Trustee and Successor Trustee Sample Clauses
The 'Trustee and Successor Trustee' clause defines the appointment, powers, and responsibilities of the trustee, as well as the process for designating a successor trustee if the original trustee is unable or unwilling to serve. Typically, this clause outlines the criteria for selecting a successor, the procedures for resignation or removal of a trustee, and the transfer of trust assets and duties to the new trustee. Its core function is to ensure the continuous and effective management of the trust by providing a clear mechanism for trustee succession, thereby preventing disruptions in trust administration.
Trustee and Successor Trustee. The Trustee and any replacement Trustee must be approved in writing by EPA, after consultation with the State, and must not be affliliated with the Grantor. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee approved in writing by EPA, after consultation with the State, and this successor accepts such appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee’s acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to EPA and the State, or a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the Fund and the Trust in a writing sent to the Grantor, the Beneficiaries, and the present Trustee by certified mail no less than 10 days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 8.
Trustee and Successor Trustee. The Trustee and any replacement Trustee must not be affiliated with the Grantor. The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee and this successor accepts such appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee’s acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the cash and/or cash equivalents then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall specify the date on which it assumes administration of the Fund and the Trust in a writing sent to the Grantor, the Beneficiary, and the present Trustee by certified mail no less than 10 days before such change becomes effective. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 8.
Trustee and Successor Trustee. The Trustee and any replacement Trustee must be approved in writing by EPA and must not be affiliated with any of
Trustee and Successor Trustee. 6.1 The rights, powers, and privileges of the Trustee named hereunder shall be possessed by any successor Trustee or Trustees, with the same effect as though each such successor had originally been a party to this Agreement. The word “Trustee” as used in this Agreement, means the Trustee and any successor Trustees acting hereunder as provided herein, and shall include both the single and the plural number. If there is more than one Trustee, the decision of the majority of the Trustees shall be considered the decision of the Trustee.
6.2 The Trustee may be removed only for willful misconduct committed in bad faith and proven by clear and convincing evidence in a court of competent jurisdiction. No removal of the Trustee shall be effective less than ninety (90) days after a final and unappealable order of a court of competent jurisdiction ordering such removal.
Trustee and Successor Trustee