Common use of Appointment of Corporate Trustee Clause in Contracts

Appointment of Corporate Trustee. The Trustees shall have the right to appoint a bank or trust company or other financial institution as Corporate Trustee and to enter into and execute a contract with the Corporate Trustee for the management of the Trust Fund. Upon the execution of the contract, the Trustees shall convey and transfer the Trust Fund to the Corporate Trustee and authorize the Corporate Trustee to exercise any of the powers set forth herein, consistent with the terms and conditions of this Trust Agreement. All of the powers and duties herein provided for the Trustees in connection with the management of the Trust Fund may be delegated in whole or in part to the Corporate Trustee. In the event the Trustees appoint a Corporate Trustee or Corporate Trustees, to the fullest extent permitted by law the Trustees shall be relieved of their fiduciary responsibilities with regard to the assets under the control of the Corporate Trustee or Corporate Trustees.