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

Resignation of Trustee and Successor Trustee. Resignation of the Trustee shall only be effective upon: (i) selection of a successor pursuant to the procedures set forth in the Consent Decree; and (ii) order of the Court. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the appointment of a successor trustee or as otherwise ordered by the Court, the Trustee shall transfer all Trust records to the successor trustee, and shall take all actions necessary to assign, transfer, and pay over to the successor trustee control of all Trust Assets (including the public website maintained by the Trustee). In the event that the Trustee dies or becomes incapacitated, the Court may, upon motion by the United States or any Beneficiary, appoint an interim Trustee until such time as a successor trustee is appointed in accordance with the procedures set forth in the Consent Decree.