EXPIRY OF THE TRUSTEE'S OFFICE. 25.1 The provisions of the Law shall apply to the office of the Trustee and the expiry thereof, and to the appointment of a new trustee.
25.2 The Trustee may resign from its office at any time it wishes to do so after giving a written notice to the Company, three (3) months in advance, specifying the reasons for the resignation. The Trustee's resignation shall have no validity unless approved by a court, and only from the date designated therefore in the court's approval as aforesaid. In the event that the Bonds are listed for trading on the Stock Exchange - the Securities Authority may apply to the court to terminate the office of the Trustee, pursuant to Section 35.N. of the Securities Law. The Trustee's office shall terminate where it turns out that it is prevented from continuing in its office, in the wake of a change in the provisions of the Law or the applicable law in respect of capacity to serve as trustee, including where such impediment is created in connection with the listing of the Bonds for trading on the Stock Exchange. In this context, a demand by the Securities Authority to terminate the Trustee's office shall also be deemed as "impediment". In such event a new Trustee shall be appointed as proposed by the Company, in accordance with a resolution of the meeting of the Bondholders in a resolution to be adopted with the required majority as set forth in subsection 25.3 below. The Company shall publish an immediate report of any such event with respect to the office of the Trustee and/or the termination thereof as aforesaid.
25.3 Holders of ten percent (10%) of the par value of the unsettled balance of the principal of the Bonds may convene a general meeting of the Bondholders and it may decide, in accordance with the vote of holders of at least fifty percent (50%) of such balance, or their proxies, on the dismissal of the Trustee from its office.
25.4 In the event of expiry of the Trustee's office, the court may appoint another Trustee, for such period and at such terms as it finds fit. The Trustee whose office has expired shall continue to serve in its office up to the appointment of another Trustee.
25.5 Each new Trustee shall have such powers, authorizations and other authorities as the Trustee whose office has expired, and it may act, in all respects, as if it has been appointed as Trustee from the outset.
25.6 Any appointment of a new Trustee, other than a trust company of a bank in Israel, put to the approval of the meeting of the Bond...
EXPIRY OF THE TRUSTEE'S OFFICE. 0.1 The Trustee’s office and the expiry thereof and the appointment of a new trustee shall be governed by the provisions of the Law.
0.2 Any new trustee shall have the same powers, authority and other authorizations and shall be entitled to act in all respects as if he had been appointed from the beginning as the Trustee, subject to section 35N of the Law.
0.3 Subject to the provisions of the Law, the Trustee and any trustee replacing him shall be entitled to resign after giving the Company 3 months’ advance notice setting out the reason for the resignation. The resignation shall come into effect only following its approval by the court and from the date established in that regard in the approval.
0.4 In case of such resignation or in case of the expiry of the Trustee’s office, the court may appoint another trustee in his stead for a period and upon conditions as it sees fit.
0.5 The holders of ten percent of the balance of the nominal value of the Debentures may convene a general meeting of the holders of Debenture Certificates, and the meeting may resolve, upon the vote of the holders of at least fifty percent of the balance of the nominal value of the Debentures, to dismiss the Trustee.
0.6 The Company and the Trustee shall submit an immediate report concerning any event as aforesaid in connection with the Trustee’s office.
