Common use of Replacement of the Trustee Clause in Contracts

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the members of the Oversight Committee, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed by the Bankruptcy Court upon motion and after notice and a hearing, which motion may be brought by any party in interest (including any members of the Oversight Committee). In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Oversight Committee may designate a person to serve as successor Trustee. If the Oversight Committee shall fail to appoint a successor within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from interested parties (including the Oversight Committee, any Beneficiary or counsel to the Litigation Trust). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee relating to the Litigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 5.2 and 5.3 hereof. In the event the Trustee’s appointment terminates for any reason, such Trustee (or his estate or representatives) shall be promptly compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article V shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the members of the Trust Oversight CommitteeBoard, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed by the Bankruptcy Court upon motion application and after notice and a hearing, which motion application may be brought by any party in interest (including any members Director serving on the Trust Oversight Board) or by majority vote of the Trust Oversight Committee)Board. In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Trust Oversight Committee may Board may, by majority vote, designate a person to serve as successor Trustee. If ; provided, however, that if the Trust Oversight Committee Board shall fail to appoint a successor within with thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from interested parties (including Directors on the Trust Oversight Committee, any Beneficiary Board or counsel to the Litigation TrustBeneficiary). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee shall be fully released from all responsibilities relating to the Litigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 5.2 and 5.3 hereofTrust. In the event of the removal or resignation of any Trustee’s appointment terminates for any reason, such Trustee (or his estate or representatives) shall be promptly immediately compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article V IV shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the members of the Oversight Committee, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed by the Bankruptcy Court upon motion and after notice and a hearing, which motion may be brought by any party in interest (including any members of the Oversight Committee). In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Oversight Committee may designate a person to serve as successor Trustee. If the Oversight Committee shall fail to appoint a successor within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from interested parties (including the Oversight Committee, any Beneficiary or counsel to the Litigation Trust). Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee relating to the Litigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 5.2 4.2 and 5.3 4.3 hereof. In the event the Trustee’s appointment terminates for any reason, such Trustee (or his estate or representatives) shall be promptly compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article V IV shall survive the resignation or removal of any Trustee.

Replacement of the Trustee. The Trustee may resign at any time upon thirty (30) days’ written notice delivered to the Bankruptcy Court and the members of the Trust Oversight CommitteeBoard, provided that such resignation shall only become effective upon the appointment of a permanent or interim successor Trustee. The Oversight Committee may remove the Trustee with or without cause upon thirty (30) days’ written notice delivered to the Trustee. The Trustee may be removed (i) by the Bankruptcy Court upon motion application and after notice and a hearing, which motion application may be brought by any party in interest (including any members Director serving on the Trust Oversight Board) or (ii) by majority vote of the Trust Oversight Committee)Board. In the event of the death, medical incapacity, dissolution, resignation or removal of the Trustee, the Trust Oversight Committee may Board may, by majority vote, designate a person to serve as successor Trustee. If ; provided, however, that if the Trust Oversight Committee Board shall fail to appoint a successor within thirty (30) days, the successor Trustee shall be appointed by the Bankruptcy Court upon request and based upon submissions from interested parties (including Directors on the Trust Oversight Committee, any Beneficiary Board or counsel to the Litigation Trust)Beneficiary. Upon its appointment, the successor Trustee, without any further act, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor and all responsibilities of the predecessor Trustee shall be fully released from all responsibilities relating to the Litigation Trust shall be terminated; provided, however, that the original Trustee’s right to indemnification shall survive termination and is subject to Sections 5.2 and 5.3 hereofTrust. In the event of the removal or resignation of any Trustee’s appointment terminates for any reason, such Trustee (or his estate or representatives) shall be promptly immediately compensated for all reasonable fees and expenses accrued through the effective date of termination, whether or not previously invoiced. The provisions of Article V IV shall survive the resignation or removal of any Trustee.