Common use of Appointment of a Successor Trustee Clause in Contracts

Appointment of a Successor Trustee. Upon receipt by the Grantor of the notice of resignation, or upon removal of the Trustee as provided in Sections 9.1 and 9.2, the Grantor shall promptly appoint a successor trustee. Any successor trustee shall (i) be a bank or trust company in good standing and organized and doing business under the laws of the United States of America or of any state thereof, (ii) be a member of the Federal Reserve System or chartered in the States of Arizona, New York or Massachusetts, and (iii) not be a Parent, a Subsidiary or Affiliate of the Grantor. Notwithstanding the foregoing, the successor trustee with respect to the UK Severance Obligations may, with consent of Grantor, be a trustee organized and doing business under the laws of the United Kingdom. Upon the acceptance of the appointment as trustee hereunder by a successor trustee and the transfer to such successor trustee of the Trust Assets, the resignation or removal of the Trustee shall become effective (the “Effective Date”) and the Grantor shall release the Trustee by written instrument. Thereupon, the estate, rights, powers, privileges and duties of the resigning or removed Trustee shall survive and continue in the successor trustee, and the resigning or removed Trustee shall be discharged from any future duties and obligations under this Agreement; provided however that the resigning or removed Trustee shall continue after the Effective Date to be entitled to the benefits of the indemnities provided herein for the Trustee. If no successor Trustee has been appointed and been accepted within sixty days after the giving by the existing Trustee of notice of resignation as described in section 9.1 hereof, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.

Appointment of a Successor Trustee. Upon receipt by the Grantor of the notice of resignation, or upon removal of the Trustee as provided in Sections 9.1 and 9.2, the Grantor shall promptly appoint a successor trustee. Any successor trustee shall (i) be a bank or trust company in good standing and organized and doing business under the laws of the United States of America or of any state thereof, (ii) be a member of the Federal Reserve System or chartered in the States State of Arizona, New York or MassachusettsYork, and (iii) not be a Parent, a Subsidiary or Affiliate of the Grantor. Notwithstanding the foregoing, the successor trustee with respect to the UK Severance Obligations may, with consent of Grantor, be a trustee organized and doing business under the laws of the United Kingdom. Upon the acceptance of the appointment as trustee hereunder by a successor trustee and the transfer to such successor trustee of the Trust Assets, the resignation or removal of the Trustee shall become effective (the “Effective Date”"EFFECTIVE DATE") and the Grantor shall release the Trustee by written instrument. Thereupon, the such estate, rights, powers, privileges and duties of the resigning or removed Trustee shall survive and continue in the successor trustee, and the resigning or removed Trustee shall be discharged from any future duties and obligations under this Agreement; provided however that the resigning or removed Trustee shall continue after the Effective Date to be entitled to the benefits of the indemnities provided herein for the Trustee. If no successor Trustee has been appointed and been accepted within sixty days after the giving by the existing Trustee of notice of resignation as described in section 9.1 hereof, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.

Appointment of a Successor Trustee. Upon receipt by the Grantor of the notice of resignation, or upon removal of the Trustee as provided in Sections 9.1 and 9.2, the Grantor shall promptly appoint a successor trustee. Any successor trustee shall (i) be a bank or trust company in good standing and organized and doing business under the laws of the United States of America or of any state thereof, (ii) be a member of the Federal Reserve System or chartered in the States of Arizona, New York York, Massachusetts or Massachusettsany other state authorized by Grantor, and (iii) not be a Parent, a Subsidiary or Affiliate of the Grantor. Notwithstanding the foregoing, the successor trustee with respect to the UK Severance Obligations may, with consent of Grantor, be a trustee organized and doing business under the laws of the United Kingdom. Upon the acceptance of the appointment as trustee hereunder by a successor trustee and the transfer to such successor trustee of the Trust Assets, the resignation or removal of the Trustee shall become effective (the “Effective Date”) and the Grantor shall release the Trustee by written instrument. Thereupon, the estate, rights, powers, privileges and duties of the resigning or removed Trustee shall survive and continue in the successor trustee, and the resigning or removed Trustee shall be discharged from any future duties and obligations under this Agreement; provided however that the resigning or removed Trustee shall continue after the Effective Date to be entitled to the benefits of the indemnities provided herein for the Trustee. If no successor Trustee has been appointed and been accepted within sixty days after the giving by the existing Trustee of notice of resignation as described in section 9.1 hereof, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee.