Successor Trust Administrator Clause Samples
The Successor Trust Administrator clause designates an individual or entity to take over the administrative duties of a trust if the original administrator is unable or unwilling to serve. This clause typically outlines the process for appointing the successor, such as naming specific persons in order of priority or providing a mechanism for selection. By establishing a clear line of succession, the clause ensures the continuous and effective management of the trust, preventing disruptions that could arise from the absence or incapacity of the original administrator.
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Successor Trust Administrator. Any successor trust administrator appointed as provided in Section 10.07 hereof shall execute, acknowledge and deliver to the Depositor and to its predecessor trust administrator an instrument accepting such appointment hereunder and thereupon the resignation or removal of the predecessor trust administrator shall become effective and such successor trust administrator, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trust administrator herein. The Depositor, upon receipt of all amounts due it hereunder, and the predecessor trust administrator shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in the successor trust administrator all such rights, powers, duties, and obligations. No successor trust administrator shall accept appointment as provided in this Section 10.08 unless at the time of such acceptance such successor trust administrator shall be eligible under the provisions of Section 10.06 hereof and its acceptance shall not adversely affect the then current rating of the Certificates. Upon acceptance of appointment by a successor trust administrator as provided in this Section 10.08, the Depositor shall mail notice of the succession of such trust administrator hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Depositor fails to mail such notice within ten days after acceptance of appointment by the successor trust administrator, the successor trust administrator shall cause such notice to be mailed at the expense of the Depositor.
Successor Trust Administrator. Section 9.09 Merger or Consolidation of Trust Administrator..............
Successor Trust Administrator. As set forth in Section 10.08 of the Standard Terms.