Transfer of Assets to Successor Trustee. Upon acceptance of such appointment by a successor Trustee, the Trustee shall assign, transfer, pay over and deliver the assets then constituting the Trust Fund to the successor Trustee. The Trustee is authorized, however, to reserve such reasonable sum of money, - as to it may seem advisable, to provide for any sums chargeable against the Trust Fund for which it may be liable, or for its fees and expenses in connection with the settlement of its account or otherwise, and any balance of such reserve remaining after payment of such fees and expenses shall be paid over to the successor Trustee. If the reserve is not sufficient for all amounts otherwise payable hereunder, the resigning or removed Trustee shall be entitled to reimbursement for any deficiency from the successor Trustee and the Company, which shall be jointly and severally liable therefor. Each, successor Trustee shall succeed to the title of all Securities or Other Property then held in the Trust Fund and vested in its predecessor without the signing or filing of any further instrument, but any resigning or removed Trustee shall execute all documents and do all acts necessary to vest such title of record in any successor Trustee. The terminating Trustee shall transfer all property of the Trust Fund then held by it to such successor Trustee. The terminating Trustee may require as a condition of making such transfer that the successor Trustee present evidence that any bonding requirement under ERISA Section 412 has been met and/or may require that the Company provide the Trustee with an indemnification against any losses arising from the replacement of the Trustee.
Transfer of Assets to Successor Trustee. Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be completed within 30 days after receipt of notice of resignation, removal, transfer, unless the Company extends the time limit.
Transfer of Assets to Successor Trustee. Upon acceptance of such appointment by a successor Trustee, the Trustee shall assign, transfer, pay over and deliver the assets then constituting the Trust Fund to the successor Trustee. To the extent practicable, such actions shall be completed by Trustee within 30 days unless the Company extends the time limit. Each, successor Trustee shall succeed to the title of all Securities or Other Property then held in the Trust Fund and vested in its predecessor without the signing or filing of any further instrument, but any resigning or removed Trustee shall execute all documents and do all acts necessary to vest such title of record in any successor Trustee. The terminating Trustee shall transfer all property of the Trust Fund then held by it to such successor Trustee, provided that it may reserve such amounts as necessary for any outstanding unpaid fees and expenses properly incurred hereunder and in the event that the Trust Fund is not sufficient to pay such amounts or the Trustee does not reserve such amounts, the Company and the successor trustee shall remain liable therefor.
Transfer of Assets to Successor Trustee. Upon the appointment --------------------------------------- of a successor trustee, the Trustee shall, without requiring any release or agreement from any party other than the Investment Committee, render a final accounting in writing to the Investment Committee and transfer and deliver the assets of the Trust Fund to such successor trustee after reserving such reasonable amount as it shall deem necessary to provide for any fees, expenses, or taxes then chargeable against the Trust Fund. The receipt of assets by a successor trustee and the approval by the Investment Committee of the final accounting of the Trustee shall be a full and complete acquittal and discharge of the Trustee except as otherwise provided under ERISA. A successor trustee shall have no liability whatsoever for the acts or omissions of the Trustee. If the Investment Committee fails to object to such accounting by delivery to the Trustee within one hundred and twenty (120) days from the date of receipt by the Investment Committee of such final accounting, such accounting shall be deemed to be approved by the Investment Committee.
Transfer of Assets to Successor Trustee. Upon the appointment -------------------------------------------------- of a successor Trustee, the removed or resigning Trustee shall, without requiring any release or agreement from any party other than the Company, render a final accounting in writing to the Company and transfer and deliver the assets in the Trust Fund to such successor after reserving such reasonable amount as it shall deem necessary to provide for any fees, expenses or taxes then chargeable against the Trust Fund. The receipt of assets in the Trust Fund by the successor Trustee and the approval of the Company to the final accounting of the removed or resigning Trustee shall be a full and complete acquittal and discharge of such removed or resigning Trustee except as otherwise provided by XXXXX; the successor Trustee shall have no liability whatsoever for the acts or omissions of any prior Trustee. If the Company shall fail to express objection to such accounting delivered to the removed or resigning Trustee within one hundred and twenty days from the date of receipt by the Company of such final accounting, such accounting shall be deemed to be approved by the Company.
