Termination of Trustee Clause Samples
The 'Termination of Trustee' clause defines the conditions and procedures under which a trustee's role in a trust or similar arrangement may be ended. Typically, this clause outlines the specific events or actions—such as resignation, removal by beneficiaries, incapacity, or completion of trust purposes—that trigger the trustee's termination. It may also detail the process for appointing a successor trustee and the requirements for transferring trust assets and records. The core function of this clause is to ensure a clear and orderly transition of trustee responsibilities, thereby maintaining the proper administration and continuity of the trust.
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Termination of Trustee. If any of the following events ---------------------- occur and shall be continuing, the Controlling Party, upon notice to the Noteholders, may terminate all of the duties of the Trustee under this Agreement:
(i) the Trustee shall cease to meet the eligibility requirements for the Trustee as set forth in Section 6.11 of the Indenture and shall fail to resign after written request therefor by the Insurer,
(ii) a court having jurisdiction in the premises in respect of the Trustee in an involuntary case or proceeding under federal or state bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, shall have entered a decree or order granting relief or appointing a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or similar official) for the Trustee or for any substantial part of the Trustee's property, or ordering the winding-up or liquidation of the Trustee's affairs.;
(iii) an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or state bankruptcy, insolvency or similar law is commenced with respect to the Trustee and such case is not dismissed within 60 days;
(iv) the Trustee commences a voluntary case under any federal or state banking or bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, conservator, sequestrator (or other similar official) for the Trustee or any substantial part of the Trustee's property, or makes any assignment for the benefit of creditors or fails generally to pay its debts as such debts become due or takes any corporate action in furtherance of any of the foregoing;
(v) the Trustee has failed to perform its duties hereunder, and such failure has a material adverse effect on the Insurer or the Noteholders; and
(vi) the Trustee otherwise becomes incapable of acting. On or after the receipt by the Trustee of such written notice, all authority, power, obligations and responsibilities of the Trustee under this Agreement, whether with respect to the Notes, the Certificates or the Other Conveyed Property or otherwise, automatically shall pass to, be vested in and become obligations and responsibilities of such successor Trustee appointed by the Controlling Party.
Termination of Trustee. The rights, powers, duties, and obligations of the Trustee to the Indian Tribe Mitigation Trust and the Beneficiaries will terminate on the Termination Date.
Termination of Trustee. The rights, powers, duties, and obligations of the Trustee to the State Mitigation Trust and the Beneficiaries will terminate on the Termination Date.
Termination of Trustee. Grantors may remove Trustee upon sixty (60) days notice or upon such shorter period of time if acceptable to Trustee; provided that upon a Preliminary CIC or subsequent Change in Control the Grantors may only remove the Trustee if a majority of the Beneficiaries approve such action.
Termination of Trustee. Notwithstanding any other provision of this Agreement to the contrary, if the Trustee’s position as trustee of the Company terminates for any reason (or no reason), other than the Trustee’s death or Disability (defined as a disability that would qualify as a total and permanent disability under the Company’s then current long-term disability plan), any Restricted Common Shares that are subject to the Period of Restriction on the date of the Trustee’s termination shall be immediately forfeited by the Trustee and shall be automatically transferred to and reacquired by the Company at no cost to the Company, and neither the Trustee nor his or her heirs, executors, administrators or successors shall have any right or interest in such Restricted Common Shares. In the event of the Trustee’s death or Disability, any Restricted Common Shares that are subject to the Period of Restriction on the date of death or Disability shall immediately vest and the Trustee or his or her heirs, executors, administrators or successors shall have the right and interest in such Restricted Common Shares.
Termination of Trustee. 15 11. Resignation of Trustee and Appointment of Successor Trustee....
Termination of Trustee. 73 TABLE OF CONTENTS (continued)
Termination of Trustee. If the Collateral Agent, with the approval of the Administrative Agent, determines that:
(1) all of the Obligations and all other obligations secured by the English Security Documents have been fully and finally discharged to the satisfaction of the Administrative Agent (whether or not as a result of an enforcement); and
(2) the Secured Parties are under no further commitment, obligation or liability (whether actual or contingent) to make advances or provide other financial accommodation to any of the Loan Parties under the Loan Documents, then, the trusts set out in this Agreement shall be wound up and the Collateral Agent shall release, without recourse or warranty, all of the English Transaction Security and the rights of the Collateral Agent under each of the English Security Documents; and any Collateral Agent which has resigned pursuant to Section 9.10 shall release, without recourse or warranty, all of its rights under each of the English Security Documents.
Termination of Trustee. The office of a Trustee is automatically terminated and vacated:
(a) if ihe Trustee, being an individual, is found to be of unsound mind or a person whose person or estate is liable to be dealt with in any way under the law relating to mental health;
(b) if the Trustee dies or is permanentlyincapacitatedin a way that preventsthe duties of trusteeship from being discharged;
(c) if the Trustee, being an individual, is unanimously voted by the other Trustees, being individuals, to have failed to fulfil the duties of trusteeship;
(d) if the Trustee becomes bankrupt or makes any arrangement or composition with creditors generally; or
(e) if the Trustee, being a company, enters into liquidation, whether compulsory or voluntary (not being a voluntary liquidation for the purposes of amalgamation or reconstruction), or has an administrator, receiver or official manager or receiver and manager appointed.
Termination of Trustee. An Investor is not entitled to terminate the trust, discharge or replace the Trustee or appoint additional trustees.