Common use of Appointment of Successor Trustee by the Bondholders; Temporary Trustee Clause in Contracts

Appointment of Successor Trustee by the Bondholders; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under control of any public officer or officers, or of a receiver appointed by a court, a successor may be appointed by the owners of a majority in aggregate principal amount of Bonds then outstanding, by an instrument or concurrent instruments in writing signed by such owners, or by their attorneys-in-fact, duly authorized; provided, nevertheless, that in case of such vacancy, the Issuer, by an instrument executed by one of its duly authorized officers, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondholders in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed by such Bondholders. Every such Trustee appointed pursuant to the provisions of this Section shall be a trust Developer or Bank, having a reported capital and surplus of not less than Fifty Million Dollars ($50,000,000) if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. Concerning Any Successor Trustees. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer and the Developer an instrument in writing accepting such appointment hereunder, and thereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor, execute and deliver an instrument transferring to such successor Trustee all the estates, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by any successor Trustee for more fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested or intended to be vested in the predecessor any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together with all other instruments provided for in this Article shall be filed by the successor Trustee in each office, if any, where the Indenture shall have been filed. Trustee Protected in Relying Upon Resolutions, etc. Subject to the conditions contained herein, the resolutions, ordinances, opinions, certificates and other instruments provided for in this Indenture may be accepted by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for the release of property and the withdrawal of cash hereunder. (End of Article VIII)

Appointment of Successor Trustee by the Bondholders; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, become insolvent or bankrupt, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, and the Issuer shall not appoint a successor Trustee within thirty (30) days after such event, a successor, may be appointed by the owners Holders of a majority in aggregate principal amount of the Bond Obligation related to the Senior Bonds then outstandinguntil such time as the Senior Bonds are no longer Outstanding hereunder, by an instrument or concurrent instruments in writing signed by such ownersHolders, or by their attorneys-in-attorneys in fact, duly authorized; providedauthorized and a copy of which shall be delivered personally or sent by registered mail to the Issuer. Nevertheless, nevertheless, that in case of such vacancy, the Issuer, Issuer by an instrument executed by one of its duly authorized officers, may resolution shall appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondholders Holders in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed by such BondholdersHolders. Notice of the appointment of a successor Trustee shall be given in the same manner as provided in Section 9.06 hereof with respect to the resignation of the Trustee. Written notice of such appointment shall also be given to the Rating Agencies. Every such Trustee appointed pursuant to the provisions of this Section shall be a trust Developer company or Bankbank in good standing and subject to examination by a federal or State authority, having a reported approximately $75,000,000 in capital and surplus of not less than Fifty Million Dollars ($50,000,000) if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. Concerning Any Successor Trustees. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer and the Developer an instrument in writing accepting such appointment hereunder, and thereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor, execute and deliver an instrument transferring to such successor Trustee all the estates, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by any successor Trustee for more fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested or intended to be vested in the predecessor any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together with all other instruments provided for in this Article shall be filed by the successor Trustee in each office, if any, where the Indenture shall have been filed. Trustee Protected in Relying Upon Resolutions, etc. Subject to the conditions contained herein, the resolutions, ordinances, opinions, certificates and other instruments provided for in this Indenture may be accepted by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for the release of property and the withdrawal of cash hereunder. (End of Article VIII)undivided profits surplus.

Appointment of Successor Trustee by the Bondholders; Temporary Trustee. In case If the Trustee hereunder shall resign or resign, be removed, or be dissolved, or shall be in course of dissolution or liquidation, or shall otherwise become incapable of acting hereunder, hereunder or in case it shall be taken under the control of any public officer officer, officers or officers, or of a receiver appointed by a court, a successor may be appointed by the owners holders of a majority in aggregate principal amount of Bonds then outstandingthe Bonds, by an instrument or concurrent instruments in writing signed by such ownersholders, or by their attorneys-in-fact, duly authorized; provided, nevertheless, that in case of such vacancy, vacancy the Issuer, by an instrument executed signed by one the Chairman or Vice Chairman of the Issuer and attested by the Secretary or Assistant Secretary of the Issuer under its duly authorized officersseal, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondholders bondholders in the manner above provided; and any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the Trustee so appointed by such Bondholdersbondholders; provided further, however, that unless an Event of Default has occurred and is continuing hereunder, no such appointment by the bondholders or the Issuer shall be effective without the consent of the Company and the Bank which shall not be unreasonably withheld. Every such Trustee appointed pursuant to the provisions of this Section shall be a trust Developer company or Bankbank (having trust powers) in good standing, having a reported shall be located within or outside the State and shall have an unimpaired capital and surplus of not less than Fifty Million Dollars TWENTY-FIVE MILLION DOLLARS ($50,000,000) 25,000,000), if there be such an institution willing, qualified and able to accept the trust trusts upon reasonable or customary terms. Concerning Any Successor Trustees. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer and the Developer an instrument in writing accepting such appointment hereunder, and thereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor, execute and deliver an instrument transferring to such successor Trustee all the estates, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by any successor Trustee for more fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested or intended to be vested in the predecessor any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together with all other instruments provided for in this Article shall be filed by the successor Trustee in each office, if any, where the Indenture shall have been filed. Trustee Protected in Relying Upon Resolutions, etc. Subject to the conditions contained herein, the resolutions, ordinances, opinions, certificates and other instruments provided for in this Indenture may be accepted by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for the release of property and the withdrawal of cash hereunder. (End of Article VIII).

Appointment of Successor Trustee by the Bondholders; Temporary Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course the process of dissolution or liquidation, or otherwise become becomes incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by a court, then a vacancy shall forthwith and ipso facto exist in the office of Trustee and a successor may be appointed by the owners of a majority fifty-one percent (51%) in aggregate principal amount of Bonds then outstandingOutstanding, by filing with the Issuer and the Company, an instrument or concurrent instruments in writing signed by such owners, or by their attorneys-in-fact, attorneys in fact duly authorized; provided, nevertheless, that in case of such vacancy, vacancy the Issuer, by an instrument executed and signed by one of its duly authorized officersan Authorized Issuer Representative, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Bondholders in the manner above provided; provided further, that if no permanent successor Trustee shall have been appointed by the Bondholders within the six (6) calendar months next succeeding the month during which the Issuer appoints such a temporary Trustee, such temporary Trustee shall without any further action on the part of the Issuer or the Bondholders become the permanent successor Trustee. After any appointment by the Issuer as provided herein, the Issuer shall cause notice of such appointment to be given to the Company and the Rating Services and to be given by first class mail, postage prepaid, to all Bondholders. The foregoing notwithstanding, any such temporary Trustee so appointed by the Issuer shall immediately and without further act be superseded by the any successor Trustee so appointed by such Bondholders. Every Bondholders as provided above within the six (6) calendar months next succeeding the month during which such temporary Trustee appointed pursuant to the provisions of this Section shall be a trust Developer or Bank, having a reported capital and surplus of not less than Fifty Million Dollars ($50,000,000) if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. Concerning Any Successor Trustees. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Issuer and the Developer an instrument in writing accepting such appointment hereunder, and thereupon such successor, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor, execute and deliver an instrument transferring to such successor Trustee all the estates, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all securities and moneys held by it as Trustee hereunder to its successor. Should any instrument in writing from the Issuer be required by any successor Trustee for more fully and certainly vesting in such successor the estate, rights, powers and duties hereby vested or intended to be vested in the predecessor any and all such instruments in writing shall, on request, be executed, acknowledged and delivered by the Issuer. The resignation of any Trustee and the instrument or instruments removing any Trustee and appointing a successor hereunder, together with all other instruments provided for in this Article shall be filed by the successor Trustee in each office, if any, where the Indenture shall have been filed. Trustee Protected in Relying Upon Resolutions, etc. Subject to the conditions contained herein, the resolutions, ordinances, opinions, certificates and other instruments provided for in this Indenture may be accepted by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for the release of property and the withdrawal of cash hereunder. (End of Article VIII)is appointed.