Successor Co Trustee Sample Clauses
The Successor Co-Trustee clause designates an individual or entity to serve as a co-trustee in the event that the original co-trustee is unable or unwilling to act. This clause typically outlines the process for appointing the successor, such as naming a specific person or providing a method for selection, and may specify the powers and responsibilities the successor will assume. Its core function is to ensure continuity in trust administration by providing a clear mechanism for replacing a co-trustee, thereby preventing disruptions in the management of the trust.
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Successor Co Trustee. Any successor Co-Trustee appointed shall execute, acknowledge and deliver to the Issuer and to its predecessor Co-Trustee an instrument accepting such appointment hereunder and thereupon, subject to the provisions of the Securities Law, such successor Co-Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as Co-Trustee herein; but, nevertheless, on the written request of the Issuer or of the successor Co-Trustee, the Co-Trustee ceasing to act shall, upon payment of any amount then due it pursuant to the provisions of Sections 6.07 and 7.03, execute and deliver an instrument transferring to such successor Co-Trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor Co-Trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property and funds held or collected by such trustee as such, except for funds held in trust for the benefit of Holders of particular Convertible Bonds, to secure any amounts then due it pursuant to the provisions of Sections 6.07 and 7.03.
Successor Co Trustee. The parties hereto agree that the transfer or assignment pursuant to the terms of the Trust Agreement by the Co-Trustee to a successor co-trustee, pursuant to the trust created thereunder, will not violate the terms of any Operative Document.
Successor Co Trustee