Replacement of Trustees Sample Clauses

Replacement of Trustees. (1) A Trustee may resign at any time by written notice to the Corporation. (2) The holders pursuant to an Extraordinary Resolution may remove a Trustee by written notice to the Trustees. (3) If a Trustee is no longer eligible under Section 15.9 or in the circumstances described in Section 310(b) Trust Indenture Act, any holder that satisfies the requirements of Section 310(b) of the Trust Indenture Act may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. (4) The Corporation may remove a Trustee if: (i) the Trustee is no longer eligible under Section 15.9; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public officer takes charge of the Trustee or their property; or (iv) the Trustee becomes incapable of acting. A resignation or removal of a Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 15.7. (b) If a Trustee has been removed by the holders, holders pursuant to an Extraordinary Resolution may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Corporation will promptly appoint a successor Trustee. If the successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Corporation or any Debentureholder may petition any court of competent jurisdiction at the expense of the Corporation in the case of the Trustee, for the appointment of a successor Trustee. (c) Upon delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Corporation, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any successor Trustee, the Corporation will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Corporation will give notice of any resignation and any removal of a Trustee and each appointment of a successor Trustee to all holders, and include in the notice the name of the successor Trustee and the addre...

Replacement of Trustees. A Trustee may resign and become and remain fully discharged from all further duty or responsibility hereunder upon giving thirty (30) days’ notice in writing to the remaining Trustees and to the party by whom he was appointed, or such shorter notice as the remaining Trustees may accept as sufficient, in which notice there shall be stated a date on which such resignation shall take effect; and such resignation shall take effect on the date specified in the notice unless a successor Trustee shall have been appointed at an earlier date, in which event such resignation shall take effect immediately upon the appointment of such successor Trustee. In the event of the termination of the designation of any Trustee, or in the event of the resignation, death, incapacity or the unwillingness of any of the Trustees to serve, NEII shall designate the successor of any Employer Trustee and shall notify the remaining Trustees and the Union thereof, and the Union shall designate the successor of any Union Trustee and shall notify the remaining Trustees and NEII thereof. Any successor Trustee designated as herein provided shall comply with Par. 2 of this Article and, without further act, become vested with all the rights, powers, discretion and duties of his predecessor Trustee with like effect as if originally designated as a Trustee herein. Any retiring or terminated Trustee shall forthwith turn over to the remaining Trustees at the office of the National Elevator Industry Educational Program any and all records, books, documents, monies and other property in his possession which are a part of the National Elevator Industry Educational Program or incident to the fulfillment of the Trustee’s duties and responsibilities under this Trust Agreement. The powers of the Trustees to act as above provided shall not be impaired or limited in any way, pending the designation of a successor Trustee to fill any vacancy.

Replacement of Trustees. (a) The Trustees may resign at any time by giving 30 days’ prior written notice of such resignation to the Company and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the outstanding Notes may remove a Trustee by so notifying such Trustee and the Company by giving 30 days’ prior written notice. The Company shall remove a Trustee if: (1) such Trustee is no longer eligible under Section 7.10 or otherwise required by applicable law; (2) such Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to such Trustee under any Insolvency Law; (3) a receiver or public officer takes charge of such Trustee or its property; or (4) such Trustee otherwise becomes incapable of acting. (b) If a Trustee resigns or has been removed by the Holders, Holders of a majority in principal amount of the outstanding Notes may appoint a successor Trustee. Otherwise, if a Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it with another successor Trustee appointed by the Company. The U.S. Trustee can only be replaced with a U.S. trustee and the Canadian Trustee can only be replaced with a Canadian trustee. (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of its succession to Holders, and include in the notice its name and address of its corporate trust office. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the Notes may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. (e) If the Trustee fails to comply wi...

Replacement of Trustees. (a) Subject to Section 6.6(b), Trustees may be appointed or removed without cause at any time: (i) until the issuance of any Securities, by written instrument executed by the Sponsor; (ii) after the issuance of any Securities (but, except as provided in clause (a)(iii) below, not while an Indenture Event of Default has occurred and is continuing), by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities; and (iii) after the issuance of the Preferred Securities during the continuance of an Indenture Event of Default, by vote of the Holders of a Majority in Liquidation Amount of the Preferred Securities; provided, however, that the Administrative Trustees may still be appointed or removed without cause in such circumstance, by vote of the Holders of a Majority in Liquidation Amount of the Common Securities voting as a class at a meeting of the Holders of the Common Securities. (b) A Trustee may resign with respect to the Securities by so notifying the Sponsor and the Trust. A resignation or removal of the Property Trustee or Delaware Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in this Section. The resignation of an Administrative Trustee is effective upon delivery of notice to the Sponsor and the Trust. (c) The Holders of the Common Securities may remove the Property Trustee or Delaware Trustee if: (i) the Trustee fails to comply with Section 6.3, in the case of the Property Trustee, or Section 6.2 in the case of the Delaware Trustee; (ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any bankruptcy law or law for the relief of debtors generally; (iii) a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. (d) If a Trustee resigns or is removed or if a vacancy exists in the office of a Trustee for any reason, the Holders of the Common Stock shall promptly appoint a successor Trustee. (e) If a successor Property Trustee or Delaware Trustee does not take office within 60 days after the retiring Property Trustee or Delaware Trustee, as the case may be, resigns or is removed, the retiring Trustee, the Sponsor or the Holders of at least 10% in Liquidation Amount of the Securitie...

Replacement of Trustees. (a) The Producers may, solely with the prior written consent of the Majority Lenders, appoint any Approved Institution as successor trustee under the Trust Agreement. The Producers shall, if any of the circumstances set forth in Section 1.8(b) hereof shall have occurred and be continuing and if requested by the Majority Lenders, (1) appoint one of the institutions referred to in clause (ii) of the definition of Approved Institutions, if any of the circumstances set forth in Sections 1.8(b)(i), (ii) and (iii)(2) hereof shall have occurred and, (2) with respect to any other circumstance referred to in Section 1.8(b) hereof, appoint any institution other than a branch of the Borrower referred to in such definition as successor trustee under the Trust Agreement. Any such appointment made pursuant to this Section 1.8(a) shall, for purposes of this Agreement, become effective upon the written confirmation by such institution, solely in its capacity as successor trustee under the Trust Agreement, of its assumption of the obligations of successor trustee under such Trust Agreement and of the Borrower under the Loan Agreement, all of the Notes and the Letter Agreement. (b) The circumstances referred to in Section 1.8(a) hereof are as follows: (i) The Borrower or Bank of America National Trust and Savings Association or any successor trustee appointed pursuant to this Section 1.8 shall: (1) make an assignment for the benefit of creditors; or (2) file a petition in bankruptcy, petition or apply to any tribunal or applicable regulatory authority for the appointment of a custodian, receiver, trustee or official with similar powers for it or a substantial part of its property or assets, or commence any case or proceeding under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation or similar law or statute of any jurisdiction, whether now or hereafter in effect; or (3) if there shall have been filed any such petition or application, or any such case or proceeding shall have been commenced against it, indicate its consent to, approval of or acquiescence in any such petition, application, case or proceeding or any order for relief or the appointment of a custodian, receiver, trustee or official with similar powers or regulatory authority for it or any substantial part of any of its properties or assets, or suffer to exist any such case or proceeding in which an order for relief is entered, or suffer any such custodianship, receiversh...

Replacement of Trustees. Subject to this Section 11.5, any Trustee or U.S. Trustee for the time being of this Trust Deed may retire at any time upon giving not less than two calendar months’ notice in writing to the Issuer without assigning any reason therefor and without being responsible for any costs occasioned by such retirement. The holders of a majority in aggregate principal amount of the Bonds then Outstanding may remove the Trustee or the U.S. Trustee by notifying the Trustee or the U.S. Trustee, as the case may be, in writing. 11.5.1 The Issuer may remove the Trustee or the U.S. Trustee if: (i) the Trustee or the U.S. Trustee, as the case may be, fails to comply with Section 11.1 (Eligibility and Appointment of Trustees) hereof; (ii) the Trustee or the U.S. Trustee, as the case may be, is adjudged bankrupt or insolvent; (iii) a receiver or other public officer takes charge of the Trustee or the U.S. Trustee, as the case may be, or its property; or (iv) the Trustee or the U.S. Trustee, as the case may be, otherwise becomes incapable of acting. 11.5.2 Subject to Section 11.1 (Eligibility and Appointment of Trustee), if the Trustee or the U.S. Trustee, as the case may be, resigns, is removed by the Issuer or by the holders of a majority in aggregate principal amount of the Bonds then Outstanding, or if a vacancy exists in the office of the Trustee or the U.S. Trustee, as the case may be, for any reason (the Trustee or the U.S. Trustee, as the case may be, in such event being referred to herein as the “Retiring Trustee” or “Retiring U.S. Trustee”), the Issuer will promptly appoint a successor Trustee or U.S. Trustee, as the case may be. The retirement of any Trustee or the U.S. Trustee, as the case may be, shall not become effective unless there remains a trustee hereof (being, in the case of the Trustee, a trust corporation under English law) in office after such retirement. 11.5.3 A successor Trustee or U.S. Trustee, as the case may be, will deliver a written acceptance of its appointment to the Retiring Trustee or the Retiring U.S. Trustee, as the case may be, and to the Issuer. Thereupon, the resignation or removal of the Retiring Trustee or the Retiring U.S. Trustee, as the case may be, will become effective, and the successor Trustee or successor U.S. Trustee, as the case may be, will have all the rights, powers and duties of the Trustee or the U.S. Trustee, as the case may be, under this Trust Deed. The successor Trustee or U.S. Trustee, as the case may be, will send ...

Replacement of Trustees. The County may remove and replace any Trustee at any time and from time to time with a written notice to such Trustee of removal and replacement. Except where necessary to protect the rights Participants, the County shall give 60 days written notice of removal and replacement to any Trustee.

Replacement of Trustees. 28 Section 6.7. Vacancies among Trustees...................................29 Section 6.8. Effect of Vacancies........................................30 Section 6.9. Meetings...................................................30 Section 6.10.

Replacement of Trustees. 33 7.9 SUCCESSOR TRUSTEE BY MERGER, ETC.. . . . . . . . . . . . . . . . . 34 7.10 ELIGIBILITY; DISQUALIFICATION. . . . . . . . . . . . . . . .

Replacement of Trustees. 7.1 If there is a vacancy among the Trustees, Council shall appoint a Trustee Appointment Committee as provided for in Article 4, which shall appoint a replacement Trustee. 7.2 In the event the length of the remaining term of the Trustee being replaced is longer than six (6) months, the Trustee appointed to replace that Trustee shall serve out the term of the Trustee being replaced. Service for more than twelve (12) months shall count as one (1) term for the purpose of 5.7. 7.3 In the event the length of the remaining term of the Trustee being replaced is shorter than six (6) months, the Trustee appointed to replace that Trustee shall be appointed for a term of four (4) years.