Resignation and Removal of Trustee; Appointment of Successor. (a) Trustee may resign at any time by written notice to Company, which shall be effective five (5) days after receipt of such notice unless Company and Trustee agree otherwise. (b) Trustee may be removed by Company on five (5) days notice or upon shorter notice accepted by Trustee. (c) Upon a Change in Control, as defined herein, Trustee may not be removed by Company for ten (10) years. (d) Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be completed within five (5) days after receipt of notice or resignation, removal or transfer, unless Company extends the time limit. (e) If Trustee resigns or is removed, a successor shall be appointed, in accordance with Subsection (f) hereof, by the effective date of resignation or removal. If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust. (f) Company may appoint a successor to replace Trustee upon resignation or removal. The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee including ownership rights in the Trust assets. The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.
Appears in 1 contract
