Merger or Consolidation of Grantor Trustee Clause Samples

The "Merger or Consolidation of Grantor Trustee" clause defines what happens if the trustee of a trust merges with, consolidates into, or is succeeded by another institution. Typically, this clause ensures that the new or surviving entity automatically assumes the role and responsibilities of the original trustee without requiring further action or consent from other parties. This provision is important because it maintains continuity in trust administration and prevents disruption or uncertainty if the trustee undergoes organizational changes, thereby protecting the interests of the trust and its beneficiaries.
Merger or Consolidation of Grantor Trustee. Any corporation or national banking association into which the Grantor Trustee may be merged or converted or with which it may be consolidated or any corporation or national banking association resulting from any merger, conversion or consolidation to which the Grantor Trustee shall be a party, or any corporation or national banking association acquiring all or substantially all of the business of the Grantor Trustee or succeeding to the business of the Grantor Trustee, shall be the successor of the Grantor Trustee hereunder, provided such corporation or national banking association shall be eligible under the provisions of Section 6.05, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Grantor Trustee shall mail notice of any such merger or consolidation to the Grantor Trust Certificateholder at its address as shown in the Grantor Trust Certificate Register.
View SourceView Similar (11)
Merger or Consolidation of Grantor Trustee. Any Person into which the Grantor Trustee may be merged or converted or with which it may be consolidated, to which it may sell or transfer its corporate trust business and assets as a whole or substantially as a whole or any Person resulting from any merger, sale, transfer, conversion or consolidation to which the Grantor Trustee shall be a party, or any Person succeeding to the business of the Grantor Trustee, shall be the successor of the Grantor Trustee hereunder, provided that (i) such Person shall be eligible under the provisions of Section 6.06, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, and (ii) the Grantor Trustee shall deliver an opinion of counsel to the Depositor to the effect that such merger, consolidation, sale or transfer will not subject the Grantor Trust to federal, state or local tax.
View SourceView Similar (8)
Merger or Consolidation of Grantor Trustee. Any state bank or trust company or national banking association into which the Grantor Trustee may be merged or converted or with which it may be consolidated or any state bank or trust company or national banking association resulting from any merger, conversion or consolidation to which the Grantor Trustee shall be a party, or any state bank or trust company or national banking association succeeding to all or substantially all of the corporate trust business of the Grantor Trustee shall be the successor of the Grantor Trustee hereunder, provided such state bank or trust company or national banking association shall be eligible under the provisions of Section 7.06. Such succession shall be valid without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
View SourceView Similar (5)
Merger or Consolidation of Grantor Trustee. Appointment of Co-Grantor Trustee or Separate Grantor Trustee.
View SourceView Similar (2)
Merger or Consolidation of Grantor Trustee. Section 7.11 APPOINTMENT OF CO-GRANTOR TRUSTEE OR SEPARATE GRANTOR TRUSTEE.................................................21 Section 7.12 FEDERAL INFORMATION RETURNS AND REPORTS TO CERTIFICATEHOLDERS; GRANTOR TRUST ADMINISTRATION................22 ARTICLE VIII
View Source
Merger or Consolidation of Grantor Trustee. PAYING AGENT OR CERTIFICATE REGISTRAR. Any state bank or trust company or national banking association into which the Grantor Trustee, the Paying Agent or the Certificate Registrar may be merged or converted or with which it may be consolidated, or any state bank or trust company or national banking association resulting from any merger, conversion or consolidation to which the Grantor Trustee, the Paying Agent or the Certificate Registrar (as the case may be) shall be a party, or any state bank or trust company or national banking association succeeding to all or substantially all of the corporate business of the Grantor Trustee, the Paying Agent or the Certificate Registrar, respectively, shall be the successor of the Grantor Trustee, the Paying Agent or the Certificate Registrar, respectively, hereunder, provided such state bank or trust company or national banking association shall be eligible under the provisions of Section 7.06. Such succession shall be valid without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
View Source
Merger or Consolidation of Grantor Trustee. Any Person into which the Grantor Trustee may be merged or converted or with which it may be consolidated, to which it may sell or transfer its corporate trust business and assets as a whole or substantially as a whole or any Person resulting from any merger, sale, transfer, conversion or consolidation to which the Grantor Trustee shall be a party, or any Person succeeding to the business of the Grantor Trustee, shall be the successor of the Grantor Trustee hereunder, provided that (i) such Person shall be eligible under the provisions of Section 6.06, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, and (ii) the Grantor Trustee shall deliver an opinion of counsel to the Depositor and, if no Securities Insurer Default has occurred and is continuing, to the Securities Insurer to the effect that such merger, consolidation, sale or transfer will not subject the Grantor Trust to federal, state or local tax.
View Source
Merger or Consolidation of Grantor Trustee. PAYING AGENT OR CERTIFICATE REGISTRAR. Any state bank or trust company or national banking association into which the Grantor Trustee, the Paying Agent or the Certificate Registrar may be merged or converted or with which it may be consolidated, or any state bank or trust company or national banking association resulting from any merger, conversion or consolidation to which the Grantor Trustee, the Paying Agent or the Certificate Registrar (as the case may be) shall be a party, or any state bank or trust company or national banking association succeeding to all or substantially all of the corporate business of the Grantor Trustee, the Paying Agent or the Certificate Registrar, respectively, shall be the successor of the Grantor Trustee, the Paying Agent or the Certificate Registrar, respectively, hereunder, provided such state bank or trust company or national banking association shall be eligible under the provisions of Section 7.06. Such succession shall be valid without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
View Source

Related to Merger or Consolidation of Grantor Trustee

  • Merger or Consolidation of Servicer Any Person into which the Servicer may be merged or consolidated, or any corporation, or other entity resulting from any merger conversion or consolidation to which the Servicer shall be a party, or any Person succeeding to all or substantially all of the business of the Servicer (which Person assumes the obligations of the Servicer), shall be the successor of the Servicer hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Servicer shall give prior written notice of any such merger or consolidation to which it is a party to the Issuer, the Owner Trustee, the Indenture Trustee and the Rating Agencies.

  • Merger or Consolidation of Trustee Any corporation into which the Trustee may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be eligible under the provisions of Section 8.06 hereof without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

  • Merger or Consolidation of Custodian Any Person into which the Custodian may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Custodian shall be a party, or any Person succeeding to the business of the Custodian, shall be the successor of the Custodian hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

  • Merger or Consolidation of the Trustee Any corporation into which the Trustee may be merged or converted or with which it may be consolidated or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the business of the Trustee, shall be the successor of the Trustee hereunder; provided, that such corporation shall be eligible under Section 8.06 without the execution or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

  • Merger or Consolidation of the Owner Trustee Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; provided that such Person shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Seller and the Administrator.