Sale of Trust Business Sample Clauses
The 'Sale of Trust Business' clause governs the terms and conditions under which a trust business or its assets may be sold or transferred to another party. Typically, this clause outlines the procedures for notifying relevant stakeholders, obtaining necessary consents, and ensuring compliance with regulatory requirements during the sale process. For example, it may specify how beneficiaries are informed or how client accounts are handled during the transition. Its core practical function is to provide a clear framework for the orderly transfer of the trust business, minimizing disruption and protecting the interests of all parties involved.
Sale of Trust Business. The Purchasers shall be permitted to assign this Agreement to any person acquiring all or substantially all of the corporate trust business of the Purchasers (or all or substantially all of the assets thereof or any entities owning such business or assets), whether structured as an asset sale, merger, change of control or otherwise, subject to the prior consent of the Sellers; provided, that such consent shall not be unreasonably withheld, conditioned or delayed if the Sellers have reasonable assurance that such person acquiring all or substantially all of the corporate trust business (a) will have (either by itself or through its Affiliates) credit ratings, capitalization and creditworthiness no less than those of Purchasers (taking into account the guaranty provided by Guarantor pursuant to Section 9.5), (b) will provide a level of service quality no less than the service quality provided by the Purchasers, (c) will pose no greater regulatory or reputational risks than the Purchasers and (d) will agree to use reasonable best efforts to obtain the Authorizations required to Transfer the Serviced Appointments to such person on terms and conditions that are no less favorable to the Sellers than the obligations of the Purchasers set forth in the Purchase Agreement with respect to such Transfers.