Common use of Rights and Powers of Successor Trustee Clause in Contracts

Rights and Powers of Successor Trustee. A Successor Trustee appointed by the CLC Board of Directors shall immediately succeed to all existing title held by the prior Trustee and to all powers, rights, discretion, obligations, and immunities of a Trustee under this Agreement with the same effect as though such Successor or Trustee were originally named as a Trustee in this Agreement, subject to any limitations in this Trust or imposed by vote of the CLC Board of Directors upon appointment.

Rights and Powers of Successor Trustee. A Successor Trustee appointed by the CLC Board of Directors shall immediately succeed to all existing title held by the prior Trustee and to all powers, rights, discretion, obligations, and immunities of a Trustee under this Agreement with the same effect as though such Successor or Trustee were originally named as a Trustee in this Agreement, subject to any limitations in this Trust or imposed by vote of the CLC Board of Directors upon appointment.