Common use of Replacement of Trustees Clause in Contracts

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 Trustee may resign and become and remain fully discharged from all further duty FPL reserves the right, without any vote, consent or responsibility hereunder upon giving thirty (30) days’ notice in writing to other action by 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 holders of bonds of any series created after the date specified in of this One Hundred Twenty-Eighth Supplemental Indenture, to amend the notice unless a successor Trustee shall have been appointed at an earlier dateMortgage, in which event such resignation shall take effect immediately upon the appointment of such successor Trustee. In the event as hereby amended, to amend Sections 99, 101 and 102 of the termination of the designation of any Trustee, or in the event Mortgage as follows: (A) to delete all requirements for publishing notice of the resignation, death, incapacity removal or the unwillingness appointment of any Trustee in Sections 99, 101, and 102 of the Trustees Mortgage and to servereplace them with an obligation by the Company to notify all bondholders in writing of such resignation, NEII removal or appointment, and to delete the words “the first publication of notice of” in Section 102 of the Mortgage; and (B) to add a paragraph at the end of Section 101 reading substantially as follows: So long as no event which is, or after notice or lapse of time, or both, would become, a Default shall designate have occurred and be continuing, and except with respect to a Trustee appointed by the bondholders as provided in Section 102 hereof, if the Company shall have delivered to the Trustee (i) resolutions of the Board of Directors appointing a successor Trustee, effective as of a date specified therein, and (ii) an instrument of acceptance of such appointment, effective as of such date, by such successor Trustee in accordance with Section 104 hereof, the Trustee shall be deemed to have resigned as contemplated in Section 101 hereof, the successor Trustee shall be deemed to have been appointed by the Company pursuant to Section 102 hereof and such appointment shall be deemed to have been accepted as contemplated in Section 104 hereof, all as of any Employer such date, and all other provisions of Sections 101, 102 and 104 hereof shall be applicable to such resignation, appointment and acceptance except to the extent inconsistent with this paragraph. The Company shall deliver written notice of such deemed resignation by the Trustee and shall notify the remaining Trustees deemed appointment of 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 acceptance by such successor Trustee to fill any vacancyall bondholders.

Replacement of Trustees. A 10.1 If a Trustee may resign hereof at any time desires to retire and become and remain fully be discharged from all further duty or responsibility hereunder upon giving thirty (30) days’ the trusts hereof he may so do by notice in writing signed by himself given to the remaining person having for the time being power to appoint a new or additional Trustees hereof and upon the mailing or personal delivery of such notice the Trustee so doing shall cease to be a Trustee hereof to all intents and purposes except as to any acts and deeds necessary for the party by whom he was appointed, proper vesting of the Trust Property in the continuing or such shorter notice new Trustee or Trustees or otherwise as the remaining Trustees case may accept as sufficient, in which notice there require. 10.2 Each Trustee hereof 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 TrusteeCanadian resident. In the event of that any Trustees hereof shall cease to be a Canadian resident the termination of said Trustees shall retire forthwith and a Trustees shall be appointed pursuant to Sections 10.3 and 10.4 hereof, who is a Canadian resident. 10.3 Without prejudice to the designation right of any TrusteeTrustee to retire, the Settlor may during his lifetime by deed or deeds remove any Trustee or Trustees of this Settlement from office as Trustee and may instead or in addition so appoint any person or persons to be a Trustee or Trustees hereof jointly with any continuing Trustee or Trustees hereof. Save as aforesaid, the event statutory power of the resignation, death, incapacity appointing any new or the unwillingness of any of the additional Trustee or Trustees hereof is 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 be applicable hereto. 10.4 Every person so appointed as a Trustee herein. Any retiring hereunder shall, as well before as after the Trust Property becomes by law or terminated Trustee shall forthwith turn over to by assurance or otherwise vested in him, have the remaining Trustees at the office of the National Elevator Industry Educational Program any same powers, authorities and discretion, and may in 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 respects act as above provided shall not be impaired or limited in any way, pending the designation of if he had been originally appointed as a successor Trustee to fill any vacancyby this Indenture.