Common use of Trustee and Successor Trustee Clause in Contracts

Trustee and Successor Trustee. The Trustee and any replacement Trustee must be approved in writing by EPA, after consultation with the State, and must not be affliliated with the Grantor. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee approved in writing by EPA, after consultation with the State, and this successor accepts such appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee’s acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to EPA and the State, or a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the Fund and the Trust in a writing sent to the Grantor, the Beneficiaries, and the present Trustee by certified mail no less than 10 days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 8.

Trustee and Successor Trustee. The Trustee and any replacement Trustee must be approved in writing by EPA, after consultation with the State, Department and must not be affliliated affiliated with any of the GrantorGrantors. The Trustee may resign or the Grantor Grantors may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has Grantors have appointed a successor trustee approved in writing by EPA, after consultation with the State, Department and this successor accepts such appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee’s acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor Grantors cannot or does do not act in the event of the resignation of the Trustee, the Trustee may apply to EPA and the State, Department or a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the Fund and the Performance Trust Account in a writing sent to the GrantorGrantors, the BeneficiariesBeneficiary, and the present Trustee by certified mail no less than 10 ten (10) days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 89.

Trustee and Successor Trustee. The Trustee and any replacement Trustee must be approved in writing by EPA, after consultation with the State, EPA and must not be affliliated with the Grantor. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee approved in writing by EPA, after consultation with the State, EPA and this successor accepts such appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee’s acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to EPA and the State, or a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the Fund and the Trust in a writing sent to the Grantor, the BeneficiariesBeneficiary, and the present Trustee by certified mail no less than 10 days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 8.