TRUSTEE SUCCESSION Clause Samples

TRUSTEE SUCCESSION. (a) If a terminating event (as defined in Section 13(c) of this Agreement) occurs with respect to a Trustee, then effective as of the date of that terminating event, a Qualified Appointee (defined in Section 13(b) of this Agreement) shall be selected as successor Trustee by the holders of a majority of the shares of Common Stock represented by Voting Trust Certificates or should they fail to act, then as designated by the Trustee in writing, or if no successor Trustee exists within 6 months following the terminating event, then this Voting Trust shall be dissolved and the holders of a majority of the stock corresponding to Voting Trust Certificates may take such action necessary to cause the shares of stock standing in the name of the Voting Trust to be transferred to the beneficial owners of such shares.

TRUSTEE SUCCESSION. 7.1 The Trustee may resign at any time by written notice to the Investment Subcommittee, or the Investment Subcommittee may remove the Trustee by written notice to the Trustee. The resignation or removal shall be effective sixty (60) days after the date of the Trustee's resignation or receipt of the notice of removal or at such earlier date as the Trustee and the Investment Subcommittee may agree. 7.2 In case of the resignation or removal of the Trustee, the Investment Subcommittee shall appoint a successor trustee by delivery to the Trustee of a written instrument executed by the Investment Subcommittee appointing the successor trustee and a written instrument executed by the successor trustee accepting the appointment, whereupon the Trustee shall deliver the assets of the Trust Fund to the successor trustee but may reserve such reasonable amount as the Trustee may deem necessary to satisfy outstanding invoices for compensation for its services as Trustee and any other undisputed, outstanding and accrued expenses as described in Section 9.5 hereof, against the Trust Fund. 7.3 The successor trustee, and any successor to the trust business of the Trustee by merger, consolidation or otherwise, shall have all the powers given the originally named Trustee. No successor trustee shall be personally liable for any act or omission of any predecessor. Except as otherwise provided in this Agreement or under ERISA, the receipt of the successor trustee and the approval of the Trustee's final account by the Investment Subcommittee in the manner provided in ARTICLE SIX shall constitute a full and complete discharge to the Trustee.

TRUSTEE SUCCESSION 

TRUSTEE SUCCESSION. In the event of Trustee’s death, termination of employment for any reason with Grantor, resignation or Trustee for any reason should cease to act in such capacity as Trustee, then the successor Trustee who shall also serve without bond shall be the next person willing to serve from the list below in the order named: a. F▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇.; b. an individual or entity appointed by Grantor or if not so appointed by Grantor within thirty (30) days of said above-referenced event, by THG. Upon the appointment of and acceptance by the successor Trustee, the original Trustee shall pay over, deliver, assign, transfer or convey to such successor Trustee the Trust Estate and make a full and proper accounting to the Grantor, whereupon its resignation shall become effective. The substitute or successor Trustee upon acceptance of this Trust and the Trust Estate shall succeed to and have all the rights, powers and duties, authority and responsibility conferred upon the Trustee originally named herein.

TRUSTEE SUCCESSION. If the Trustee resigns or ceases to serve for any other reason, the successor Trustee shall be such natural person, bank or trust company selected by DOJ and appointed by the Court and approved by the FCC (if such approval is required). Such natural person, bank or trust company shall accept the Trusteeship by executing a counterpart of this agreement.

TRUSTEE SUCCESSION. 8.1 The Trustee may resign at any time by written notice to the Committee, or the Committee may remove the Trustee by written notice to the Trustee. The resignation or removal shall be effective sixty (60) days after the date of the Trustee’s resignation or receipt of the notice of removal, or at such earlier date as the Trustee and the Committee may agree. 8.2 In case of the resignation or removal of the Trustee, the Committee shall appoint a successor trustee by delivery to the Trustee of a written instrument executed by the Committee appointing the successor Trustee and a written instrument executed by the successor trustee accepting the appointment, whereupon the Trustee shall deliver the assets of the Trust Fund to the successor trustee but may reserve the amount necessary for the Trustee’s outstanding and accrued fees payable in accordance with the terms of this agreement subject to a fifteen (15) day waiting period after receipt of written notice of such fees by the Company. 8.3 The successor Trustee, and any successor to the trust business of the Trustee by merger, consolidation or otherwise, shall have all the powers given the originally named Trustee. No successor trustee shall be personally liable for any act or omission of any predecessor. Except as otherwise provided in ERISA, the receipt of the successor trustee and the approval of the Trustee’s final account by the Committee in the manner provided in ARTICLE SEVEN shall constitute a full and complete discharge to the Trustee.