Common use of Successor Resident Delaware Trustee Clause in Contracts

Successor Resident Delaware Trustee. (a) Upon the Resident Delaware Trustee’s resignation or removal, the Manager shall appoint a successor Resident Delaware Trustee by delivering a written instrument to the outgoing Resident Delaware Trustee. Any successor Resident Delaware Trustee must satisfy the requirements of Section 3807 of the Delaware Trust Statute. Subject to Section 2.1(b), any resignation or removal of the Resident Delaware Trustee and appointment of a successor Resident Delaware Trustee shall not become effective until (i) a written acceptance of appointment is delivered by the successor Resident Delaware Trustee to the outgoing Resident Delaware Trustee and the Manager and (ii) any fees and expenses due to the outgoing Resident Delaware Trustee are paid. Following compliance with the preceding sentence, the successor Resident Delaware Trustee shall become fully vested with all of the outgoing Resident Delaware Trustee’s rights, powers, duties and obligations under this Trust Agreement, with like effect as if originally named as Resident Delaware Trustee, and the outgoing Resident Delaware Trustee shall be discharged of its duties and obligations under this Trust Agreement. (b) Notwithstanding any other provision of this Trust Agreement, any business entity into which the Resident Delaware Trustee may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which the Resident Delaware Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Resident Delaware Trustee, shall be the successor of the Resident Delaware Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such successor has trust powers and its principal place of business is located in the State of Delaware.