Common use of Acceptance of Trust by Successor Trustee Clause in Contracts

Acceptance of Trust by Successor Trustee. Any successor trustee appointed as provided in Section 8.08 shall execute, acknowledge and deliver to the Authority, the Borrower and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the Written Request of the Authority or the request of the successor trustee, the trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trusts herein expressed, all the rights, powers and trusts of the trustee so ceasing to act. Upon request of any such successor trustee, the Authority shall execute any and all instruments in writing necessary or desirable for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and duties. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee to secure the amounts due it as compensation, reimbursement, expenses and indemnity afforded to it by Section 8.06. No successor trustee shall accept appointment as provided in this Section 8.09 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.07. Upon acceptance of appointment by a successor trustee as provided in this Section, the Authority or such successor trustee shall give the Bondholders, notice of the succession of such trustee to the trusts hereunder in the manner prescribed in Section 8.08 for the giving of notice of resignation of the Trustee.

Acceptance of Trust by Successor Trustee. Any successor trustee appointed as provided in Section 8.08 9.08 shall execute, acknowledge and deliver to the Authority, the Borrower Issuer and to its predecessor trustee and the Credit Bank an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the Written Request written request of the Authority Issuer or the written request of the successor trustee, the trustee Trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trusts herein expressed, all the rights, powers and trusts of the trustee Trustee so ceasing to act. Upon request of any such successor trustee, the Authority Issuer shall execute any and all instruments in writing necessary or desirable for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and dutiestrusts. Any trustee Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee Trustee to secure the amounts due it as compensation, reimbursement, expenses and indemnity afforded to it by Section 8.069.06. No successor trustee shall accept appointment as provided in this Section 8.09 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.079.07. At the time of appointment, the Company and the successor trustee shall execute an agreement with respect to the compensation of the successor trustee. Upon acceptance of appointment by a successor trustee as provided in this Section, the Authority Issuer or such successor trustee shall give the Bondholders, Bondholders notice of the succession of such trustee to the trusts hereunder in the manner prescribed in Section 8.08 9.08 for the giving of notice of resignation of the Trustee.

Acceptance of Trust by Successor Trustee. Any successor trustee appointed as provided in Section 8.08 9.10 hereof shall execute, acknowledge and deliver to the Authority, the Borrower Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trustsduties, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee trustee herein; but, nevertheless, on the Written Request written request of the Authority Company or the request of the successor trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trusts herein expressed, trustee all the rights, rights and powers and trusts of the trustee so ceasing to act. Upon request of any such successor trustee, the Authority Company shall execute any and all instruments in writing necessary or desirable for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers rights and dutiespowers. Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee to secure the any amounts then due it as compensation, reimbursement, expenses and indemnity afforded pursuant to it by Section 8.06the provision of 9.06 hereof. No successor trustee shall accept appointment as provided in this Section 8.09 unless at the time of such acceptance such successor trustee shall be qualified under the provisions of 9.08 hereof and eligible under the provisions of Section 8.079.09 hereof. Upon acceptance of appointment by a successor trustee as provided in this Section, the Authority Company shall mail or such successor trustee shall give the Bondholders, publish in an authorized newspaper notice of the succession of such trustee. If the Company fails to mail or publish such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed or published at the trusts hereunder in the manner prescribed in Section 8.08 for the giving of notice of resignation expense of the TrusteeCompany.

Acceptance of Trust by Successor Trustee. Any successor trustee appointed as provided in Section 8.08 9.08 shall execute, acknowledge and deliver to the Authority, the Borrower City and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties and obligations of its predecessor in the trusts hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the Written Request written request of the Authority City or the written request of the successor trustee, the trustee Trustee ceasing to act shall execute and deliver an instrument transferring to such successor trustee, upon the trusts herein expressed, all the rights, powers and trusts of the trustee Trustee so ceasing to act. Upon request of any such successor trustee, the Authority City shall execute any and all instruments in writing necessary or desirable for more fully and certainly vesting in and confirming to such successor trustee all such rights, powers and dutiestrusts. Any trustee Trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or collected by such trustee Trustee to secure the amounts due it as compensation, reimbursement, expenses and indemnity afforded to it by Section 8.069.06. No successor trustee shall accept appointment as provided in this Section 8.09 unless at the time of such acceptance such successor trustee shall be eligible under the provisions of Section 8.079.07. At the time of appointment, the Company and the successor trustee shall execute an agreement with respect to the compensation of the successor trustee. Upon acceptance of appointment by a successor trustee as provided in this Section, the Authority City or such successor trustee shall give the Bondholders, Bondholders notice of the succession of such trustee to the trusts hereunder in the manner prescribed in Section 8.08 9.08 for the giving of notice of resignation of the Trustee.