Common use of Removal and Resignation of Trustee Clause in Contracts

Removal and Resignation of Trustee. Prior to a Change in Control, Trustee may be removed by the Company at any time upon not less than thirty (30) days' written notice. The Trustee may resign at any time prior to or following a Change in Control, upon not less than ninety (90) days' written notice. In either case, such notice may be wholly or partially waived by the party to whom it is due. Upon Trustee's removal or resignation prior to a Change in Control, the Company shall appoint a successor Trustee, who shall have no responsibility for the acts or omissions of any predecessor trustee, and upon the Trustee's resignation following a Change in Control the Trustee shall petition a court of competent jurisdiction to name a successor trustee which in no event may be the Company or an affiliate of the Company or a successor thereto; provided, however, that the successor trustee in either case shall have the same powers and duties as those conferred upon the Trustee hereunder, and upon acceptance of such appointment by the successor Trustee, the Trustee shall assign, transfer and pay over to such successor Trustee the Trusts and properties then constituting the Trust. If the Company fails within a reasonable time to name a successor Trustee or otherwise direct proper disbursement of the Trust prior to a Change in Control, the Trustee may apply to any court of competent jurisdiction for appropriate relief. The Trustee may in any event reserve such reasonable sum of money as it may deem advisable, to provide for any charges against the Trust for which it may be liable, and for payment of its fees and expenses in connection with the settlement of its account or otherwise. Any balance of such reserve remaining after the payment of such fees and expenses shall be paid over as aforesaid.

Removal and Resignation of Trustee. Prior to a Change in Control, Trustee may be removed by the Company at any time upon not less than thirty (30) days' ’ written notice. The Trustee may resign at any time prior to or following a Change in Control, upon not less than ninety (90) days' ’ written notice. In either case, such notice may be wholly or partially waived by the party to whom it is due. Upon Trustee's ’s removal or resignation prior to a Change in Control, the Company shall appoint a successor Trustee, who shall have no responsibility for the acts or omissions of any predecessor trustee, and upon the Trustee's ’s resignation following a Change in Control the Trustee shall petition a court of competent jurisdiction to name a successor trustee which in no event may be the Company or an affiliate of the Company or a successor thereto; provided, however, that the successor trustee in either case shall have the same powers and duties as those conferred upon the Trustee hereunder, and upon acceptance of such appointment by the successor Trustee, the Trustee shall assign, transfer and pay over to such successor Trustee the Trusts and properties then constituting the Trust. If the Company fails within a reasonable time to name a successor Trustee or otherwise direct proper disbursement of the Trust prior to a Change in Control, the Trustee may apply to any court of competent jurisdiction for appropriate relief. The Trustee may in any event reserve such reasonable sum of money as it may deem advisable, to provide for any charges against the Trust for which it may be liable, and for payment of its fees and expenses in connection with the settlement of its account or otherwise. Any balance of such reserve remaining after the payment of such fees and expenses shall be paid over as aforesaid.

Removal and Resignation of Trustee. Prior to a Change in Control, Trustee may be removed by the Company at any time upon not less than thirty (30) days' written notice. The Trustee may resign at any time prior time. Written notice of such resignation shall be given to or following a Change in Control, the Airports Authority and such resignation shall take effect upon not less than ninety (90) days' written notice. In either case, such notice may be wholly or partially waived by the party to whom it is due. Upon Trustee's removal or resignation prior to a Change in Control, the Company shall appoint appointment and qualification of a successor Trustee, who shall have no responsibility for . In the acts or omissions of any predecessor trustee, and upon the Trustee's resignation following a Change in Control the Trustee shall petition a court of competent jurisdiction to name event a successor trustee which in no event may be Xxxxxxx has not been appointed and qualified within 60 days after the Company or an affiliate date notice of the Company or a successor thereto; provided, however, that the successor trustee in either case shall have the same powers and duties as those conferred upon the Trustee hereunder, and upon acceptance of such appointment by the successor Trusteeresignation is given, the Trustee shall assign, transfer and pay over to such successor Trustee or the Trusts and properties then constituting the Trust. If the Company fails within a reasonable time to name a successor Trustee or otherwise direct proper disbursement of the Trust prior to a Change in Control, the Trustee Airports Authority may apply to any court of competent jurisdiction for the appointment of a successor Trustee to act until such time as a successor is appointed as provided in this Section. In addition, the Trustee may be removed at any time by the Airports Authority but only for cause by Supplemental Indenture so long as (a) no Event of Default shall have occurred and be continuing and (b) the Airports Authority determines, in such Supplemental Indenture, that the removal of the Trustee shall not have an adverse effect upon the rights or interests of the Bondholders. In the event of the resignation or removal of the Trustee or in the event the Trustee is dissolved or otherwise becomes incapable to act as the Trustee, the Airports Authority shall be entitled to appoint a successor Trustee. In such event, the successor Trustee shall cause notice to be mailed to the Holders of all Bonds then outstanding in such manner deemed appropriate reliefby the Airports Authority. If the Trustee resigns, the resigning Trustee shall pay for such notice. If the Trustee is removed, is dissolved, or otherwise becomes incapable of acting as Trustee, the Airports Authority shall pay for such notice. Unless otherwise ordered by a court or regulatory body having competent jurisdiction, or unless required by law, any successor Trustee shall be a trust company or bank having the powers of (a) a trust company as to trusts, qualified to do and doing trust business within or without the Commonwealth and having an officially reported combined capital, surplus, undivided profits and reserves aggregating at least $50,000,000, or (b) a subsidiary trust company under the Trust Subsidiary Act, Section 6.1-32.1 et seq. of the Virginia Code, whose parent Virginia bank holding company has undertaken to be responsible for the acts of such subsidiary trust company pursuant to the provisions of Virginia Code Section 6.1-32.7(a) or any successor provision of law, and whose combined capital, surplus and undivided profits, together with that of its parent Virginia bank or bank holding company, as in the case may be, aggregate not less than $50,000,000, if there is such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. Every successor Trustee howsoever appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Airports Authority an instrument in writing, accepting such appointment hereunder, and thereupon such successor Trustee, without further action, shall become fully vested with all the rights, immunities, powers, trusts, duties and obligations of its predecessor, and such predecessor shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of such predecessor. The predecessor Trustee may in shall execute any event reserve such reasonable sum of money as and all documents necessary or appropriate to convey all interest it may deem advisable, have to provide for any charges against the Trust for which successor Trustee. The predecessor Trustee promptly shall deliver all records relating to the trust or copies thereof and communicate all material information it may be liablehave obtained concerning the trust to the successor Trustee. Each successor Trustee, and for payment not later than 10 days after its assumption of its fees and expenses in connection with the settlement of its account or otherwise. Any balance duties hereunder, shall mail a notice of such reserve remaining after the payment assumption to each Holder of such fees and expenses shall be paid over as aforesaida registered Bond.

Removal and Resignation of Trustee. Prior to a Change in Control, Trustee may be removed by the Company at any time upon not less than thirty (30) days' written notice. The Trustee may resign at any time prior time. Written notice of such resignation shall be given to or following a Change in Control, the Airports Authority and such resignation shall take effect upon not less than ninety (90) days' written notice. In either case, such notice may be wholly or partially waived by the party to whom it is due. Upon Trustee's removal or resignation prior to a Change in Control, the Company shall appoint appointment and qualification of a successor Trustee, who shall have no responsibility for . In the acts or omissions of any predecessor trustee, and upon the Trustee's resignation following a Change in Control the Trustee shall petition a court of competent jurisdiction to name event a successor trustee which in no event may be Trustee has not been appointed and qualified within 60 days after the Company or an affiliate date notice of the Company or a successor thereto; provided, however, that the successor trustee in either case shall have the same powers and duties as those conferred upon the Trustee hereunder, and upon acceptance of such appointment by the successor Trusteeresignation is given, the Trustee shall assign, transfer and pay over to such successor Trustee or the Trusts and properties then constituting the Trust. If the Company fails within a reasonable time to name a successor Trustee or otherwise direct proper disbursement of the Trust prior to a Change in Control, the Trustee Airports Authority may apply to any court of competent jurisdiction for the appointment of a successor Trustee to act until such time as a successor is appointed as provided in this Section. In addition, the Trustee may be removed at any time by the Airports Authority but only for cause by Supplemental Indenture so long as (a) no Event of Default shall have occurred and be continuing and (b) the Airports Authority determines, in such Supplemental Indenture, that the removal of the Trustee shall not have an adverse effect upon the rights or interests of the Bondholders. In the event of the resignation or removal of the Trustee or in the event the Trustee is dissolved or otherwise becomes incapable to act as the Trustee, the Airports Authority shall be entitled to appoint a successor Trustee. In such event, the successor Trustee shall cause notice to be mailed to the Holders of all Bonds then outstanding in such manner deemed appropriate reliefby the Airports Authority. If the Trustee resigns, the resigning Trustee shall pay for such notice. If the Trustee is removed, is dissolved, or otherwise becomes incapable of acting as Trustee, the Airports Authority shall pay for such notice. Unless otherwise ordered by a court or regulatory body having competent jurisdiction, or unless required by law, any successor Trustee shall be a trust company or bank having the powers of (a) a trust company as to trusts, qualified to do and doing trust business within or without the Commonwealth and having an officially reported combined capital, surplus, undivided profits and reserves aggregating at least $50,000,000, or (b) a subsidiary trust company under the Trust Subsidiary Act, Section 6.1-32.1 et seq. of the Virginia Code, whose parent Virginia bank holding company has undertaken to be responsible for the acts of such subsidiary trust company pursuant to the provisions of Virginia Code Section 6.1-32.7(a) or any successor provision of law, and whose combined capital, surplus and undivided profits, together with that of its parent Virginia bank or bank holding company, as in the case may be, aggregate not less than $50,000,000, if there is such an institution willing, qualified and able to accept the trust upon reasonable or customary terms. Every successor Trustee howsoever appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to the Airports Authority an instrument in writing, accepting such appointment hereunder, and thereupon such successor Trustee, without further action, shall become fully vested with all the rights, immunities, powers, trusts, duties and obligations of its predecessor, and such predecessor shall execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of such predecessor. The predecessor Trustee may in shall execute any event reserve such reasonable sum of money as and all documents necessary or appropriate to convey all interest it may deem advisable, have to provide for any charges against the Trust for which successor Trustee. The predecessor Trustee promptly shall deliver all records relating to the trust or copies thereof and communicate all material information it may be liablehave obtained concerning the trust to the successor Trustee. Each successor Trustee, and for payment not later than 10 days after its assumption of its fees and expenses in connection with the settlement of its account or otherwise. Any balance duties hereunder, shall mail a notice of such reserve remaining after the payment assumption to each Holder of such fees and expenses shall be paid over as aforesaida registered Bond.