Common use of Trustee Resignation or Removal Clause in Contracts

Trustee Resignation or Removal. (a) The Trustee or any individual who is one of a group of individuals serving as Trustee may resign at any time by written notice to the Company, which shall be effective 30 days after receipt of such notice unless the Company and the Trustee (or individual as the case may be) agree otherwise. (b) The Trustee or any individual who is one of a group of individuals serving as Trustee may be removed by the Company on 30 days notice or upon shorter notice acceptable by the Trustee (or individual as the case may be). (c) Upon a Change in Control, as defined herein, the Trustee may not be removed by the Company for two years. (d) If the Trustee or any individual who is one of a group of individuals serving as Trustee resigns within two years of a Change in Control, as defined herein, the Trustee shall select a successor Trustee in accordance with the provisions of Section 11 hereof prior to the effective date of the Trustee's resignation; provided that if an individual who is one of a group of individuals serving as Trustee resigns in such circumstances, the remaining individuals serving as Trustee may but are not required to name a successor to replace him. (e) Upon resignation or removal of the Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. (f) For purposes hereof, death or incapacity shall be deemed an immediately effective resignation.