Common use of Resignation of Trustee and Appointment of Successor Trustee Clause in Contracts

Resignation of Trustee and Appointment of Successor Trustee. Each Trustee shall have the right to resign upon 30 days’ written notice to the Grantor, during which time the Grantor shall appoint a “Qualified Successor Trustee.” If no Qualified Successor Trustee accepts such appointment, the resigning Trustee shall petition a court of competent jurisdiction for the appointment of a “Qualified Successor Trustee.” For this purpose, a “Qualified Successor Trustee” may be an individual or a corporation but may not be the Grantor, any person who would be a “related or subordinate party” to the Grantor within the meaning of Section 672(c) of the Code or a corporation that would be a member of an “affiliated group” of corporations including the Grantor within the meaning of Section 1504(a) of the Code if the words “80 percent” wherever they appear in that section were replaced by the words “50 percent.” Upon the written acceptance by the Qualified Successor Trustee of the trust and upon approval of the resigning Trustee’s final account by those entitled thereto, the resigning Trustee shall be discharged.

Resignation of Trustee and Appointment of Successor Trustee. Each Trustee shall have the right to resign upon 30 days’ ' written notice to the Grantor, during which time the Grantor shall appoint a “"Qualified Successor Trustee.” " If no Qualified Successor Trustee accepts such appointment, the resigning Trustee shall petition a court of competent jurisdiction for the appointment of a “"Qualified Successor Trustee.” " For this purpose, a “"Qualified Successor Trustee” " may be an individual or a corporation but may not be the Grantor, any person who would be a “"related or subordinate party” " to the Grantor within the meaning of Section 672(c) of the Code or a corporation that would be a member of an “"affiliated group” " of corporations including the Grantor within the meaning of Section 1504(a) of the Code if the words “"80 percent” " wherever they appear in that section were replaced by the words “"50 percent.” " Upon the written acceptance by the Qualified Successor Trustee of the trust and upon approval of the resigning Trustee’s 's final account by those entitled thereto, the resigning Trustee shall be discharged.

Resignation of Trustee and Appointment of Successor Trustee. Each The Trustee shall have the right to resign upon 30 days’ advance written notice to the Grantor, during which time the Grantor shall appoint a “Qualified Successor Trustee.” If no Qualified Successor Trustee accepts such appointment, the resigning Trustee shall petition a court of competent jurisdiction for the appointment of a “Qualified Successor Trustee.” For this purpose, a “Qualified Successor Trustee” may be an individual or a corporation but may not be the Grantor, any entity or person who would be a “related or subordinate party” to the Grantor within the meaning of Section 672(c) of the Code or a corporation that would be a member of an “affiliated group” of corporations including the Grantor within the meaning of Section 1504(a) of the Code if the words “80 percent” wherever they appear in that section were replaced by the words “50 percent.” Upon the written acceptance by the Qualified Successor Trustee of the trust and upon approval of the resigning Trustee’s final account by those entitled thereto, the resigning Trustee shall be discharged.

Resignation of Trustee and Appointment of Successor Trustee. Each Trustee shall have the right to resign upon 30 days’ ' advance written notice to the Grantor, during which time the Grantor shall appoint a “"Qualified Successor Trustee.” " If no Qualified Successor Trustee accepts such appointment, the resigning Trustee shall petition a court of competent jurisdiction for the appointment of a “"Qualified Successor Trustee.” " For this purpose, a “"Qualified Successor Trustee” " may be an individual or a corporation but may not be the Grantor, any entity or person who would be a “"related or subordinate party” " to the Grantor within the meaning of Section 672(c) of the Code or a corporation that would be a member of an “"affiliated group” " of corporations including the Grantor within the meaning of Section 1504(a) of the Code if the words “"80 percent” " wherever they appear in that section were replaced by the words “"50 percent.” " Upon the written acceptance by the Qualified Successor Trustee of the trust and upon approval of the resigning Trustee’s 's final account by those entitled thereto, the resigning Trustee shall be discharged.