Term; Resignation. (a) The Trust shall have only one trustee unless otherwise determined by the Sponsor. Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Sponsor is entitled to appoint additional Trustees and remove any Trustee without cause and appoint a successor Trustee in accordance with the terms hereof at any time. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or otherwise manage the Trust.
(b) Any Trustee of the Trust, including the current Trustee, may resign upon 60 days’ prior written notice to the Sponsor and the other Trustee(s), if any; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Sponsor in accordance with Section 2.5. If the Sponsor does not appoint a successor trustee within such 60 day period, the Trustee may, at the expense of the Trust, petition a court to appoint a successor trustee. Any person into which the Trustee may be merged or with which it may be consolidated, or any person resulting from any merger or consolidation to which the Trustee shall be a party, or any person which succeeds to all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee under this Declaration without the execution, delivery or filing of any paper or instrument or further act to be done on the part of the parties hereto, except as may be required by applicable law.
Term; Resignation. (a) Wilmington Trust Company has been appointed and hereby agrees to continue to serve as the Trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof.
(b) The Trustee may resign at any time upon the giving of at least 60 days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee.
Term; Resignation. (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trust’s Resident Delaware Trustee. The Resident Delaware Trustee shall serve until such time as the Manager removes the Resident Delaware Trustee or the Resident Delaware Trustee resigns and a successor Resident Delaware Trustee is appointed by the Manager in accordance with the terms of Section 2.5 or by the Court of Chancery of the State of Delaware as provided in Section 2.1(b).
(b) The Resident Delaware Trustee may resign at any time upon the giving of at least sixty (60) days’ advance written notice to the Trust and the Manager; provided, however, that such resignation shall not become effective unless and until a successor Resident Delaware Trustee shall have been appointed by the Manager in accordance with Section 2.5 or by the Court of Chancery as provided in the following sentence. If the Manager does not act within such sixty (60) day period, the Resident Delaware Trustee may apply, at the Trust’s expense, to the Court of Chancery of the State of Delaware for the appointment of a successor Resident Delaware Trustee.
Term; Resignation. (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust. The Trust shall have only one Trustee unless otherwise determined by the Managing Owner. The Trustee shall serve until such time as the Managing Owner removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Owner in accordance with the terms of Section 2.5 hereof. The Trustee is appointed to serve as the trustee of the Trust in the State of Delaware for the purpose of satisfying the requirement of Section 3807(a) of the Delaware Trust Statute that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Managing Owner and shall have no obligation to supervise or monitor the Managing Owner or otherwise manage the Trust.
(b) The Trustee may resign at any time upon the giving of at least sixty (60) days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Managing Owner in accordance with Section 2.5 hereof. If the Managing Owner does not act within such sixty (60) day period, the Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee.
Term; Resignation. The Trustee shall serve for the duration of the Trust and until the earlier of (a) the effective date of the Trustee’s resignation, or (b) the effective date of the removal of the Trustee. The Trustee is permitted to resign upon at least sixty (60) days’ prior written notice to the Sponsor; provided, however, that said resignation shall not be effective until such time as a successor Trustee has accepted such appointment. The Trustee may be removed by the Sponsor at any time, upon sixty (60) days’ prior written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment.
Term; Resignation. (a) The Trustee shall be appointed by the Sponsor and shall serve for the duration of the Trust or until the earlier of (i) the effective date of the Trustee’s resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor.
(b) The Trustee may resign at any time by giving sixty (60) days’ written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Xxxxxxx has accepted appointment as Trustee of the Trust. The Trustee may be removed at any time by the Sponsor upon sixty (60) days’ written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor Trustee has accepted such appointment.
Term; Resignation. The parties confirm that Wilmington Trust Company has been appointed to serve as the Trustee of the Trust and has accepted such appointment. The Trust shall have only one trustee unless otherwise determined by the Manager. The Trustee shall serve until such time as the Manager removes the Trustee or the Trustee resigns and a successor Trustee is appointed in accordance with the terms of Sections 2.1(b) or 2.5 hereof. — The Trustee may resign at any time upon the giving of at least sixty (60) days advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a successor Trustee shall have been appointed by the Manager in accordance with Section 2.5 hereof or by the Court of Chancery of the State of Delaware in accordance with this Section 2.1(b). If the Manager does not act within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. — Powers. Except to the extent otherwise expressly set forth in Section 1.3 hereof and this Article II, all right, power, authority and duty to manage the business and affairs of the Trust and each Series is hereby vested in the Manager. The Trustee shall have only the rights, obligations and liabilities specifically provided for herein and in the Business Trust Statute, but the Trustee shall have no duty whatsoever to supervise or monitor the Manager or the management of the Trust or any Series by the Manager and shall have no implied rights, obligations and liabilities with respect to the business and affairs of the Trust or any Series. The Trustee shall have the power and authority to execute, deliver, acknowledge and file all necessary documents as required by the Business Trust Statute. The Trustee shall provide prompt notice to the Manager of its performance of any of the foregoing. The Manager shall keep the Trustee reasonably informed of any actions taken by the Manager with respect to the Trust or any Series that affect the rights, obligations or liabilities of the Trustee hereunder or under the Business Trust Statute.
Term; Resignation. Each Manager, and each successor or additional Manager, shall serve in such capacity until such Manager is replaced or removed in accordance with the terms of this Agreement or until his or her earlier resignation or death. Any Manager may resign his or her position as a Manager by delivering a written resignation to the Board of Managers in care of the Company at its then principal office address or, if there be one, the Secretary of the Company; any such resignation shall be effective on the later of the effective date, if any, specified in such resignation and the date such resignation is received by the Board of Managers at the then principal office address of the Company or by the Secretary of the Company, and unless the resignation expressly states otherwise, action by the Board of Managers or Members formally accepting the resignation shall not be required in order for the resignation to become effective.
Term; Resignation. (1) U.S. Bank Trust National Association has agreed and continues to serve as the Trustee of the Trust. The Trust shall have only one trustee unless otherwise determined by the Managing Operator. The Trustee shall serve until such time as the Managing Operator removes the Trustee or the Trustee resigns and a successor Trustee is appointed by the Managing Operator.
(2) The Trustee may resign at any time upon its giving at least sixty (60) days’ written notice to the Trust; provided that such resignation shall not become effective unless and until the Managing Operator appoints a successor Trustee. If the Managing Operator has not in good faith begun the process of appointing a successor Trustee within such sixty (60) day period, the Trustee may apply to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee.
Term; Resignation. 9 SECTION 2.2 Powers............................................................................10 SECTION 2.3 Compensation and Expenses of the Trustee..........................................10 SECTION 2.4 Indemnification...................................................................10 SECTION 2.5
