Common use of Trustee’s Resignation or Removal; Appointment of Successor Clause in Contracts

Trustee’s Resignation or Removal; Appointment of Successor. Notwithstanding Paragraph 2.1 hereof, the Trustee may resign at any time by sending its notice of resignation by notifying the Company and the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID to take effect on the date specified in such notice, but not less than sixty (60) days after the date of such mailing or personal delivery thereof if not mailed, unless the Company shall accept shorter notice as adequate. Trustee or any Successor Trustee may be removed by the Company by sending written notice of such removal to the Trustee and the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID, to take effect on the date specified in such notice but not less than sixty (60) days after the date of such notification, unless Trustee accepts shorter notice as adequate; provided that no such removal shall become effective without Trustee’s consent until all sums due to it thereunder for its fees and expenses including legal fees and expenses have been paid to it. The Trust Fund shall be retained by the Trustee who is resigning or who has been removed until payment of its fees and expenses as provided in Paragraph 3.7 and its Successor Trustee has accepted its appointment, at which time the Trustee shall transfer, pay and deliver to the Successor Trustee the assets comprising the Trust Fund as they may be then constituted. If a Successor Trustee has not accepted appointment and the Trustee wishes to be relieved of responsibility thereunder, the Trustee may tender the Trust Fund assets to the Domiciliary Commissioner and, if the Domiciliary Commissioner declines to accept responsibility for Trust Fund assets, the Trustee may deposit the Trust Fund with a court of proper jurisdiction and with regard to such action shall be responsible only for giving notice to the Domiciliary Commissioner, all Non-Domiciliary Commissioners, the IID, the Company and such Policyholders which have notified the Trustee in writing that they have an actual or potential Claim against the assets of the Trust Fund. When Funds are accepted by the Domiciliary Commissioner or paid into court, the Trustee’s sole remaining responsibility shall be to render a final accounting of the Trust. Copies of the required notice or resignation or removal required by this Paragraph shall also be communicated to the IID, the Domiciliary Commissioner, and all Non-Domiciliary Commissioners.

Trustee’s Resignation or Removal; Appointment of Successor. Notwithstanding Paragraph 2.1 hereof, the Trustee may resign at any time by sending its notice of resignation by notifying certified mail return receipt requested, to the Company Company’s last known address and to the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID to take effect on the date specified in such notice, but not less than sixty (60) days after the date of such mailing or personal delivery thereof if not mailed, unless the Company shall accept shorter notice as adequate. Trustee or any Successor Trustee may be removed by the Company by sending written notice of such removal by certified mail return receipt requested, to such Trustee’s last known address and to the Trustee and the Domiciliary domiciliary Commissioner, all Nonnon-Domiciliary domiciliary Commissioners, and the IID, to take effect on the date specified in such notice but not less than sixty (60) days after the date of such notificationmailing or personal delivery thereof if not mailed, unless Trustee accepts shorter notice as adequate; provided that no such removal shall become effective without Trustee’s consent until all sums due to it thereunder for its fees and expenses including legal fees and expenses have been paid to it. The Trust Fund shall be retained by the Trustee who is resigning or who has been removed until payment of its fees and expenses as provided in Paragraph 3.7 and its Successor Trustee has accepted its appointment, at which time the Trustee shall transfer, pay and deliver to the Successor Trustee the assets comprising the Trust Fund as they may be then constituted. If a Successor Trustee has not accepted appointment and the Trustee wishes to be relieved of responsibility thereunder, the Trustee may tender the Trust Fund assets to the Domiciliary Commissioner and, if the Domiciliary Commissioner declines to accept responsibility for Trust Fund assets, the Trustee may deposit the Trust Fund with a court of proper jurisdiction and with regard to such action shall be responsible only for giving notice to the Domiciliary Commissioner, all Non-Domiciliary Non‑Domiciliary Commissioners, the IID, the Company and such Policyholders which have notified the Trustee in writing that they have an actual or potential Claim claim against the assets of the Trust Fund. When Funds are accepted by the Domiciliary Commissioner or paid into court, the Trustee’s sole remaining responsibility shall be to render a final accounting of the Trust. Copies of the required notice or resignation or removal required by this Paragraph shall also be communicated sent by certified mail return receipt requested, to the IID, the Domiciliary domiciliary Commissioner, and all Non-Domiciliary Commissioners.

Trustee’s Resignation or Removal; Appointment of Successor. Notwithstanding Paragraph 2.1 hereof, the Trustee may resign at any time by sending its notice of resignation by notifying the Company and the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID to take effect on the date specified in such notice, but not less than sixty (60) days after the date of such mailing or personal delivery thereof if not mailed, unless the Company shall accept shorter notice as adequate. Trustee or any Successor successor Trustee may be removed by the Company by sending written notice of such removal to the Trustee and the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID, to take effect on the date specified in such notice but not less than sixty (60) days after the date of such notification, unless Trustee accepts shorter notice as adequate; provided that no such removal shall become effective without Trustee’s consent until all sums due to it thereunder for its fees and expenses including legal fees and expenses have been paid to it. The Trust Fund shall be retained by the Trustee who is resigning or who has been removed until payment of its fees and expenses as provided in Paragraph 3.7 and its Successor successor Trustee has accepted its appointment, at which time the Trustee shall transfer, pay and deliver to the Successor successor Trustee the assets comprising the Trust Fund as they may be then constituted. If a Successor successor Trustee has not accepted appointment and the Trustee wishes to be relieved of responsibility thereunder, the Trustee may tender the Trust Fund assets to the Domiciliary Commissioner and, if the Domiciliary Commissioner declines to accept responsibility for Trust Fund assets, the Trustee may deposit the Trust Fund with a court of proper jurisdiction and with regard to such action shall be responsible only for giving notice to the Domiciliary Commissioner, all Non-Domiciliary Commissioners, the IID, the Company and such Policyholders which have notified the Trustee in writing that they have an actual or potential Claim against the assets of the Trust Fund. When Funds are accepted by the Domiciliary Commissioner or paid into court, the Trustee’s sole remaining responsibility shall be to render a final accounting of the Trust. Copies of the required notice or resignation or removal required by this Paragraph shall also be communicated to the IID, the Domiciliary Commissioner, and all Non-Domiciliary Commissioners.

Trustee’s Resignation or Removal; Appointment of Successor. Notwithstanding Paragraph 2.1 hereof, the Trustee may resign at any time by sending its notice of resignation by notifying notifyingcertified mail return receipt requested, to the Company Company’s last known address and to the Domiciliary Commissioner, all Non-Domiciliary Commissioners, and the IID to take effect on the date specified in such notice, but not less than sixty (60) days after the date of such mailing or personal delivery thereof if not mailed, unless the Company shall accept shorter notice as adequate. Trustee or any Successor Trustee may be removed by the Company by sending written notice of such removal by certified mail return receipt requested, to such the Trustee’s last known address and to the Trustee and the Domiciliary domiciliary Commissioner, all Nonnon-Domiciliary domiciliary Commissioners, and the IID, to take effect on the date specified in such notice but not less than sixty (60) days after the date of such notificationnotificationmailing or personal delivery thereof if not mailed, unless Trustee accepts shorter notice as adequate; provided that no such removal shall become effective without Trustee’s consent until all sums due to it thereunder for its fees and expenses including legal fees and expenses have been paid to it. The Trust Fund shall be retained by the Trustee who is resigning or who has been removed until payment of its fees and expenses as provided in Paragraph 3.7 and its Successor Trustee has accepted its appointment, at which time the Trustee shall transfer, pay and deliver to the Successor Trustee the assets comprising the Trust Fund as they may be then constituted. If a Successor Trustee has not accepted appointment and the Trustee wishes to be relieved of responsibility thereunder, the Trustee may tender the Trust Fund assets to the Domiciliary Commissioner and, if the Domiciliary Commissioner declines to accept responsibility for Trust Fund assets, the Trustee may deposit the Trust Fund with a court of proper jurisdiction and with regard to such action shall be responsible only for giving notice to the Domiciliary Commissioner, all Non-Domiciliary Commissioners, the IID, the Company and such Policyholders which have notified the Trustee in writing that they have an actual or potential Claim claim against the assets of the Trust Fund. When Funds are accepted by the Domiciliary Commissioner or paid into court, the Trustee’s sole remaining responsibility shall be to render a final accounting of the Trust. Copies of the required notice or resignation or removal required by this Paragraph shall also be communicated sent communicatedby certified mail return receipt requested, to the IID, the Domiciliary domiciliary Commissioner, and all Non-Domiciliary Commissioners.