Common use of Designation and Qualification of Successor Trustees Clause in Contracts

Designation and Qualification of Successor Trustees. At any time during the term of the Trust Agreements, ZionSolutions shall have the right, with respect to the Trust(s),to remove the Trustee acting under the Trust Agreements and appoint another qualified entity as a successor trustee upon 60 days’ notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. Any Trustee shall have the right to resign at any time upon 60 days’ notice in writing to ZionSolutions for the affected Trust(s) and upon such resignation ZionSolutions shall appoint another qualified entity as a successor Trustee for the Trust(s). Any successor Trustee shall qualify by a duly acknowledged acceptance of the Trust Agreements, the Trusts created thereunder and these Master Terms, delivered to ZionSolutions. Upon acceptance of such appointment by the successor Trustee, the Trustee shall transfer to such successor Trustee the Trust Fund. Any successor Trustee shall have all the rights, powers, duties and obligations herein granted to the original Trustee. If for any reason ZionSolutions is unable to or does not appoint a successor Trustee within 90 days after the resignation or removal of the Trustee for the Trust(s) as provided above, ZionSolutions, or the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee.

Designation and Qualification of Successor Trustees. At any time during the term of the Trust Agreements, ZionSolutions shall have the right, with respect to the Trust(s),to Trust, to remove the Trustee acting under the Trust Agreements Agreement and appoint another qualified entity as a successor trustee upon 60 days’ notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. Any Trustee shall have the right to resign at any time upon 60 days’ notice in writing to ZionSolutions for the affected Trust(s) and upon such resignation ZionSolutions shall appoint another qualified entity as a successor Trustee for the Trust(s)Trust. Any successor Trustee shall qualify by a duly acknowledged acceptance of the Trust AgreementsAgreement, the Trusts Trust created thereunder hereunder and these Master Backup NDT Terms, delivered to ZionSolutions. Upon acceptance of such appointment by the successor Trustee, the Trustee shall transfer to such successor Trustee the Trust FundDisposal Capacity Asset. Any successor Trustee shall have all the rights, powers, duties and obligations herein granted to the original Trustee. If for any reason ZionSolutions is unable to or does not appoint a successor Trustee within 90 days after the resignation or removal of the Trustee for the Trust(s) Trust as provided above, ZionSolutions, or the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee.

Designation and Qualification of Successor Trustees. At any time during the term of this Agreement, the Trust Agreements, ZionSolutions Company shall have the right, with respect right to the Trust(s),to remove the Trustee acting under the Trust Agreements hereunder and appoint another qualified entity as a successor trustee upon 60 days’ 30 days notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. Any Trustee shall have the right to resign at any time upon 60 days’ 30 days notice in writing to ZionSolutions for the affected Trust(s) Company and upon such resignation ZionSolutions the Company shall appoint another qualified entity as a successor Trustee. Notwithstanding the foregoing, no such removal or resignation shall be effective until a successor Trustee for is appointed by the Trust(s)Company and, if necessary, approved by appropriate regulatory authorities. Any successor Trustee shall qualify by a duly acknowledged acceptance of this Agreement and the Trust Agreements, the Trusts trusts created thereunder and these Master Termshereunder, delivered to ZionSolutionsthe Company. Upon acceptance of such appointment by the successor Trustee, the Trustee shall transfer to such successor Trustee the Trust Fund. Any successor Trustee shall have all the rights, powers, duties and obligations herein granted to the original Trustee. If for any reason ZionSolutions the Company is unable to or does not not, in the event of the resignation or remo val of the Trustee as provided above, appoint a successor Trustee within 90 40 days after the such resignation or removal of removal, either the Trustee for the Trust(s) as provided above, ZionSolutions, Company or the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee.

Designation and Qualification of Successor Trustees. At any time during the term of this Agreement, the Trust Agreements, ZionSolutions Company shall have the right, with respect right to the Trust(s),to remove the Trustee acting under the Trust Agreements hereunder and appoint another qualified qualifie d entity as a successor trustee upon 60 days’ 30 days notice in writing to the Trustee, or upon such shorter notice as may be acceptable to the Trustee. Any Trustee shall have the right to resign at any time upon 60 days’ 30 days notice in writing to ZionSolutions for the affected Trust(s) Company and upon such resignation ZionSolutions the Company shall appoint another qualified entity as a successor Trustee. Notwithstanding the foregoing, no such removal or resignation shall be effective until a successor Trustee for is appointed by the Trust(s)Company and, if necessary, approved by appropriate regulatory authorities. Any successor Trustee shall qualify by a duly acknowledged acceptance of this Agreement and the Trust Agreements, the Trusts trusts created thereunder and these Master Termshereunder, delivered to ZionSolutionsthe Company. Upon acceptance of such appointment by the successor Trustee, the Trustee shall transfer to such successor Trustee the Trust Fund. Any successor Trustee shall have all the rights, powers, duties and obligations herein granted to the original Trustee. If for any reason ZionSolutions the Company is unable to or does not appoint a successor Trustee within 90 days after not, in the event of the resignation or removal of the Trustee for the Trust(s) as provided above, ZionSolutionsappoint a successor Trustee within 40 days after such resignation or removal, either the Company or the Trustee may apply to a court of competent jurisdiction for the appointment of a successor Trustee.