Common use of SUCCESSION OF TRUSTEES Clause in Contracts

SUCCESSION OF TRUSTEES. SECTION 8.1. The Trustee acting hereunder shall be one or more individuals, or one or more qualified corporations, or any combination of individuals and qualified corporations, appointed by TCF Financial to serve in such capacity; PROVIDED, that an individual who is or has been eligible to participate in the Plan shall not be eligible to serve as a Trustee. The number of Trustees shall not be increased or decreased except with the written consent of all of the Plan's participants (excluding any terminated participants and beneficiaries then receiving distributions pursuant to the Plan, other than terminated participants entitled to a lump sum distribution). Upon any determination to increase the number of Trustees, or upon the death, disability, removal, or resignation of any Trustee, the vacancy or vacancies so created shall be filled by such individuals or qualified corporations as may be appointed by the Board of Directors of TCF Financial and approved in writing by all of the Plan's participants (excluding any terminated participants and beneficiaries then receiving distributions pursuant to the Plan, other than terminated participants entitled to a lump sum distribution). If the Board of Directors of TCF Financial and all of the Plan's participants (excluding any terminated participants and beneficiaries then receiving distributions pursuant to the Plan, other than terminated participants entitled to a lump sum distribution) shall fail to agree upon such appointment, and if there is no other Trustee then acting, a successor Trustee or Trustees shall be appointed by a court of competent jurisdiction. Any such appointment shall be effective upon the acceptance thereof in writing by the person so appointed and the delivery of a signed copy of such acceptance to the Trustee then in office.