Common use of Duties, Removal and Resignation of the Trustee Clause in Contracts

Duties, Removal and Resignation of the Trustee. The Corporation and the City may by an instrument in writing remove the Trustee initially a party hereto and any successor thereto unless an Event of Default shall have occurred and then be continuing, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments in writing signed by the Owners of a majority in aggregate principal amount evidenced by the Certificates of such Series at the time Outstanding (or their attorneys duly authorized in writing), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall appoint a successor Trustee, but any such successor Trustee shall be a trust company or bank in good standing located in or incorporated under the laws of the State, duly authorized to exercise trust powers and subject to examination by federal or state authority, having a reported capital and surplus of not less than $75,000,000 and acceptable to the Certificate Insurer and subject to supervision or examination by federal or state authorities. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation and the City by first-class mail, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignation. Upon receiving such notice of resignation, the Corporation and the City shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation and the City do not appoint a successor Trustee within 30 days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the City, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee.

Duties, Removal and Resignation of the Trustee. The Corporation and the City may Authority may, by an instrument in writing writing, remove the Trustee initially a party hereto and any successor thereto unless an Event event of Default default shall have occurred and then be continuing, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments in writing signed by the Owners of a majority in of the aggregate principal amount evidenced by the Certificates of such Series Bonds at the time Outstanding (or their attorneys duly authorized in writing), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall appoint a successor Trustee, but . The Trustee and any such successor Trustee shall be a banking corporation or association or trust company having (or if such banking corporation or association or trust company is a member of a bank in good standing located in or incorporated under the laws holding company, its bank holding company has) a combined capital (exclusive of the State, duly authorized to exercise trust powers and subject to examination by federal or state authority, having a reported capital borrowed capital) and surplus of not less than at least $75,000,000 and acceptable to the Certificate Insurer 50,000,000 and subject to supervision or examination by federal or state authorities. If such bank banking corporation or association or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation Authority and the City and by first-giving notice, by first class mail, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignationRegistration Books. Upon receiving such notice of resignation, the Corporation and the City Authority shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation and the City do Authority does not appoint a successor Trustee within 30 days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the CityAuthority, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee. Any corporation, association or agency into which the Trustee may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party, provided that such entity meets the combined capital and surplus requirements of this Xxxxxxx, xxxx facto, shall be and become successor trustee under this Indenture and vested with all the trusts, powers, discretions, immunities, privileges and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Duties, Removal and Resignation of the Trustee. The So long as no Event of Default has occurred and is continuing, the Corporation and the City County, or the Owners of a majority in aggregate principal amount represented by the Certificates at the time Outstanding, may by an instrument in writing remove the Trustee initially a party hereto and any successor thereto unless an Event of Default shall have occurred and then be continuingthereto, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments the Certificate Insurer (as long as the Certificate Insurer is not in writing signed by the Owners of a majority default in aggregate principal amount evidenced by its payment obligations under the Certificates of such Series at the time Outstanding (or their attorneys duly authorized in writingInsurance Policy), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall may appoint a successor Trustee, but any Trustee hereunder shall be a bank national banking association or trust company doing business and having a principal corporate trust office in California, having (or, in the case of a bank national banking association or trust company included in a bank holding company system, shall have a related bank holding company having) a combined capital (exclusive of borrowed capital) and surplus of at least fifty million dollars ($50,000,000) and subject to supervision or examination by federal or state authorities. If such bank national banking association or trust company (or a related bank holding company) publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank national banking association or trust company (or a related bank holding company) shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. Any company into which the Trustee may be merged or converted or with which it may be consolidated or any company resulting from any merger, conversion or consolidation to which it shall be a party or any company to which the Trustee may sell or transfer all or substantially all of its corporate trust business, provided that such company shall be eligible under this Section, shall be the successor to the Trustee without the execution or filing of any paper or further act, anything herein to the contrary notwithstanding. For such time as the Certificates Insurance Policy shall be in full force and effect and so long as the Certificate Insurer is not in default under its Certificates Insurance Policy (i) the Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the trust set forth herein, (ii) the Certificate Insurer shall receive prior written notice of any Trustee resignation, (ii) every successor Trustee appointed pursuant to this Section shall be a trust company company, national banking association or bank in good standing located in or incorporated under the laws of the State, duly authorized to exercise trust powers and subject to examination by federal or state authority, having a reported capital and surplus of not less than $75,000,000 and acceptable to the Certificate Insurer and subject to supervision or examination by federal or state authorities. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation and the City by first-class mail, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignation. Upon receiving such notice of resignation, the Corporation and the City shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation and the City do not appoint a successor Trustee within 30 days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the City, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, (iv) no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. The Trustee may at any time resign by giving written notice of such resignation to the Certificate Insurer, the Corporation, the County and the Owners, which notice to the Owners shall be mailed, first class postage prepaid. Upon receiving such notice of resignation, the Corporation and the County shall promptly appoint a successor Trustee by an instrument in writing, which appointment shall be subject to the prior written approval of the Certificate Insurer; provided, however, that in the event the Corporation and the County do not appoint a successor Trustee within thirty (30) days following receipt of such notice of resignation, the resigning Trustee may petition the appropriate court having jurisdiction to appoint a successor Trustee. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee.

Duties, Removal and Resignation of the Trustee. The Corporation and the City may by an instrument in writing remove the Trustee initially a party hereto and any successor thereto unless an Event of Default shall have occurred and then be continuing, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments in writing signed by the Owners of a majority in aggregate principal amount evidenced by the Certificates of such Series at the time Outstanding (or their attorneys duly authorized in writing), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall appoint a successor Trustee, but any such successor Trustee shall be a trust company or bank in good standing located in or incorporated under the laws of the State, duly authorized to exercise trust powers and subject to examination by federal or state authority, having a reported capital and surplus of not less than $75,000,000 and acceptable to the Certificate Insurer and subject to supervision or examination by federal or state authorities. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation and the City by first-class mail, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignation. Upon receiving such notice of resignation, the Corporation and the City shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation and the City do not appoint a successor Trustee within 30 thirty (30) days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the City, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee.

Duties, Removal and Resignation of the Trustee. The Corporation and the City may Authority may, by an instrument in writing writing, remove the Trustee initially a party hereto and any successor thereto unless an Event event of Default default shall have occurred and then be continuing, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments in writing signed by the Owners of a majority in of the aggregate principal amount evidenced by the Certificates of such Series Bonds at the time Outstanding (or their attorneys duly authorized in writing), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall appoint a successor Trustee, but . The Trustee and any such successor Trustee shall be a bank or trust company having (or if such bank in good standing located in or incorporated under the laws trust company is a member of the Statea bank holding company, duly authorized to exercise trust powers and subject to examination by federal or state authority, having its bank holding company has) a reported combined capital (exclusive of borrowed capital) and surplus of not less than at least $75,000,000 and acceptable to the Certificate Insurer 50,000,000 and subject to supervision or examination by federal or state authorities. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation Authority and the City and by first-giving notice, by first class mail, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignationRegistration Books. Upon receiving such notice of resignation, the Corporation and the City Authority shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation and the City do Authority does not appoint a successor Trustee within 30 days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the CityAuthority, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee. Any corporation, association or agency into which the Trustee may be converted or merged, or with which it may be consolidated, or to which it may sell or transfer its corporate trust business and assets as a whole or substantially as a whole, or any corporation or association resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party, provided that such entity meets the combined capital and surplus requirements of this Xxxxxxx, xxxx facto, shall be and become successor trustee under this Indenture and vested with all the trusts, powers, discretions, immunities, privileges and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Duties, Removal and Resignation of the Trustee. The Corporation City and the City may Authority may, by an instrument in writing and upon 30 days written notice remove the Trustee initially a party hereto and any successor thereto unless an Event of Default shall have occurred and then be continuing, and shall remove the Trustee initially a party hereto and any successor thereto if at any time (a) requested to do so by an instrument or concurrent instruments in writing signed by the Owners of a majority in aggregate principal amount evidenced by of the Certificates of such Series Bonds at the time Outstanding (or their attorneys duly authorized in writing), or (b) the Trustee shall cease to be eligible in accordance with the following sentence, and shall appoint a successor Trustee, but any such successor Trustee shall be a bank with trust powers or trust company doing business and having a corporate trust office in California or bank in good standing located in or incorporated under the laws of the State, duly authorized to exercise trust powers and subject to examination by federal or state authorityNew York, having (or if such bank or trust company is a reported member of a bank holding company system, its bank holding company has) a combined capital (exclusive of borrowed capital) and surplus of not less than at least seventy-five million dollars ($75,000,000 and acceptable to the Certificate Insurer 75,000,000) and subject to supervision or examination by federal or state authorities. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Trustee may be removed at any time, at the request of the Certificate Insurer, for any breach of the Trust set forth herein. The Trustee may at any time resign by giving written notice of such resignation to the Corporation City and the City Authority and by first-class mailmailing notice, first class, postage prepaid, of such resignation to the Owners of the Certificates at their addresses appearing on the books required to be kept by the Trustee pursuant to the provisions of Section 2.08 hereof. The Certificate Insurer shall receive prior written notice of any Trustee resignation. Upon receiving such notice of resignation, the Corporation City and the City Authority shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event the Corporation City and the City Authority do not appoint a successor Trustee within 30 days following receipt of such notice of resignation, the resigning Trustee may, at the expense of the City, petition the appropriate court having jurisdiction to appoint a successor Trustee. Notwithstanding any other provision of this Trust Agreement, no removal, resignation or termination of the Trustee shall take effect until a successor, acceptable to the Certificate Insurer, shall be appointed. Any resignation or removal of a Trustee and appointment of a successor Trustee shall become effective only upon acceptance of appointment by the successor Trustee.