The "Appointment of Successor Trustee" clause outlines the procedures and criteria for designating a new trustee in the event of a resignation, incapacity, or any other circumstance that necessitates replacing the current trustee. It ensures the trust's continuity by detailing how and by whom the successor trustee is chosen, maintaining the intended management and oversight of the trust assets.
NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE. This notice is delivered in accordance with Section 611 of that certain Indenture, dated as of November 20, 2012 (as supplemented, modified or amended from time to time, the “Indenture”), by and among the Company, and U.S. Bank National Association, as Trustee, pursuant to which the above-referenced Notes were issued and are outstanding. Capitalized terms used, but not otherwise defined, herein shall have the meanings ascribed to such terms in the Indenture.
Acceptance of Resignation of Resigning Trustee; Appointment of Successor Trustee. The Resigning Trustee hereby confirms its notice of resignation as Trustee and hereby resigns as Security Registrar, Transfer Agent, Paying Agent and Security Custodian under the Indenture. The Company hereby accepts the resignation of the Resigning Trustee as Trustee, Security Registrar, Transfer Agent, Paying Agent and Security Registrar under the Indenture. The Company hereby appoints the Successor Trustee as Trustee, Security Registrar, Transfer Agent, Paying Agent and Security Custodian under the Indenture.
Appointment of Successor Trustee. Pursuant to Section 7.08 of the Indentures, the Successor Trustee hereby accepts its appointment as successor Trustee, Registrar, Paying Agent, and Note Custodian under the Indentures and accepts all rights, powers and duties of the Resigning Trustee under the Indentures, effective as of the Effective Date and upon the terms and conditions set forth herein, with like effect as if the Successor Trustee was originally named as Trustee, Registrar, Paying Agent, and Note Custodian under the Indentures. The Successor Trustee agrees and undertakes to perform all duties and obligations as Registrar, Paying Agent, and Note Custodian under the Indentures and abide by the provisions of the Indenture and all applicable laws.
NOTICE OF APPOINTMENT OF SUCCESSOR TRUSTEE To the Holders of 5.750% Senior Notes due 2028, CUSIPs 163851AF5 and U16309AH6 (the “2028 Notes”) and 4.625% Senior Notes due 2029, CUSIPs 163851AH1 and U16309AJ2 (the “2029 Notes” and, together with the 2028 Notes, the “Notes”) NOTICE IS HEREBY GIVEN that The Chemours Company (the “Company”) has received a notice of resignation from U.S. Bank National Association, as Trustee, Security Registrar and paying agent under the Indenture, dated as of November 27, 2020 (as amended and supplemented to the date hereof, the ”Indenture”), such resignation to be effective August 11, 2022.
Notice of Removal of Trustee and Appointment of Successor Trustee. Effective as of the date hereof, the Beneficiary hereby removes, without cause, each of Dorothy E. Marchand and Danielle Farnham, as the Original Trustee under the Original Deed of Trust and any previously named substitute trustee, and designates and appoints, upon the contingency and in the manner authorized by the Original Deed of Trust, Mary C. Tucker as substitute Trustee in lieu and in place and stead of the aforesaid Original Trustee or any substitute Trustee heretofore appointed, with all the powers and authority delegated to the Original Trustee by the terms of the Original Deed of Trust, and does hereby authorize said substitute
The Company hereby accepts the resignation of the Prior Trustee and, all conditions relating to the appointment of Successor Trustee as the Trustee under the Indenture having been met, hereby appoints the Successor Trustee as Trustee under the Indenture with like effect as if originally named as Trustee in the Indenture. The Company also appoints the Successor Trustee as Paying Agent, Security Registrar, and any other capacity named under the Indenture.
Appointment of Successor Trustee. In the event of a vacancy in the position of Trustee or if a Trustee has given notice of its intention to resign, the Unit Holders present or represented at a meeting held in accordance with the requirements of Article VIII may appoint a successor Trustee. Nominees for appointment may be made by (i) the resigned or removed Trustee and (ii) any Unit Holder or Unit Holders owning at least 15% of the Units. Any such successor Trustee shall be a bank or trust company having a capital, surplus and undivided profits (as of the end of its last fiscal year prior to its appointment) of at least $15,000,000. In the event that a vacancy in the position of Trustee continues for sixty (60) days, a successor Trustee may be appointed by any State or Federal District Court holding terms in Tarrant County, Texas, upon the application of any Unit Holder, and in the event any such application is filed, such court may appoint a temporary Trustee at any time after such application is filed with it which shall, pending the final appointment of a Trustee, have such powers and duties as the court appointing such temporary Trustee shall provide in its order of appointment, consistent with the provisions of this Indenture.
ASSIGNMENT, TRANSFER AND APPOINTMENT OF SUCCESSOR TRUSTEE FOR IRA ACCOUNTS This ASSIGNMENT, TRANSFER AND APPOINTMENT OF SUCCESSOR TRUSTEE FOR IRA ACCOUNTS (this “Assignment, Transfer and Appointment”) is dated this __ day of _______________, 2019, by and between REPUBLIC BANK & TRUST COMPANY, a Kentucky banking corporation (“Seller”), and LIMESTONE BANK, INC., a Kentucky banking corporation (“Buyer”). Capitalized terms not otherwise defined herein shall have the same meaning as specified in the Agreement (as defined below).
Trust. The Trust known as the Deed of Amendment and Restatement of Trust and Appointment of Successor Trustee executed on April 5, 2007 for the Cardinal Health 401(k) Savings Plan for Employees in Puerto Rico and maintained in accordance with the terms of the trust agreement between the Plan Administrator and the Trustee, as amended from time to time.”
This Agreement and the resignation, appointment and acceptance effected hereby shall be effective as of the close of business on the Effective Date, upon the execution and delivery hereof by each of the parties hereto; provided, however, that the resignation of Resigning Trustee and the appointment of Successor Trustee as paying agent and registrar under the Governing Document shall be effective upon the latest of: (a) 10 calendar days after the date first above written; (b) receipt by The Depository Trust Company (“DTC”) of both Resigning Trustee’s transfer agency change notice and Successor Trustee’s transfer agency change notice and (c) the second business day following receipt by Successor Trustee of the holders list.
Upon the acceptance and execution of this Agreement by Successor Trustee, all conditions precedent relating to the appointment of Successor Trustee under the Indenture have been complied with by the Company.
Acceptance of Resignation of Resigning Trustee; Appointment of Successor Trustee. a. Pursuant to Section 7.8 of the Indenture, the Resigning Trustee hereby notifies the Issuer that the Resigning Trustee does hereby resign as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture and in its various roles under the Notes and Security Documents, as applicable. b. The Issuer accepts the resignation of the Resigning Trustee as Trustee, Custodian, Registrar, Paying Agent and Collateral Agent under the Indenture, and in its various roles under the Notes and Security Documents, as applicable.
An Appointment of Successor Trustee is a legal document that designates a new trustee to manage a trust when the original trustee is unable or unwilling to continue performing their duties. Trustees could step down due to reasons such as death, incapacity, resignation, or removal. This appointment ensures the continued management and oversight of the trust’s assets and obligations according to the trustor’s intentions.
You should consider using an Appointment of Successor Trustee in situations where:
Timely appointment is essential to prevent disruptions in trust management and to ensure compliance with the trustor’s wishes.
When drafting an Appointment of Successor Trustee, it is essential to include:
Identification of the Trust: Clearly specify the trust’s name and pertinent details for accurate identification.
Details of the Current Trustee: Provide full legal name and any relevant information of the current trustee.
Successor Trustee Information: Include the full legal name and contact details of the proposed successor trustee.
Effective Date: Specifying when the appointment takes effect can prevent confusion or overlap in responsibilities.
Powers and Duties: Refer to the trust document to outline the successor’s authority and obligations.
Signatures: Ensure the document is signed by the resigning trustee, if applicable, the successor trustee, and any other required parties.
It might be advisable to seek legal guidance to ensure the document is in compliance with jurisdictional laws.
Contracts and documents that may involve an Appointment of Successor Trustee include:
Wills and Living Trusts: These often designate successor trustees to manage an estate or trust after the trustor’s passing.
Revocable Trust Agreements: Such agreements may outline procedures for appointing a successor if the original trustee can no longer serve.
Irrevocable Trusts: Given their permanent nature, these trusts often specify conditions under which a successor trustee should be appointed.
Corporate Trust Agreements: In business contexts, trust agreements often include successor trustee provisions to ensure continuity in asset management.
Inclusion in such documents is crucial to guarantee seamless transitions and asset protection.
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