Common use of Designation and Succession of Paying Agents Clause in Contracts

Designation and Succession of Paying Agents. The Trustee shall be the Paying Agent for the Bonds and, with the consent of the Issuer, the Trustee may appoint an additional Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Service on the Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, to the extent not specified herein. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor or that successor Paying Agent. Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, the Registrar and the Company. The Trustee may at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent, the Registrar and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the Company, the Issuer and the Registrar and shall mail, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment.

Designation and Succession of Paying Agents. (a) The Trustee shall be the a Paying Agent for the Bonds Senior Bonds, and, with the consent of the Issuer, the Trustee may appoint an additional a Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Bond Service Charges on the Senior Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, to the extent not specified herein. . (b) Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the corporate trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agent. corporation or association. (c) Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, to the Registrar and to the CompanyIssuer. The Trustee may at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent, to the Registrar and to the CompanyIssuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the Company, the Issuer and the Registrar and shall mail, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment. (d) The Trustee shall pay to any Paying Agent from time to time reasonable compensation as authorized in Section 5.2 hereof for its services, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 5.2 hereof. (e) The provisions of Section 2.8 shall be applicable to any Paying Agent.

Designation and Succession of Paying Agents. The Trustee and any other Paying Agents designated in the Bond Legislation for a series of Bonds shall be the Paying Agent Agents for the Bonds and, with that series of Bonds. With the consent of the IssuerAuthority, the Trustee may appoint an additional appoint, and upon the request of the Authority the Trustee shall appoint, a Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Service Charges on the any series of Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, CFC Master Trust Agreement to the extent not specified hereinherein but subject to the terms of an agreement between the Authority and the Trustee. Any agreement between the Trustee and a Paying Agent shall provide, without limitation, that such Paying Agent will (a) hold all amounts held by it for the payment of principal of or interest or any premium on Bonds in trust for the benefit of the Holders entitled thereto until such amounts shall be paid to such Holders or otherwise disposed of as herein provided, and at any time during the continuance of an Event of Default, upon the written request of the Trustee, forthwith pay to the Trustee all amounts so held in trust by such Paying Agent. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunderxxxxxxxxx, if that successor corporation or association is otherwise eligible hereunder, without the execution signing or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may resign at any time resign by giving 90 days written notice of resignation to the Trustee, to the Registrar and to the CompanyAuthority. The Trustee may at any time terminate the agency of any Paying Agent at any time by giving written notice of termination to such Paying Agent, to the Registrar Registrar, and to the CompanyAuthority. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee Trustee, with the approval of the Authority which shall not be unreasonably withheld, may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the Company, the Issuer Authority and the Registrar and shall mailmail notice thereof, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment.. Except with the consent of the Authority, the Trustee may not resign as a Paying Agent unless it also resigns as Trustee. The Paying Agent also may be removed at any time for any breach of trust or for acting or proceeding in violation of, or for failing to act or proceed in accordance with, any provision of this CFC Master Trust Agreement with respect to the duties and obligations of the Paying Agent by any court of competent jurisdiction upon the application of the Authority or the Holders of not less than 25% in Aggregate Principal Amount of the Bonds then Outstanding under this CFC Master Trust Agreement. The Trustee shall pay to any Paying Agent from time to time reasonable compensation as authorized in Section 6.03 hereof and subject to the agreement provided for therein for its services, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section

Designation and Succession of Paying Agents. The Trustee shall be the Fifth Third Bank is hereby appointed Paying Agent for the Bonds and, with under this Indenture. With the consent of the Issuer, the Trustee may appoint an additional Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Bond Service Charges on the Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, to the extent not specified herein. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, to the Registrar Registrar, to the Bank and to the CompanyBorrower. The Trustee may at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent, to the Registrar Registrar, to the Bank and to the CompanyBorrower. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the CompanyBorrower, the Issuer Issuer, the Bank and the Registrar and shall mail, within ten (10) days after that appointment, notice thereof to all the Holders of such Bonds for which such successor is Paying Agent as their names and addresses appear on the Register on the date of that appointment. Any successor Paying Agent shall be a trust company or a commercial bank authorized to conduct business in the State, and shall have a reported capital and surplus of not less than $50,000,000. The Borrower shall pay to any Paying Agent from time to time customary compensation as authorized in Section 6.03 hereof for its services. The provisions of Section 3.05 and 3.06 and Subsection 6.02(d) hereof shall be applicable to any Paying Agent.

Designation and Succession of Paying Agents. The Trustee and any other Paying Agents designated in the Supplemental Indenture for a series of Bonds shall be the Paying Agent Agents for the Bonds and, with that series of Bonds. With the consent of the IssuerState, the Trustee may appoint an additional appoint, and upon the request of the State the Trustee shall appoint, a Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Service on the any series of Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, Indenture to the extent not specified herein. Any agreement between the Trustee and a Paying Agent shall provide, without limitation, that such Paying Agent will (i) hold all amounts held by it for the payment of principal of or interest or any premium on Bonds in trust for the benefit of the Holders entitled thereto until such amounts shall be paid to such Holders or otherwise disposed of as herein provided, and (ii) at any time during the continuance of an Event of Default, upon the written request of the Trustee, forthwith pay to the Trustee all amounts so held in trust by such Paying Agent. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to all or substantially all of the corporate trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution signing or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may resign at any time resign by giving written notice of resignation to the Trustee, to the Registrar Registrar, ABPC and to the CompanyState. The Trustee may at any time terminate the agency of any Paying Agent at any time by giving written notice of termination to such Paying Agent, to the Registrar Registrar, ABPC and to the CompanyState. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the CompanyState, the Issuer ABPC and the Registrar and shall mailmail notice thereof, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment. The Trustee shall pay to any Paying Agent from time to time reasonable compensation as authorized in Section 6.03 hereof for its services, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 6.03 hereof. The provisions of Section 3.05 and Section 6.02(c), (d) and (h) hereof shall be applicable to any Paying Agent.

Designation and Succession of Paying Agents. The Trustee shall be the a Paying Agent for the Bonds Bonds, and, with the consent of the Issuer, the Trustee may appoint an additional Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Bond Service Charges on the Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, to the extent not specified herein. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, to the Registrar Registrar, to the Bank and to the CompanyBorrower. The Trustee may at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent, to the Registrar Registrar, to the Bank and to the CompanyBorrower. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the CompanyBorrower, the Issuer Issuer, the Bank and the Registrar and shall mail, within ten (10) days after that appointment, notice thereof to all the Holders of such Bonds for which such successor is Paying Agent as their names and addresses appear on the Register on the date of that appointment. The Trustee shall pay to any Paying Agent from time to time reasonable compensation as authorized in Section 6.03 hereof for its services, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 6.03 hereof. The provisions of Section 3.05 and 3.06 and Subsection 6.02(d) hereof shall be applicable to any Paying Agent.

Designation and Succession of Paying Agents. The Trustee shall be the a Paying Agent for the Bonds Obligations and, with the consent of the IssuerUniversity, the Trustee may appoint an additional a Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Service Charges on the Bondsany series of Obligations. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this IndentureTrust Agreement, to the extent not specified herein. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, to the Registrar and to the CompanyUniversity. The Trustee may at any time terminate the agency of any Paying Agent by giving given written notice of termination to such Paying Agent, to the Registrar and to the CompanyUniversity. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the Company, the Issuer University and the Registrar and shall mail, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment. The Trustee shall pay to any Paying Agent from time to time customary compensation as authorized in Section 5.02 hereof for its services, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 5.02 hereof. The provisions of Section 2.04 hereof and Subsection (d) of Section 5.01 hereof shall be applicable to any Paying Agent.

Designation and Succession of Paying Agents. The Trustee shall be the Paying Agent for the Bonds Bonds, and, with the consent of the IssuerCompany, the Trustee may appoint an additional a Paying Agent or Agents with power to act on its behalf and subject to its direction in the payment of Debt Bond Service Charges on the any series of Bonds. It is the responsibility of the Trustee to establish the duties and responsibilities of any Paying Agent for the purposes of this Indenture, to the extent not specified herein. Any corporation or association with or into which any Paying Agent may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, consolidation or conversion to which any Paying Agent shall be a party, or any corporation or association succeeding to the trust business of any Paying Agent, shall be the successor of that Paying Agent hereunder, if that successor corporation or association is otherwise eligible hereunder, without the execution or filing of any paper or any further act on the part of the parties hereto or of the predecessor Paying Agent or that successor Paying Agentcorporation or association. Any Paying Agent may at any time resign by giving written notice of resignation to the Trustee, to the Registrar Registrar, to the Issuer and to the Company. The Trustee may at any time terminate the agency of any Paying Agent by giving written notice of termination to such Paying Agent, to the Registrar and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any Paying Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Paying Agent. Any successor Paying Agent must be a bank or trust company organized under the laws of the United States or any state thereof. The Trustee shall give written notice of appointment of a successor Paying Agent to the Company, the Issuer and the Registrar and the Trustee shall mail, within ten days after that appointment, notice thereof to all Holders as their names and addresses appear on the Register on the date of that appointment. The Trustee shall pay to any Paying Agent from time to time reasonable compensation as authorized in Section 6.03 hereof for its services in accordance with a fee schedule agreed to by the Company, and the Trustee shall be entitled to be reimbursed for such payments, subject to Section 6.03 hereof. The provisions of Section 3.05 and Subsection 6.02(d) shall be applicable to any Paying Agent.