Acceptance of Duties by Trustee; Successor Trustee. (a) By execution and delivery of this Master Trust Agreement, U.S. Bank National Association hereby accepts the duties and obligations of the Trustee under this Master Trust Agreement.
(b) There shall at all times be a Trustee capable of exercising trust powers in the State, which must be a bank or trust company with a combined capital (exclusive of borrowed capital) and surplus in the case of all successor Trustees to the initial Trustee of at least $100,000,000, and subject to supervision or examination by federal or state authority, so long as any Notes are Outstanding. If such bank or trust company publishes a report of condition at least annually pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purpose of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
(c) So long as there is no Event of Default, the Corporation, at the direction of the County, may remove the Trustee initially appointed, or any successor thereto, and may appoint a successor or successors thereto upon sixty (60) days’ written notice to the Trustee; provided, however, that no such removal shall become effective until a successor has been appointed and shall have qualified and accepted its duties as successor Trustee.
(d) The Trustee may, upon sixty (60) days’ written notice to the County and the Corporation, resign; provided, however, that such resignation shall not take effect until the successor Trustee is appointed and shall have qualified and accepted its duties as successor Trustee. Upon receiving such notice of resignation, the Corporation, at the direction of the County, shall promptly appoint a successor Trustee. If the Corporation does not name a successor Trustee within sixty (60) days of receipt of notice of the Trustee’s resignation, the Trustee may petition a court of suitable jurisdiction to seek the immediate appointment of a successor Trustee, and the Trustee shall continue to serve until a successor is appointed.
(e) Any successor Trustee shall be a bank or trust company meeting the qualifications set forth in subsection (b) of this Section and shall have been approved by the Local Government Commission of North Carolina as qualified to serve as a trustee prior to such appointment or obtains such approval in connection with such appointment. Any resignation or ...
