oversight Board, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Trustee may be removed (i) by the Bankruptcy Court upon application and after notice and a hearing, which application may be brought by any party in interest (including any Director serving on the Trust Oversight Board) or (ii) by majority vote of the Trust Oversight Board. In the event of the resignation or removal of the Trustee, the Trust Oversight Board may, by majority vote, designate a person to serve as successor Trustee; provided, however, that if the Trust Oversight Board shall fail to appoint a successor with within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court based upon submissions from Directors on the Trust Oversight Board or the Beneficiary). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and the predecessor Trustee shall be fully released from all responsibilities relating to the Trust. In the event of the removal or resignation of any Trustee, such Trustee shall be immediately compensated for all fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article IV shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the Trust members of the Oversight BoardCommittee, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed by the Bankruptcy Court upon application motion and after notice and a hearing, which application motion may be brought by any party in interest (including any Director serving on the Trust Oversight Board) or by majority vote members of the Trust Oversight BoardCommittee). In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Trust Oversight Board may, by majority vote, Committee may designate a person to serve as successor Trustee; provided, however, that if . If the Trust Oversight Board Committee shall fail to appoint a successor with within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from Directors on interested parties (including the Trust Oversight Board Committee, any Beneficiary or counsel to the BeneficiaryLitigation Trust). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee shall be fully released from all responsibilities relating to the TrustLitigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 5.2 and 5.3 hereof. In the event of the removal or resignation of Trustee’s appointment terminates for any Trusteereason, such Trustee (or his estate or representatives) shall be immediately promptly compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article IV V shall survive the resignation or removal of any Trustee.