APPOINTMENT OF A TRUSTEE Sample Clauses
The "Appointment of a Trustee" clause establishes the process and authority for designating an individual or entity to act as trustee over a trust or estate. Typically, this clause outlines who has the power to appoint a trustee, the qualifications required, and the procedures to follow in the event of a vacancy or resignation. For example, it may specify that a majority of beneficiaries or a named protector can select a new trustee if the current one is unable or unwilling to serve. The core function of this clause is to ensure continuity and proper management of the trust by providing a clear mechanism for appointing or replacing trustees as needed.
APPOINTMENT OF A TRUSTEE. 8.1 Within five (5) Working Days of the CMA notifying Korean Air in writing that it must do so, Korean Air shall propose to the CMA for approval:
(a) the names of at least two (2) individuals to exercise the Trustee Functions; and
(b) the full terms of a mandate in accordance with which the Trustee shall carry out the Trustee Functions.
8.2 Korean Air and/or any individuals nominated pursuant to paragraph 8.1 shall satisfy the CMA that, save as required or permitted by the CMA:
(a) such nominated individuals have the necessary qualifications to carry out their mandates, and are employees or partners of an investment bank, retail bank, commercial property agent, building society or law firm or accountancy firm with an established reputation either nationwide or in a substantial part of the UK or in another EU member state;
(b) such nominated individuals are each independent of Korean Air and of the Group of Interconnected Bodies Corporate to which Korean Air belong and of any Associated Person or Affiliate of Korean Air or of such Group of Interconnected Bodies Corporate and of any Proposed Remedy Taker to enter the London-Seoul City Pair pursuant to these undertakings, and, in the reasonable opinion of Korean Air, are appropriate to be appointed as Trustee; and
(c) such nominated individuals neither are, nor are likely to become, exposed, either directly or indirectly, to a conflict of interest that impairs or may be likely to impair their objectivity or independence in discharging the Trustee Functions.
8.3 Within two (2) Working Days of the CMA approving, at its discretion, one or more of the persons nominated by Korean Air and their proposed mandates pursuant to paragraph 8.1 above, and subject to any modifications the CMA deems necessary for the Trustee to carry out the Trustee Functions, Korean Air shall use its best endeavours to appoint from the persons so approved one person to carry out the Trustee Functions in accordance with the mandate approved by the CMA pursuant to paragraph 8.1 above.
8.4 In the event that:
(a) Korean Air fails to propose any person or persons in accordance with paragraph 8.1 above; or
(b) none of the persons proposed by Korean Air pursuant to paragraph 8.1 are approved by the CMA; or
(c) Korean Air is unable for any reason to appoint within the time limit stipulated in paragraph 8.3 above any such person following approval by the CMA, Korean Air shall use its best endeavours to appoint from persons nominated by the CMA one ...
APPOINTMENT OF A TRUSTEE. I acknowledge that the Trustee has been appointed to administer my options in accordance with Section 102 of the Ordinance and the Income Tax Rules (Tax Benefits Regarding the Grant of Options to Employees), 2003 (the "Rules") and pursuant to an agreement between the Company and the Trustee that may be amended from time to time (the "Trust Agreement"). In accordance with the terms of this Option Agreement, the Company and/or the Trustee are responsible, among other things, to: (a) withhold and pay any applicable taxes owed to the tax authorities in Israel in connection with my options, including as a result of an exercise of my options and sale of the Shares by me, prior to releasing any funds owed to me, (b) provide the tax authorities in Israel with an annual report in accordance with the Rules, and (c) provide the Israeli tax authorities with a report regarding the grant of Options under the Plan, within ninety (90) days from the Grant Date in accordance with the Rules. Any fees associated with the exercise of my options as specified in the Trust Agreement will be borne solely by me. In accordance with the approval granted by the Israel tax authorities in connection with the Plan, certain of the functions related to the administration of my options may be performed by the Company.
APPOINTMENT OF A TRUSTEE. The Commission may, from time to time, appoint one or more individuals to serve as Trustee hereunder. Such individuals shall acknowledge their appointment in writing.
APPOINTMENT OF A TRUSTEE. The provisions of paragraphs 4.2 to 4.7 below shall apply only as long as Subsea 7 has not satisfied, or where the OFT has reasonable grounds for believing that Subsea 7 will not satisfy, all or any part of the obligation to divest the Acergy Falcon in accordance with paragraphs 2.1, 2.2 and 2.3 above.
APPOINTMENT OF A TRUSTEE. I acknowledge that the Trustee has been appointed to administer my Options in accordance with Section 102 of the Ordinance and the Income Tax Rules (Tax Benefits Regarding the Grant of Options to Employees), 2003 (the “Rules”) and pursuant the Trust Agreement. In accordance with the terms of this Option Agreement and the Trust Agreement, the Company and/or the Trustee are responsible, among other things, to: (a) withhold and pay any applicable taxes owed to the tax authorities in Israel in connection with my Options, including as a result of an exercise of my Options and sale of the Shares by me, prior to releasing any funds owed to me, (b) provide the tax authorities in Israel with an annual report in accordance with the Rules, and (c) provide the Israeli tax authorities with a report regarding the grant of Options under the Plan, within ninety (90) days from the Grant Date in accordance with the Rules. Any fees associated with the exercise of my Options, including as may be specified in the Trust Agreement, will be borne solely by me. In accordance with the approval granted by the Israel tax authorities in connection with the Plan, certain of the functions related to the administration of my Options may be performed by the Company.
APPOINTMENT OF A TRUSTEE. All insurance proceeds payable to Lessee under section 16.1 of this Lease for losses to real property and improvements, subject to the rights or Mortgagees under section 16.1, shall, upon election of The Regents, by notice to Lessee and insurance carrier, be paid to a trustee, to be held and expended for the benefit of The Regents, Lessee, owners of Condominiums, mortgagees and others, as their respective interests shall appear. The trustee may be a commercial bank or other financial institution with trust powers in Santa ▇▇▇▇ County, California, that agrees in writing to accept such trust.
APPOINTMENT OF A TRUSTEE. The provisions of paragraphs 5.2 to 5.7 below shall apply only as long as Asda has not satisfied, or where the OFT has reasonable grounds for believing that Asda will not satisfy, all or any part of the obligation to divest each of the Stage One Divestment Businesses in accordance with paragraphs 2.1, 2.2, 2.3 and 2.5 above and each of the Stage Two Divestment Businesses in accordance with paragraphs 3.1, 3.2, 3.3 and 3.5 above.
APPOINTMENT OF A TRUSTEE. The provisions of paragraphs 5.2 to 5.7 below shall apply only as long as CGL has not satisfied, or where the OFT has reasonable grounds for believing that CGL will not satisfy, all or any part of the obligation to divest each of the Stage Two Divestment Businesses in accordance with paragraphs 3.1, 3.2, 3.3 and 3.5 above.
APPOINTMENT OF A TRUSTEE. At the written direction of the Bondowner Representative, the parties hereto may deliver a Supplemental Pledge Agreement appointing a trustee qualified to accept and administer the trusts created thereby (the “Trustee”). Prior to the execution and delivery of any Supplemental Pledge Agreement appointing a Trustee, the Bondowner Representative, the Issuer and the Servicer shall be furnished with an opinion of Bond Counsel stating that the provisions of such Supplemental Pledge Agreement will not cause the interest on the Bonds to be includable in gross income of the Owners (other than an Owner who is a “substantial user” of the Project or a “related person” to a “substantial user,” as defined in Section 147(a) of the Code) for purposes of federal income taxation. Upon the appointment of a Trustee, this Pledge Agreement shall be deemed to be converted into a Trust Indenture, and all references to the Bondowner Representative in the Issuer Documents and the Loan Documents shall be deemed to refer to the Trustee. The Trustee shall signify its acceptance of the duties and obligations imposed upon it by this Pledge Agreement by executing the Supplemental Pledge Agreement thereto. Until the execution of a Supplemental Pledge Agreement appointing a Trustee, the parties hereto agree that there is no trustee appointed under this Pledge Agreement. In the event that there is ever deemed to be a Trustee by a court or otherwise, the Bondowner Representative shall be deemed the Trustee. In no event shall the Issuer ever be deemed to be the Trustee.
APPOINTMENT OF A TRUSTEE. The provisions of paragraphs 7.2 to 7.7 below shall apply only as long as Turnstone Bidco has not satisfied, or in the case where the divestment of any of the Divestment Businesses has not completed due to circumstances beyond the control of Turnstone Bidco only after consulting further with Turnstone Bidco in order to agree a process to achieve the divestment of that or those remaining Divestment Businesses as a going concern to a purchaser or purchasers approved by the OFT, or the OFT has reasonable grounds for believing that Turnstone Bidco will not satisfy, all or any part of the obligation to divest each of the Divestment Businesses in accordance with paragraphs 3.1, 3.2 and 3.3 above.