Common use of Appointment of Successor Trustee Clause in Contracts

Appointment of Successor 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 the Trustee shall be taken under the control of any public officer or officers or of a receiver appointed by a court, a successor shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointment, then a successor may be appointed by the Holders of a majority in aggregate principal amount of the Bonds then Outstanding, by an instrument or concurrent instruments in writing delivered to the Issuer, the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereof.

Appointment of Successor Trustee. In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist in the office of Trustee and a successor may be appointed, and in case at any time the Trustee shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointmentresign, then a successor may be appointed by filing with the Holders Issuer, the Company, the Registrar and the Remarketing Agent an instrument in writing executed by the Owners of not less than a majority in aggregate principal amount of the Bonds then Outstanding, or (so long as no default or Event of Default is then existing under Section 7.01 of the Agreement or Section 9.01(a), (b) or (c) of this Indenture), executed by an the Company. Copies of such instrument or concurrent instruments in writing shall be promptly delivered by the Issuer to the Issuer, predecessor Trustee and to the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in factso appointed. If no appointment of Until a successor Trustee shall be made pursuant to appointed by the foregoing provisions of this SectionOwners or by the Company as herein authorized, the Holder Issuer, by an instrument authorized by the governing body of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereuponthe Issuer, after such notice, if any, as such court may deem proper and prescribe, shall appoint a successor Trustee under this Indentureacceptable to the Company. Every After any appointment by the Issuer, it shall cause notice of such appointment to be given to the Remarketing Agent and the Registrar and to be given by Mail to all Owners of Bonds. Any new Trustee so appointed by the Issuer shall immediately and without farther act be superseded by a Trustee appointed pursuant to by the provisions of this Section to succeed Owners in the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofmanner above provided.

Appointment of Successor Trustee. (a) In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist and a successor may be appointed, and in case at any time the Trustee shall resign or be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not deemed to have appointed a successor within ten days after the event giving rise to the need for such appointmentresigned, then a successor may be appointed, by filing with the Authority and the Company an instrument in writing appointing such successor Trustee executed by Owners of not less than a majority in principal amount of Bonds then Outstanding. Copies of such instrument shall be promptly delivered by the Authority to the predecessor Trustee, to the Trustee so appointed and the Company. (b) Until a successor Trustee shall be appointed by the Holders of a majority in aggregate principal amount Owners of the Bonds then Outstandingas herein authorized, the Authority, shall appoint a successor Trustee as directed by an instrument the Company. After any appointment by the Authority, it shall cause notice of such appointment to be given by Mail to all Owners of Bonds. Any new Trustee so appointed by the Authority shall immediately and without further act be superseded by a Trustee appointed by the Owners of the Bonds in the manner above provided. (c) No resignation or concurrent instruments in writing delivered to the Issuer, removal of the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to this Article shall become effective until the foregoing provisions acceptance of this Section, appointment by the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereof.

Appointment of Successor Trustee. In case at any time the Trustee hereunder shall resign resign, or shall be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal Court or administrative body because of a receiver appointed by a courtinsolvency or bankruptcy, or for any other reason, a successor vacancy shall be appointed by forthwith and ipso facto exist in the Issuer and with the consent office of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointmentTrustee, then a successor may be appointed by the Holders Registered Owners of a majority at least sixty-six and two thirds percent (66 2/3%) in aggregate principal amount of the Bonds then Outstandingoutstanding, by an instrument or concurrent instruments in writing delivered to filed with the Secretary of the Issuer, the Trustee and the successor Trustee, signed by such Holders, Registered Owners or by their attorneys-in-fact duly authorized attorneys in factwriting and consented to in writing by the Senior Notes Trustee. If no appointment Copies of each instrument shall be promptly delivered by the Issuer to the predecessor Trustee and to the Trustee so appointed. Until a successor Trustee shall be made pursuant to appointed by the foregoing provisions of this SectionRegistered Owners, the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to Issuer, by an instrument authorized by resolution, shall appoint a successor TrusteeTrustee to fill such vacancy. Such court may thereupon, after such notice, if any, as such court may deem proper Any new Trustee so appointed by the Issuer shall immediately and prescribe, appoint without further act be superseded by a successor Trustee under this Indenture. Every such Trustee appointed pursuant to by the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofRegistered Owners.

Appointment of Successor 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 the Trustee it shall be taken under the control of any public officer or officers officers, or of a receiver appointed by a the court, a successor shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointment, then a successor may be appointed by the Holders holders of a majority in aggregate principal amount of the Bonds then Outstandingoutstanding hereunder, by an instrument or concurrent instruments in writing delivered to the Issuer, the Trustee and the successor Trustee, signed by such Holdersholders, or by their duly authorized attorneys in fact. If no appointment , duly authorized; provided, nevertheless, that in case of such vacancy the Issuer, subject to the approval of the Company, by an instrument executed and signed by the Chairman, Vice Chairman, Secretary-Treasurer or an Assistant Secretary of the Issuer under its seal, shall appoint a temporary trustee to fill such vacancy until a successor Trustee trustee shall be made pursuant to appointed by the foregoing provisions of this Section, Bondholders in the Holder of manner above provided; and any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as temporary trustee so appointed by the Issuer shall immediately and without further act be superseded by the trustee so appointed by such court may deem proper and prescribe, appoint a successor Trustee under this IndentureBondholders. Every such Trustee appointed pursuant to the provisions temporary trustee and every such successor trustee shall be a trust company or bank in good standing, having capital and surplus of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofnot less than $10,000,000.

Appointment of Successor Trustee. In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist in the office of Trustee and a successor may be appointed, and in case at any time the Trustee shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointmentresign, then a successor may be appointed by filing with the Holders Issuer, the Company and the Registrar an instrument in writing executed by the Company if no default or Event of Default or condition which with the giving of notice or the passage of time, or both, would constitute a default or an Event of Default, is then existing under Section 8.01 of the Agreement or Section 8.01(a) or (b) of this Indenture or, if a default is then existing, by the Owners of not less than a majority in aggregate principal amount of the Bonds then Outstanding, . Copies of such instrument shall be promptly delivered by the Issuer to the predecessor Trustee and to the Trustee so appointed. Any successor Trustee appointed upon the removal of the original Trustee hereunder shall assume the obligations of the original Trustee through an instrument or concurrent instruments in writing delivered to the Issuer, the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in factof acceptance. If no appointment of Until a successor Trustee shall be made pursuant to appointed by the foregoing provisions of this SectionCompany or the Owners as herein authorized, the Holder Issuer, by an instrument authorized by the governing body of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereuponthe Issuer, after such notice, if any, as such court may deem proper and prescribe, shall appoint a successor Trustee under this Indentureacceptable to the Company. Every After any appointment by the Issuer, it shall cause notice of such appointment to be given to the Registrar and to be given by Mail to all Owners of Bonds. Any new Trustee so appointed by the Issuer shall immediately and without further act be superseded by a Trustee appointed pursuant to by the provisions of this Section to succeed Company or the Trustee shall satisfy Owners in the requirements of the second paragraph of Section 505 hereofmanner above provided.

Appointment of Successor Trustee. In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist in the office of Trustee and a successor may be appointed, and in case at any time the Trustee shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointmentresign, then a successor may be appointed by filing with the Holders Issuer and the Company (in the case of clause (a) hereof) an instrument in writing executed by (a) the Owners of not less than a majority in aggregate principal amount of Bonds then Outstanding or (b) the Company, as long as no event of default under the Loan Agreement shall have occurred and be continuing. Copies of such instrument shall be promptly delivered by the Issuer or the Company, as applicable, to the predecessor Trustee and to the Trustee so appointed. -33- Indenture of Trust After any appointment by the Company, it shall cause notice of such appointment to be given by mail to all Owners of Bonds. Any new Trustee appointed by the Company shall immediately and without further act be superseded by a Trustee appointed by the Owners of the Bonds then Outstanding, by an instrument or concurrent instruments in writing delivered to the Issuer, the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofmanner above provided.

Appointment of Successor Trustee. In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist in the office of Trustee and a successor may be appointed, and in case at any time the Trustee shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointmentresign, then a successor may be appointed by filing with the Holders Issuer and the Company (in the case of clause (a) hereof) an instrument in writing executed by (a) the Owners of not less than a majority in aggregate principal amount of Bonds then Outstanding or (b) the Company, as long as no event of default under the Loan Agreement shall have occurred and be continuing. Copies of such instrument shall be promptly delivered by the Issuer or the Company, as applicable, to the predecessor Trustee and to the Trustee so appointed. After any appointment by the Company, it shall cause notice of such appointment to be given by mail to all Owners of Bonds. Any new Trustee appointed by the Company shall immediately and without further act be superseded by a Trustee appointed by the Owners of the Bonds then Outstanding, by an instrument or concurrent instruments in writing delivered to the Issuer, the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofmanner above provided.

Appointment of Successor Trustee. (a) In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist and a successor may be appointed, and in case at any time the Trustee shall resign or be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not deemed to have appointed a successor within ten days after the event giving rise to the need for such appointmentresigned, then a successor may be appointed, by filing with the Pollution Control Corporation and the Company an instrument in writing appointing such successor Trustee executed by Owners of not less than a majority in principal amount of Bonds then Outstanding. Copies of such instrument shall be promptly delivered by the Pollution Control Corporation to the predecessor Trustee to the Trustee so appointed and the Company. (b) Until a successor Trustee shall be appointed by the Holders of a majority in aggregate principal amount Owners of the Bonds then Outstandingas herein authorized, the Pollution Control Corporation, shall appoint a successor Trustee as directed by an instrument the Company. After any appointment by the Pollution Control Corporation, it shall cause notice of such appointment to be given by Mail to all Owners of Bonds. Any new Trustee so appointed by the Pollution Control Corporation shall immediately and without further act be superseded by a Trustee appointed by the Owners of the Bonds in the manner above provided. (c) No resignation or concurrent instruments in writing delivered to the Issuer, removal of the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to this Article shall become effective until the foregoing provisions acceptance of this Section, appointment by the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereof.

Appointment of Successor 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 the Trustee shall be taken under the control of any public officer or officers officers, or of a receiver appointed by a court, a successor shall be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointment, then a successor may be appointed by the Holders owners of a majority 50% in aggregate principal amount of the Bonds then Outstanding, outstanding Notes by an instrument or concurrent instruments in writing writing, signed by such owners of Notes, or by their attorneys in fact duly authorized in writing, and delivered to the Issuer; provided, nevertheless, that in any such event the Issuer by an instrument executed by authority of a resolution of its Board of Directors and signed by the President and by the Secretary of such Board, may appoint a temporary Trustee to fill such vacancy until a successor Trustee shall be appointed by the owners of Notes 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 and the successor Trustee, signed so appointed by such Holders, or by their duly authorized attorneys in factowners of Notes. If In the event that no appointment of a temporary or successor Trustee shall be made pursuant to the foregoing provisions of this SectionArticle within 30 days after the Trustee gives written notice of resignation or the Trustee is removed, the Holder any owner of any Bond outstanding hereunder Notes or any retiring Trustee may apply to any court of competent jurisdiction to appoint for the appointment of a successor Trustee. Such , and such court may thereupon, after such notice, if any, as such court may it shall deem proper and prescribeproper, prescribe or appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofTrustee.

Appointment of Successor Trustee. (a) In case at any time the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution if its property or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of insolvency or bankruptcy, or for any other reason, then a receiver appointed by a court, vacancy shall forthwith and ipso facto exist and a successor may be appointed, and in case at any time the Trustee shall resign or be appointed by the Issuer and with the consent of the Company; provided if the Issuer shall not deemed to have appointed a successor within ten days after the event giving rise to the need for such appointmentresigned, then a successor may be appointed, by filing with the Pollution Control Corporation and the Company an instrument in writing appointing such successor Trustee executed by Owners of not less than a majority in principal amount of Bonds then Outstanding. Copies of such instrument shall be promptly delivered by the Pollution Control Corporation to the predecessor Trustee, to the Trustee so appointed and the Company. (b) Until a successor Trustee shall be appointed by the Holders of a majority in aggregate principal amount Owners of the Bonds then Outstandingas herein authorized, the Pollution Control Corporation, shall appoint a successor Trustee as directed by an instrument the Company. After any appointment by the Pollution Control Corporation, it shall cause notice of such appointment to be given by Mail to all Owners of Bonds. Any new Trustee so appointed by the Pollution Control Corporation shall immediately and without further act be superseded by a Trustee appointed by the Owners of the Bonds in the manner above provided. (c) No resignation or concurrent instruments in writing delivered to the Issuer, removal of the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to this Article shall become effective until the foregoing provisions acceptance of this Section, appointment by the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Such court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee under this Indenture. Every such Trustee appointed pursuant to the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereof.

Appointment of Successor Trustee. In case If the Trustee hereunder shall resign resign, shall be re- moved or be removed, or shall be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case the Trustee its affairs shall be taken under the control of any public officer state or officers federal court or administrative body because of a receiver appointed by a courtinsolvency, bankruptcy or other reason, a successor vacancy forthwith shall be appointed by exist in the Issuer office of Trustee and with the consent of the Company; provided if the Issuer shall not have appointed a successor within ten days after the event giving rise to the need for such appointment, then a successor trustee may be appointed by the Holders of a majority in aggregate principal princi- pal amount of the Bonds then OutstandingOutstanding by a written instrument filed with the Secretary of the Authority and signed by such Xxxxxxxxxxx or their attorneys in fact duly authorized. Copies of such instrument shall be delivered promptly by the Authority to the predecessor trustee and to the trustee so appointed. Until a successor trustee shall be appointed by Bondholders, as herein authorized, the Au- thority, by an instrument or concurrent instruments in writing delivered to the Issuerauthorized by resolution of its Board, the Trustee and the successor Trustee, signed by such Holders, or by their duly authorized attorneys in fact. If no appointment of a successor Trustee shall be made pursuant to the foregoing provisions of this Section, the Holder of any Bond outstanding hereunder or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trusteetrustee to fill such vacancy. Such court may thereuponAfter such appointment by the Authority, after such notice, if any, as such court may deem proper it shall cause notice thereof to be published once in each of 2 consecutive weeks in a newspaper of general circulation in the County. Any successor trustee so appointed by the Authority immediately and prescribe, appoint without further act shall be superseded by a successor Trustee under this Indenture. Every such Trustee trustee appointed pursuant to by Bondholders in the provisions of this Section to succeed the Trustee shall satisfy the requirements of the second paragraph of Section 505 hereofmanner herein provided.