Common use of Appointment of Successor Trustee; Temporary Trustee Clause in Contracts

Appointment of Successor Trustee; Temporary Trustee. If the Trustee shall resign, be removed, be dissolved, be in the course of dissolution or liquidation or otherwise become incapable of acting hereunder, or if it shall be taken under the control of any public officer or officers or of a receiver appointed by a court, then, unless an Event of Default with respect to any Series of Bonds has occurred and is continuing, a successor may be appointed by NVTC by an instrument in writing signed by a NVTC Representative. If an Event of Default has occurred and is continuing, 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. In case of such vacancy, NVTC, by an instrument signed by a NVTC Representative, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Owners as provided above and any such temporary Trustee so appointed by NVTC shall immediately and without further act be replaced by the Trustee so appointed by such Owners. Any Trustee appointed under this Section shall be, if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms, (i) a bank or trust company within or without the Commonwealth of Virginia, in good standing and having a reported capital, surplus and undivided profits of not less than $50,000,000, or (ii) a subsidiary trust company whose parent bank or bank holding company has undertaken to be fully responsible for the acts and omissions of such subsidiary trust company, and whose capital, surplus and undivided profits, together with that of its parent bank or bank holding company, as the case may be, is not less than $50,000,000.

Appointment of Successor Trustee; Temporary Trustee. If the Trustee shall resign, be removed, be dissolved, be in the course of dissolution or liquidation or otherwise become incapable of acting hereunder, or if it shall be taken under the control of any public officer or officers or of a receiver appointed by a court, then, unless an Event of Default with respect to any Series of Bonds has occurred and is continuing, a successor may be appointed by NVTC HRTAC by an instrument in writing signed by a NVTC HRTAC Representative. If an Event of Default has occurred and is continuing, 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. In case of such vacancy, NVTCHRTAC, by an instrument signed by a NVTC HRTAC Representative, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Owners as provided above and any such temporary Trustee so appointed by NVTC HRTAC shall immediately and without further act be replaced by the Trustee so appointed by such Owners. Any Trustee appointed under this Section shall be, if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms, (i) a bank or trust company within or without the Commonwealth of Virginia, in good standing and having a reported capital, surplus and undivided profits of not less than $50,000,000100,000,000, or (ii) a subsidiary trust company whose parent bank or bank holding company has undertaken to be fully responsible for the acts and omissions of such subsidiary trust company, and whose capital, surplus and undivided profits, together with that of its parent bank or bank holding company, as the case may be, is not less than $50,000,000100,000,000.

Appointment of Successor Trustee; Temporary Trustee. If In case the Trustee hereunder shall resign, resign or be removed, or be dissolved, or shall be in the course of dissolution or liquidation liquidation, or otherwise become incapable of acting hereunder, or if in case it shall be taken under the control of any public officer or officers officers, or of a receiver appointed by a court, then, unless an Event of Default with respect to any Series of Bonds has occurred and is continuing, a successor may be appointed by NVTC by an instrument in writing signed by a NVTC Representative. If an Event of Default has occurred and is continuing, a successor may be appointed by the Owners owners of a majority in of the aggregate principal Outstanding amount of Bonds then Outstanding each Class of Bonds, with the consent of the Majority Residual Holders, by an instrument or concurrent instruments in writing signed by such Ownersowners, or by their attorneys-in-fact, duly authorized and a copy of which shall be delivered personally or sent by registered mail to the Sponsor, the Trustee and the Manager. In addition, in case of such vacancy, NVTCthe Sponsor, by an instrument signed by a NVTC Representativeupon written notice to the Manager, may the Majority Residual Holders, the Bondholders, and to the outgoing trustee may, with the consent of the Majority Residual Holders, appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the Owners as provided owners of a majority of the aggregate Outstanding amount of each Class of Bonds with the consent of the Majority Residual Holders in the manner above provided; and any such temporary Trustee so appointed by NVTC the Sponsor shall immediately and without further act be replaced superseded by the Trustee so appointed appointed. Notice of the appointment of a successor Trustee shall be given in the same manner as provided by such OwnersSection 9.06 with respect to the resignation of a Trustee. Any Trustee appointed under the provisions of this Section Article (other than the initial Trustee hereunder) or appointed as a successor to the Trustee shall be, if there be such an institution willing, qualified and able to accept the trust upon reasonable or customary terms, (i) a trust company or bank in good standing, duly authorized to exercise trust powers under this Indenture, having trust assets of at least $500,000,000 and a combined capital and surplus of at least $75,000,000, and subject to supervision or examination by federal or state authority provided there is such a bank or trust company within willing or without able to serve in such capacity. In case at any time the Commonwealth of Virginia, in good standing and having a reported capital, surplus and undivided profits of not less than $50,000,000, or (ii) a subsidiary trust company whose parent bank or bank holding company has undertaken successor Trustee shall cease to be fully responsible for eligible in accordance with these provisions, the acts Trustee shall resign immediately in the manner and omissions of such subsidiary trust companywith the effect specified in this Article IX. If there is no qualified trustee willing to serve, and whose capital, surplus and undivided profits, together with that of its parent bank or bank holding company, as the case may be, is not less than $50,000,000successor Trustee shall be selected by the Majority Residual Holders.