Common use of Resignation or Removal of the Delaware Trustee Clause in Contracts

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from its duties hereunder and the Trust hereby created by giving written notice thereof to the Trust Beneficial Owner and Indenture Trustee at least 90 days before the date specified in such instrument. Upon receiving such notice of resignation, the Trust Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no successor Delaware Trustee shall have been so appointed and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning Delaware Trustee may petition any court of competent jurisdiction for the appointment of a successor Delaware Trustee. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trustee, or if at any time the Delaware Trustee shall be legally unable to act or shall be adjudged bankrupt or insolvent, or a receiver of the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee may remove such Delaware Trustee. If the Trust Beneficial Owner and Indenture Trustee shall remove the Delaware Trustee under the authority of the immediately preceding sentence, the Trust Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of a written instrument, one copy of which instrument shall be delivered to each of the outgoing Delaware Trustee so removed, the successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed to the outgoing Delaware Trustee. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.03.

Appears in 9 contracts

Samples: License Agreement (Protective Life Insurance Co), License Agreement (Protective Life Insurance Co), License Agreement (Protective Life Insurance Co)

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Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from its duties hereunder and the Trust hereby created by giving written notice thereof to the Trust Beneficial Owner and Indenture Trustee at least 90 60 days before the date specified in such instrument. Upon receiving such notice of resignation, the Trust Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section SECTION 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Hartford Life. If no successor Delaware Trustee shall have been so appointed and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning Delaware Trustee may petition any court of competent jurisdiction for the appointment of a successor Delaware Trustee. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section SECTION 8.01 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trustee, or if at any time the Delaware Trustee shall be legally unable to act or shall be adjudged bankrupt or insolvent, or a receiver of the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee may remove such Delaware Trustee. If the Trust Beneficial Owner and Indenture Trustee shall remove the Delaware Trustee under the authority of the immediately preceding sentence, the Trust Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualification requirements of Section SECTION 8.01 by (i) the execution of a written instrument, one copy of which instrument shall be delivered to each of the outgoing Delaware Trustee so removed, the successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Hartford Life and (ii) the payment of all fees and expenses owed to the outgoing Delaware Trustee. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section SECTION 8.02 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section SECTION 8.03.

Appears in 4 contracts

Samples: Trust Agreement (Hartford Life Insurance Co), Trust Agreement (Hartford Life Insurance Co), Trust Agreement (Hartford Life Insurance Co)

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from as Delaware Trustee, or the Administrator, acting on behalf of the Trust, may, in its duties hereunder and sole discretion, remove the Trust hereby created by giving written Delaware Trustee, in each case with thirty (30) days' prior notice thereof to the Trust Beneficial Owner and Delaware Trustee, the Indenture Trustee at least 90 days before and each Rating Agency then rating the date specified in such instrumentProgram or the Notes. Upon receiving such notice any resignation or removal of resignationthe Delaware Trustee, the Trust Beneficial Owner Administrator, acting on behalf of the Trust, shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no whereupon such successor Delaware Trustee shall have been so appointed succeed to the rights, powers and have accepted duties of the Delaware Trustee, and the term "Delaware Trustee" shall thereupon mean such successor Delaware Trustee effective upon such appointment within 90 days after and approval, and the giving predecessor Delaware Trustee's powers and duties as Delaware Trustee shall be terminated, without any other or further act or deed on the part of such notice of resignation, the resigning predecessor Delaware Trustee may petition or any court of competent jurisdiction for the appointment parties to the Trust Agreement or any holders of a successor Delaware Trustee. If the obligations owing hereunder; PROVIDED, that if at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 8.1 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trusteehave not resigned, or if at any time the Delaware Trustee Trustee, shall be legally unable to act become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver of for the Delaware Trustee or of for its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee Administrator may remove such the Delaware Trustee. If On and after the Trust Beneficial Owner and Indenture effective date of any resignation or removal of the Delaware Trustee hereunder, the provisions of this Article 8 shall remove the inure to its benefit as to any actions taken or omitted to be taken by it while it was Delaware Trustee under the authority Trust Agreement. Any such resignation or removal shall become effective following the appointment of a successor Delaware Trustee in accordance with the immediately preceding sentenceprovisions of this Section 8.2. If no successor Delaware Trustee shall be appointed and shall have accepted such appointment within thirty (30) days after the aforesaid notice of resignation or removal, the Trust Beneficial Owner shall promptly (or the Administrator, acting on its behalf) or the resigning Delaware Trustee may apply to any court of competent jurisdiction to appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of to act until such time, if any, as a written instrument, one copy of which instrument shall be delivered to each of the outgoing successor Delaware Trustee shall have been appointed as provided in this Section 8.2. Any successor so removed, the appointed by such court shall immediately and without further act be superseded by any successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed appointed pursuant to the outgoing Delaware Trusteethis Section 8.2. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 8.2 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.038.3. If at any time the Delaware Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Delaware Trustee for any other cause, a successor Delaware Trustee shall be appointed as set forth in this Section 8.2. The powers, duties, authority and title of the predecessor Delaware Trustee shall be terminated and canceled without any formality (except as may be required by applicable law) other than appointment and designation of a successor Delaware Trustee in writing duly acknowledged and delivered to the predecessor Delaware Trustee and the Trust.

Appears in 1 contract

Samples: Allstate Life Insurance Co

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from as Delaware Trustee, or the Administrator, acting on behalf of the Trust, may, in its duties hereunder and sole discretion, remove the Trust hereby created by giving written Delaware Trustee, in each case with thirty (30) days' prior notice thereof to the Trust Beneficial Owner and Delaware Trustee, the Indenture Trustee at least 90 days before and each Rating Agency then rating the date specified in such instrumentProgram or the Notes. Upon receiving such notice any resignation or removal of resignationthe Delaware Trustee, the Trust Beneficial Owner Administrator, acting on behalf of the Trust, shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no whereupon such successor Delaware Trustee shall have been so appointed succeed to the rights, powers and have accepted duties of the Delaware Trustee, and the term "Delaware Trustee" shall thereupon mean such successor Delaware Trustee effective upon such appointment within 90 days after and approval, and the giving predecessor Delaware Trustee's powers and duties as Delaware Trustee shall be terminated, without any other or further act or deed on the part of such notice of resignation, the resigning predecessor Delaware Trustee may petition or any court of competent jurisdiction for the appointment parties to this Amended and Restated Trust Agreement or any holders of a successor Delaware Trustee. If the obligations owing hereunder; PROVIDED, that if at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 8.1 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trusteehave not resigned, or if at any time the Delaware Trustee Trustee, shall be legally unable to act become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver of for the Delaware Trustee or of for its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee Administrator may remove such the Delaware Trustee. If On and after the Trust Beneficial Owner and Indenture Trustee shall remove effective date of any resignation or removal of the Delaware Trustee hereunder, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Delaware Trustee under this Amended and Restated Trust Agreement. Any such resignation or removal shall become effective following the authority appointment of a successor Delaware Trustee in accordance with the immediately preceding sentenceprovisions of this Section 8.2. If no successor Delaware Trustee shall be appointed and shall have accepted such appointment within thirty (30) days after the aforesaid notice of resignation or removal, the Trust Beneficial Owner shall promptly (or the Administrator, acting on its behalf) or the resigning Delaware Trustee may apply to any court of competent jurisdiction to appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of to act until such time, if any, as a written instrument, one copy of which instrument shall be delivered to each of the outgoing successor Delaware Trustee shall have been appointed as provided in this Section 8.2. Any successor so removed, the appointed by such court shall immediately and without further act be superseded by any successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed appointed pursuant to the outgoing Delaware Trusteethis Section 8.2. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 8.2 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.038.3. If at any time the Delaware Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Delaware Trustee for any other cause, a successor Delaware Trustee shall be appointed as set forth in this Section 8.2. The powers, duties, authority and title of the predecessor Delaware Trustee shall be terminated and canceled without any formality (except as may be required by applicable law) other than appointment and designation of a successor Delaware Trustee in writing duly acknowledged and delivered to the predecessor Delaware Trustee and the Trust.

Appears in 1 contract

Samples: Trust Agreement (Allstate Life Insurance Co)

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from as Delaware Trustee, or the Administrator, acting on behalf of the Trust, may, in its duties hereunder and sole discretion, remove the Trust hereby created by giving written Delaware Trustee, in each case with thirty (30) days' prior notice thereof to the Trust Beneficial Owner and Delaware Trustee, the Indenture Trustee at least 90 days before and each Rating Agency then rating the date specified in such instrumentProgram or the Notes. Upon receiving such notice any resignation or removal of resignationthe Delaware Trustee, the Trust Beneficial Owner Administrator, acting on behalf of the Trust, shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no whereupon such successor Delaware Trustee shall have been so appointed succeed to the rights, powers and have accepted duties of the Delaware Trustee, and the term "Delaware Trustee" shall thereupon mean such successor Delaware Trustee effective upon such appointment within 90 days after and approval, and the giving predecessor Delaware Trustee's powers and duties as Delaware Trustee shall be terminated, without any other or further act or deed on the part of such notice of resignation, the resigning predecessor Delaware Trustee may petition or any court of competent jurisdiction for the appointment parties to the Trust Agreement or any holders of a successor Delaware Trustee. If the obligations owing hereunder; PROVIDED, that if at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 8.1 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trusteehave not resigned, or if at any time the Delaware Trustee Trustee, shall be legally unable to act become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver of for the Delaware Trustee or of for its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee Administrator may remove such the Delaware Trustee. If On and after the Trust Beneficial Owner and Indenture Trustee shall remove the Delaware Trustee under the authority effective date of the immediately preceding sentence, the Trust Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of a written instrument, one copy of which instrument shall be delivered to each of the outgoing Delaware Trustee so removed, the successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed to the outgoing Delaware Trustee. Any any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of hereunder, the provisions of this Section 8.02 Article 8 shall not become effective until all fees and expenses, including inure to its benefit as to any indemnity payments, due actions taken or omitted to the outgoing be taken by it while it was Delaware Trustee have been paid and until acceptance of appointment by under the successor Delaware Trustee pursuant to Section 8.03.Trust

Appears in 1 contract

Samples: Allstate Life Global Funding

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Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from as Delaware Trustee, or the Administrator, acting on behalf of Global Funding, may, in its duties hereunder and sole discretion, remove the Trust hereby created by giving written Delaware Trustee, in each case upon not less than 30 days' prior notice thereof to the Trust Beneficial Owner and Delaware Trustee, each Funding Note Indenture Trustee, each Indenture Trustee at least 90 days before and each Rating Agency then rating the date specified in such instrumentProgram or the Notes. Upon receiving such notice any resignation or removal of resignationthe Delaware Trustee, the Trust Beneficial Owner Administrator, acting on behalf of Global Funding, shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no whereupon such successor Delaware Trustee shall have been so appointed succeed to the rights, powers and have accepted duties of the Delaware Trustee, and the term "Delaware Trustee" shall thereupon mean such successor Delaware Trustee effective upon such appointment within 90 days after and approval, and the giving predecessor Delaware Trustee's powers and duties as Delaware Trustee shall be terminated, without any other or further act or deed on the part of such notice of resignation, the resigning predecessor Delaware Trustee may petition or any court of competent jurisdiction for the appointment parties to this Amended and Restated Trust Agreement or any holders of a successor Delaware Trustee. If the obligations owing hereunder; provided, that if at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 8.1 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trusteehave not resigned, or if at any time the Delaware Trustee Trustee, shall be legally unable to act become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver of for the Delaware Trustee or of for its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee Administrator may remove such the Delaware Trustee. If On and after the Trust Beneficial Owner and Indenture Trustee shall remove effective date of any resignation or removal of the Delaware Trustee under the authority of the immediately preceding sentencehereunder, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Delaware Trustee under this Amended and Restated Trust Beneficial Owner Agreement. Any such resignation or removal shall promptly become effective following the appointment of a successor Delaware Trustee in accordance with the provisions of this Section 8.2. If no successor Delaware Trustee shall be appointed and shall have accepted such appointment within 30 days after the aforesaid notice of resignation or removal, Global Funding (or the Administrator, acting on its behalf) or the resigning Delaware Trustee may apply to any court of competent jurisdiction to appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of to act until such time, if any, as a written instrument, one copy of which instrument shall be delivered to each of the outgoing successor Delaware Trustee shall have been appointed as provided in this Section 8.2. Any successor so removed, the appointed by such court shall immediately and without further act be superseded by any successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed appointed pursuant to the outgoing Delaware Trusteethis Section 8.2. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 8.2 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.038.3. If at any time the Delaware Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Delaware Trustee for any other cause, a successor Delaware Trustee shall be appointed as set forth in this Section 8.2. The powers, duties, authority and title of the predecessor Delaware Trustee shall be terminated and canceled without any formality (except as may be required by applicable law) other than appointment and designation of a successor Delaware Trustee in writing duly acknowledged and delivered to the predecessor Delaware Trustee and Global Funding.

Appears in 1 contract

Samples: Trust Agreement (Allstate Life Global Funding)

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from its duties hereunder and the Trust hereby created by giving written notice thereof to the Trust Series Beneficial Owner and Indenture Trustee at least 90 days before the date specified in such instrument. Upon receiving such notice of resignation, the Trust Series Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 9.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no successor Delaware Trustee shall have been so appointed and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning Delaware Trustee may petition any court of competent jurisdiction for the appointment of a successor Delaware Trustee. If at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 9.01 and shall fail to resign after written request therefor by the Trust Series Beneficial Owner and Indenture Trustee, or if at any time the Delaware Trustee shall be legally unable to act or shall be adjudged bankrupt or insolvent, or a receiver of the Delaware Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Series Beneficial Owner and Indenture Trustee may remove such Delaware Trustee. If the Trust Series Beneficial Owner and Indenture Trustee shall remove the Delaware Trustee under the authority of the immediately preceding sentence, the Trust Series Beneficial Owner shall promptly appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 9.01 by (i) the execution of a written instrument, one copy of which instrument shall be delivered to each of the outgoing Delaware Trustee so removed, the successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed to the outgoing Delaware Trustee. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 9.02 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.039.03.

Appears in 1 contract

Samples: Trust Series Agreement (Protective Life Secured)

Resignation or Removal of the Delaware Trustee. The Delaware Trustee may at any time resign and be discharged from as Delaware Trustee, or the Administrator, acting on behalf of the Trust, may, in its duties hereunder and sole discretion, remove the Trust hereby created by giving written Delaware Trustee, in each case with thirty (30) days' prior notice thereof to the Trust Beneficial Owner and Delaware Trustee, the Indenture Trustee at least 90 days before and each Rating Agency then rating the date specified in such instrumentProgram or the Notes. Upon receiving such notice any resignation or removal of resignationthe Delaware Trustee, the Trust Beneficial Owner Administrator, acting on behalf of the Trust, shall promptly appoint a successor Delaware Trustee meeting the qualifications set forth in Section 8.01 by written instrument, in duplicate, one copy of which instrument shall be delivered to each of the resigning Delaware Trustee, the successor Delaware Trustee, any remaining Delaware Trustees, the Administrator, the Indenture Trustee and Protective Life. If no whereupon such successor Delaware Trustee shall have been so appointed succeed to the rights, powers and have accepted duties of the Delaware Trustee, and the term "Delaware Trustee" shall thereupon mean such successor Delaware Trustee effective upon such appointment within 90 days after and approval, and the giving predecessor Delaware Trustee's powers and duties as Delaware Trustee shall be terminated, without any other or further act or deed on the part of such notice of resignation, the resigning predecessor Delaware Trustee may petition or any court of competent jurisdiction for the appointment parties to this Amended and Restated Trust Agreement or any holders of a successor Delaware Trustee. If the obligations owing hereunder; PROVIDED, that if at any time the Delaware Trustee shall cease to be eligible in accordance with the provisions of Section 8.01 8.1 and shall fail to resign after written request therefor by the Trust Beneficial Owner and Indenture Trusteehave not resigned, or if at any time the Delaware Trustee Trustee, shall be legally unable to act become incapable of acting or shall be adjudged bankrupt or insolvent, or a receiver of for the Delaware Trustee or of for its property shall be appointed, or any public officer shall take charge or control of the Delaware Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trust Beneficial Owner and Indenture Trustee Administrator may remove such the Delaware Trustee. If On and after the Trust Beneficial Owner and Indenture Trustee shall remove effective date of any resignation or removal of the Delaware Trustee hereunder, the provisions of this Article 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Delaware Trustee under this Amended and Restated Trust Agreement. Any such resignation or removal shall become effective following the authority appointment of a successor Delaware Trustee in accordance with the immediately preceding sentenceprovisions of this Section 8.2. If no successor Delaware Trustee shall be appointed and shall have accepted such appointment within thirty (30) days after the aforesaid notice of resignation or removal, the Trust Beneficial Owner shall promptly (or the Administrator, acting on its behalf) or the resigning Delaware Trustee may apply to any court of competent jurisdiction to appoint a successor Delaware Trustee meeting the qualification requirements of Section 8.01 by (i) the execution of to act until such time, if any, as a written instrument, one copy of which instrument shall be delivered to each of the outgoing successor Delaware Trustee shall have been appointed as provided in this Section 8.2. Any successor so removed, the appointed by such court shall immediately and without further act be superseded by any successor Delaware Trustee, the Administrator, the Indenture Trustee and Protective Life and (ii) the payment of all fees and expenses owed appointed pursuant to the outgoing Delaware Trusteethis Section 8.2. Any resignation or removal of the Delaware Trustee and appointment of a successor Delaware Trustee pursuant to any of the provisions of this Section 8.02 8.2 shall not become effective until all fees and expenses, including any indemnity payments, due to the outgoing Delaware Trustee have been paid and until acceptance of appointment by the successor Delaware Trustee pursuant to Section 8.038.3. If at any time the Delaware Trustee shall resign or be removed or otherwise become incapable of acting, or if at any time a vacancy shall occur in the office of the Delaware Trustee for any other cause, a successor Delaware Trustee shall be appointed as set forth in this Section 8.2. The powers, duties, authority and title of the predecessor Delaware Trustee shall be terminated and canceled without any formality (except as may be required by applicable law) other than appointment and designation of a successor Delaware Trustee in writing duly acknowledged and delivered to the predecessor Delaware Trustee and the Trust.

Appears in 1 contract

Samples: Trust Agreement (Allstate Life Global Funding)

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