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Common use of Trustees and Officers Clause in Contracts

Trustees and Officers. Unless otherwise determined by Parent prior to the Effective Time: (a) The members of the board of managers of Subsidiary immediately prior to the Effective Time shall be the members of the board of trustees of the Surviving Company and shall serve in accordance with the declaration of trust of the Surviving Company until their respective successors are duly elected or appointed and qualified or until their earlier death, resignation or removal. (b) The officers of Subsidiary immediately prior to the Effective Time shall be the officers of the Surviving Company and such officers shall serve in accordance with the declaration of trust of the Surviving Company until their respective successors are duly elected or appointed and qualified or until their earlier death, resignation or removal.

Appears in 4 contracts

Samples: Merger Agreement (Falcon Financial Investment Trust), Merger Agreement (Istar Financial Inc), Merger Agreement (Istar Financial Inc)