Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee. (b) In case at any time any of the following shall occur -- (1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or (3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee. (c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor. (d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 29 contracts
Samples: Indenture (Sterling Financial Corp /Wa/), Indenture (Parke Bancorp, Inc.), Indenture (Home Bancshares Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 18 contracts
Samples: Indenture (Tib Financial Corp.), Indenture (Mainsource Financial Group), Indenture (Prosperity Bancshares Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may may, upon sixty (60) days’ written notice to the Company, at any time resign with respect to one or more or all series by giving written notice of resignation to the Company, and by mailing notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders Holders of the Debentures then outstanding Securities of each series affected at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 thirty (30) days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities of the applicable series for at least six months may, subject to the provisions of Section 5.96.08, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 6.8 7.08 with respect to any series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities of such series for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 7.09 with respect to any series of Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of actingacting with respect to any series of Securities, or shall be adjudged as a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointedappointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee with respect to the applicable series of Securities and appoint a successor Trustee trustee with respect to such series by written instrument, in duplicate, executed by order of the Board of DirectorsDirectors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.96.08, any Securityholder of such series who has been a bona fide holder Holder of a Debenture Security or Debentures Securities of the applicable series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures Securities of any series at the time outstanding Outstanding may at any time remove the Trustee with respect to Securities of such series by so notifying the Trustee and nominate the Company and appoint a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after trustee with respect to the Securities of such nomination series with the Company objects thereto, in which case, or in consent of the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorCompany.
(d) Any resignation or removal of the Trustee and any appointment of a successor Trustee trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.107.11.
(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.
Appears in 12 contracts
Samples: Indenture (Aon PLC), Indenture (Aon PLC), Indenture (Aon Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor Trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 9 contracts
Samples: Indenture (James River Group, INC), Indenture (Safe Auto Group, Inc.), Indenture (American Physicians Capital Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 9 contracts
Samples: Indenture (Penn America Group Inc), Indenture (Procentury Corp), Indenture (Procentury Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Debt Securities by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders of the Debentures applicable series of Debt Securities at their addresses as they shall appear on the Debenture Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed with respect to any series of Debt Securities and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities of the applicable series for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities of the applicable series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures Debt Securities of any series at the time outstanding may at any time remove the Trustee with respect to such series and nominate a successor TrusteeTrustee with respect to the applicable series of Debt Securities, which shall be deemed appointed as successor Trustee with respect to the applicable series unless within 10 ten Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderSecurityholder of the applicable series, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 6.10 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor Trustee with respect to such series.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.106.11.
Appears in 4 contracts
Samples: Indenture (Union Planters Corp), Indenture (Marshall & Ilsley Corp/Wi/), Indenture (Pxre Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders of the Debentures applicable series of Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed with respect to any series of Securities and have accepted appointment within 30 60 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of the applicable series for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.9 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of the applicable series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities of any series at the time outstanding may at any time remove the Trustee with respect to such series and nominate a successor Trusteetrustee with respect to the applicable series of Securities or all series, as the case may be, which shall be deemed appointed as successor Trustee trustee with respect to the applicable series unless within 10 Business Days days after such nomination the Company objects thereto, or if no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after such removal, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderSecurityholder of the applicable series, upon the terms and conditions and otherwise as in subsection (asubsection(a) of this Section 6.9 6.10 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee with respect to such series.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
(e) The Company shall pay the Trustee all amounts owed to such Trustee pursuant to this Indenture upon the resignation or removal of the Trustee.
Appears in 3 contracts
Samples: Indenture (Sterling Bancshares Inc), Indenture (Sterling Bancshares Capital Trust Ii), Indenture (Sterling Bancshares Capital Trust Ii)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten (10) Business Days' notice to the Company and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Section 5.98.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 9.08 after written request therefor by the Company or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.98.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderDebentureholder, or if such Trustee so removed or any Debentureholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 9.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 9.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.109.11.
Appears in 2 contracts
Samples: Indenture (Williams Companies Inc), Indenture (Williams Companies Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten (10) Business Days' notice to the Company and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Section 5.98.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 9.08 after written request therefor by the Company or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.98.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures at the time outstanding Outstanding may at any time remove the Trustee and nominate a successor Trustee, which trustee that shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderDebentureholder, or if such Trustee so removed or any Debentureholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 9.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 9.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.109.11.
(e) Notwithstanding the replacement of the Trustee pursuant to this Section, the Company's obligations under Section 9.06 shall continue for the benefit of the retiring Trustee.
Appears in 2 contracts
Samples: Indenture (Commscope Inc), Indenture (Commscope Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders Holders of the Debentures Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee trustee unless within 10 Business Days days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as provided in subsection (a) of this Section 6.9 provided6.10, may petition petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 2 contracts
Samples: Indenture (James River Group, INC), Indenture (James River Group, INC)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company Issuer and by mailing notice thereof, at the Company's expense, to the holders Holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company Issuer shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) calendar days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten Business Days’ notice to the Issuer and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.96.09, on behalf of himself itself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 7.08 after written request therefor by the Company Issuer or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 7.09 and shall fail to resign after written request therefor by the Company Issuer or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company Issuer may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.96.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six months may, on behalf of himself itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) calendar days after either the Issuer or the Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense of the Issuer, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.107.11.
(d) Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee.
Appears in 2 contracts
Samples: Indenture (Digital Realty Trust, Inc.), Indenture (Digital Realty Trust, Inc.)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may may, at any time time, resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders Holders of the Debentures Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days days after such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as provided in subsection (a) of this Section 6.9 provided6.10, may petition petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 2 contracts
Samples: Indenture (Proassurance Corp), Indenture (Proassurance Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may may, at any time time, resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders Holders of the Debentures Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, . then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days days after such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as provided in subsection (a) of this Section 6.9 provided6.10, may petition petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 2 contracts
Samples: Indenture (First Mercury Financial Corp), Indenture (First Mercury Financial Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees trustees, in accordance with the provisions of Section 6.09, by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 60 days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.95.10, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder Debentureholder entitled to give such request who has been a bona fide holder of a Debenture or Debentures of the applicable series for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such SecurityholderDebentureholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee, in accordance with the provisions of Section 6.09, by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.10, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures of the applicable series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures of any series at the time outstanding may at any time remove the Trustee with respect to that series and nominate a successor Trusteetrustee, which shall be deemed appointed as successor Trustee trustee unless within 10 Business Days days after written notification of such nomination the Company objects thereto, or if no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after such removal, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholdersuch Debentureholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 6.10 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 2 contracts
Samples: Indenture (New York Community Bancorp Inc), Indenture (New York Community Bancorp Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Securities by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders of the Debentures applicable series of Securities at their addresses as they shall appear on the Debenture RegisterSecurity register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order under the authority of its a Board of DirectorsResolution, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed with respect to any series of Securities and have accepted appointment within 30 60 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of the applicable series for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order under the authority of the a Board of DirectorsResolution, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of the applicable series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities of any series at the time outstanding may at any time remove the Trustee with respect to such series and nominate a successor Trusteetrustee with respect to the applicable series of Securities or all series, as the case may be, which shall be deemed appointed as successor Trustee trustee with respect to the applicable series unless within 10 Business Days days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderSecurityholder of the applicable series, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 6.10 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee with respect to such series.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 2 contracts
Samples: Indenture (Bank of America Corp /De/), Indenture (Bank of America Corp /De/)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may resign at any time resign by giving written notice of such resignation to the Company and Company, by mailing notice thereof, at the Company's expense, of such resignation to the holders of the Debentures Registered Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such , and, if any Bearer Securities are Outstanding, by publishing notice of resignation, the Company shall promptly appoint such resignation in a successor trustee or trustees by written instrumentnewspaper of general circulation, in duplicateeach place of payment for such Bearer Securities, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of customarily published at least once a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures day for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteefive days in each calendar week.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 310(b) of the Trust Indenture Act after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.08 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, appointed or any a public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor TrusteeTrustee (with written notice of such removal mailed to the holders of Registered Securities at their address as they shall appear on the Security Register), or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder of a Debenture or Debentures Security of Securities for at least 6 months maysix months, on behalf of himself and all others similarly situated, may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
(c) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company promptly shall appoint a successor Trustee by a Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the retiring Trustee and one copy to the successor Trustee. Such court may thereuponIf, within one year after such noticeresignation, if anyremoval or incapability or the occurrence of such vacancy, a successor Trustee shall be appointed by the holders of a majority in principal amount of the Securities (voting as it may deem proper a single class) at the time Outstanding by instrument or instruments delivered to the Company and prescribethe retiring Trustee, remove the successor Trustee so appointed, forthwith upon its acceptance of such appointment, shall become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Securityholders and accepted appointment in the manner provided in Section 6.10 within 60 days after notice of the resignation or removal of the Trustee is mailed to the Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months, subject to the provisions of Section 5.09, on behalf of himself and appoint all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee.
(cd) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities (voting as a single class) at the time outstanding may Outstanding at any time may remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(de) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 6.09 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.106.
Appears in 2 contracts
Samples: Indenture Regarding Subordinated Securities (Mercantile Bancorporation Inc), Indenture Regarding Subordinated Securities (Mercantile Bancorporation Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterSecurities. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment -45- within 30 sixty (60) days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.97.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 8.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, ; or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.9 and shall fail to resign after written request therefor by the Company or by any such Securityholder, ; or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.97.9, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee trustee, unless within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in case the case of a failure by such holders to nominate a successor Trustee, the -46- Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (aSection 8.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.108.11.
Appears in 2 contracts
Samples: Indenture (System Software Associates Inc), Securities Purchase Agreement (System Software Associates Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may resign at any time resign by giving written notice of such resignation to the Company and Company, by mailing notice thereof, at the Company's expense, of such resignation to the holders of the Debentures Registered Securities at their addresses as they shall appear on the Debenture Register. Upon receiving such Security Register and, if any Bearer Securities are Outstanding, by publishing notice of resignation, the Company shall promptly appoint such resignation in a successor trustee or trustees by written instrumentnewspaper of general circulation, in duplicateeach place of payment for such Bearer Securities, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of customarily published at least once a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures day for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteefive days in each calendar week.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 310(b) of the Trust Indenture Act after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 5.08 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, appointed or any a public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor TrusteeTrustee (with written notice of such removal mailed to the holders of Registered Securities at their address as they shall appear on the Security Register), or, subject to the provisions of Section 5.94.09, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
(c) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company promptly shall appoint a successor Trustee by a Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the retiring Trustee and one copy to the successor Trustee. Such court may thereuponIf, within one year after such noticeresignation, if anyremoval or incapability or the occurrence of such vacancy, a successor Trustee shall be appointed by the holders of a majority in principal amount of the Securities (voting as it may deem proper a single class) at the time Outstanding by instrument or instruments delivered to the Company and prescribethe retiring Trustee, remove the successor Trustee so appointed, forthwith upon its acceptance of such appointment, shall become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Securityholders and accepted appointment in the manner provided in Section 5.10 within 60 days after notice of the resignation or removal of the Trustee is mailed to the Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months, subject to the provisions of Section 4.09, on behalf of himself and appoint all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee.
(cd) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities (voting as a single class) at the time outstanding may Outstanding at any time may remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(de) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. Any resignation of the Trustee shall become effective only upon the appointment of a successor Xxxxxxx and upon the acceptance of appointment by the successor Trustee as provided in Section 6.105.10.
Appears in 1 contract
Samples: Indenture Regarding Senior Securities (Mercantile Bancorporation Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
-- (1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
or (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
or (3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10. SECTION 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterSecurities. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.97.9, on behalf of himself and all others similarly situated, ----------- petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 8.8 after ----------- written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, ; or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.9 and shall fail to resign after written ----------- request therefor by the Company or by any such Securityholder, ; or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.97.9, any Securityholder who has been a bona ----------- fide holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee trustee, unless within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (aSection 8.10(a) of this Section 6.9 provided, may petition any court of competent --------------- jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.10 ------------ shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.10.8.11. ------------
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company; and the Company and by mailing shall mail, or cause to be mailed, notice thereof, at the Company's expense, thereof to the holders of the Debentures Notes at their addresses as they shall appear on the Debenture RegisterNote register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 7.9 after written request therefor by the Company or by any Securityholder Noteholder who has been a bona fide BONA FIDE holder of a Debenture Note or Debentures Notes for at least 6 six months, ; or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 7.10 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Noteholder; or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, trustee or any Securityholder Noteholder who has been a bona fide BONA FIDE holder of a Debenture Note or Debentures Notes for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Notes at the time outstanding may at any time remove the Trustee and nominate a successor Trusteetrustee, which shall be deemed appointed as successor Trustee trustee unless within 10 Business Days ten days after notice to the Company of such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderNoteholder, upon the terms and conditions and otherwise as provided in subsection (a) of this Section 6.9 providedthe next paragraph, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after removal or the mailing of such notice of resignation to the Noteholders, the Trustee resigning or being removed may petition any court of competent jurisdiction for the appointment of a successor trustee, or, in the case of either resignation or removal, any Noteholder who has been a BONA FIDE holder of a Note or Notes for at least six months may, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 7.11 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.107.12.
Appears in 1 contract
Samples: Indenture (Rac Financial Group Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after -------------------------------------------------------------------------------- written request therefor by the Company or by any Securityholder who has been a -------------------------------------------------------------------------------- bona fide holder of a Debenture or Debentures for at least 6 months, oror -----------------------------------------------------------------------
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.--------------------------------------------------------------------------------
Appears in 1 contract
Samples: Indenture (Florida Banks Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur--
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (Bancinsurance Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and the Guarantor and by mailing notice thereof, at the Company's expenseexpense of the Company and the Guarantor, to the holders of the Debentures Debt Securities at their addresses as they shall appear on the Debenture Debt Security Register. Upon receiving such notice of resignation, the Company or the Guarantor shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least six months may, subject to the provisions of Section 5.95 09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of the last paragraph of Section 6.8 6.08 after written request therefor by the Company Company, the Guarantor or by any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months, or;
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.08 and shall fail to resign after written request therefor by the Company Company, the Guarantor or by any such Securityholder, ; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company or the Guarantor may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the its Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.95.09, if no successor Trustee shall have been so appointed and have accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company Company, the Guarantor and the Trustee, the holders of a majority in aggregate principal amount of the Debentures Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 ten Business Days after such nomination the Company or the Guarantor objects thereto, in which case, case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 providedSection, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees Trustee hereafter appointed, may at any time resign with respect to one or more series of Securities by giving written notice of such resignation to the Company and or to the Securityholders, such notice to the Securityholders of applicable series of Securities to be given by mailing notice thereof, at (by first class mail) the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Registersame. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order of its the Board of DirectorsDirectors of the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 60 days after the mailing of such notice of resignation to the affected Securityholdersresignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.95.08, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 6.8 6.08 with respect to any series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of such series for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of a substantial portion of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of a substantial portion of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee with respect to the applicable series and appoint a successor Trustee trustee for such series by written instrument, in duplicate, executed by order of the Board of DirectorsDirectors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.08, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities of such series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities of all series at the time outstanding voting as one class (determined as provided in Section 7.04) may at any time remove the Trustee with respect to Securities of all series and nominate appoint a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, trustee with respect to securities of all series by written instrument or in the case of a failure instruments signed by such holders or their attorneys-in-fact duly authorized, or by the affidavits of the permanent chairman and secretary of a meeting of the Securityholders evidencing the vote upon a resolution or resolutions submitted thereto with respect to nominate a successor Trusteesuch removal and appointment (as provided in Article Eight), and by delivery thereof to the Trustee so removed or any Securityholderremoved, upon to the terms successor trustee and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorto the Company.
(d) Any resignation or removal of the Trustee and appointment of a any successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 1 contract
Samples: Indenture (Southwest Airlines Co)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of DirectorsDirectors of the Company, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten (10) Business Days' notice to the Company and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Section 5.98.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 9.08 after written request therefor by the Company or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of DirectorsDirectors of the Company, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.98.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Debentureholders has removed the Trustee, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures at the time outstanding Outstanding may at any time remove the Trustee and nominate a successor Trustee, which trustee that shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderDebentureholder, or if such Trustee so removed or any Debentureholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 9.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 9.10 shall become effective only upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.109.11.
(e) Notwithstanding the replacement of the Trustee pursuant to this Section, the Company's obligations under Section 9.06 shall continue for the benefit of the retiring Trustee.
Appears in 1 contract
Samples: Indenture (Genesis Healthcare Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign with respect to the Debt Securities of one or more series by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees Trustee by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 sixty days after the mailing giving of such notice of resignation to the affected Securityholdersresignation, the resigning Trustee may petition any court of competent jurisdiction for or the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.successor
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 6.8 8.08 after written request therefor by the Company or by any Debt Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.09 and shall fail to resign after written request therefor by the Company or by any such Debt Securityholder, or
or (3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, then in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.97.09, any Debt Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may may, thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.it
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Debt Securities of a series at the time outstanding Outstanding may at any time remove the Trustee as to that series and nominate appoint a successor Trustee, which shall be deemed appointed Trustee as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorthat series.
(d) Any resignation or removal of the Trustee and any appointment of a successor Trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.108.11.
(e) The Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee by mailing written notice of such event by first-class mail, postage prepaid to the holders of Debt Securities as their names and addresses appear in the register. Each such notice shall include the name of the successor Trustee and the address of its principal corporate trust office. If the Company fails to give such notice within ten days after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given, at the expense of the Company.
Appears in 1 contract
Samples: Indenture (Cooper Industries Inc)
Resignation or Removal of Trustee. (a) The TrusteePursuant to the provisions of this Article, or any trustee or trustees hereafter appointed, the Trustee may at any time resign and be discharged of the trusts created by this Indenture by giving written notice of such resignation to the Company specifying the day upon which such resignation shall take effect, and by mailing notice thereof, at such resignation shall take effect immediately upon the Company's expense, to the holders later of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself trustee and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteeday.
(b) In case Any Trustee may be removed at any time any by an instrument or concurrent instruments in writing filed with such Trustee and signed and acknowledged by the Holders of a majority in principal amount of the following shall occur --then outstanding Notes or by their attorneys in fact duly authorized.
(1c) the Trustee shall fail to comply So long as no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the provisions giving of Section 6.8 after written request therefor by notice or the lapse of time or both, would become an Event of Default, the Company or by may remove any Securityholder who has been a bona fide holder Trustee upon written notice to the Holder of a Debenture or Debentures for at least 6 months, oreach Note outstanding and the Trustee.
(2d) If at any time (1) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.9 hereof and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months, (2) the Trustee shall fail to comply with Section 9.8 hereof after written request therefor by the Company or any such SecurityholderHolder, or
or (3) the Trustee shall become incapable of acting, acting or shall be adjudged as a bankrupt or insolvent, insolvent or a receiver of the Trustee or of its property shall be appointed, appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, then the Trustee may be removed forthwith by an instrument or concurrent instruments in any such case, the Company may remove writing filed with the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.either:
(c1) Upon prior written notice to signed by the President or any Vice President of the Company and attested by the Trustee, Secretary or an Assistant Secretary of the holders Company; or
(2) signed and acknowledged by the Holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, Notes or by their attorneys in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorfact duly authorized.
(de) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective upon until acceptance of appointment by the successor Trustee as provided in Section 6.109.11 hereof.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten (10) Business Days’ notice to the Company and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Section 5.98.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 9.08 after written request therefor by the Company or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.98.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderDebentureholder, or if such Trustee so removed or any Debentureholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 9.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 9.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.109.11.
(e) Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 9.06 shall continue for the benefit of the retiring Trustee.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures Debt Securities at their addresses as they shall appear on the Debenture Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months, or,
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.08 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, 34 42 or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 ten Business Days after such nomination the Company objects thereto, in which case, case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 6.09 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 6.09 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign and be discharged from the trusts hereby created with respect to one or both Certificate Groups by giving written notice of such resignation thereof to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees Trustee by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have having accepted appointment within 30 days after the mailing giving of such notice of resignation to the affected Securityholdersresignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to . If the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time conditions in any of the following clauses (i), (ii) or (iii) shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by at any time, the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
may remove the Trustee: (2i) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.06 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
Company; (3ii) the Trustee shall become incapable of actingbe legally unable to act, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or (iii) the replacement of the Trustee with a successor Trustee will enable the Company to avoid (and should, thenbased on the information included in the notice referred to below, result in the avoidance of) a downgrading of the ratings assigned to the Certificates by the Rating Agencies (whether or not other actions could avoid such downgrading) and no Event of Default, as provided by Section 7.01 hereof, shall have occurred or be continuing; provided, however, that no action shall be taken pursuant to this clause (iii) unless reasonable notice shall have been provided to the Trustee, which notice shall set forth the 125 basis for any rating downgrade as contemplated by the Rating Agencies and shall also indicate the manner in which such caseproposed action is intended to avoid such downgrade. If it removes the Trustee under the authority of the immediately preceding sentence, the Company may remove the Trustee and shall promptly appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective upon until acceptance of appointment by the successor Trustee as provided in Section 6.108.08.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (Ge Capital Mortgage Services Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and the Guarantor and by mailing notice thereof, at the Company's expenseexpense of the Company and the Guarantor, to the holders of the Debentures Debt Securities at their addresses as they shall appear on the Debenture Debt Security Register. Upon receiving such notice of resignation, the Company or the Guarantor shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of the last paragraph of Section 6.8 6.08 after written request therefor by the Company Company, the Guarantor or by any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months, or;
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.08 and shall fail to resign after written request therefor by the Company Company, the Guarantor or by any such Securityholder, ; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company or the Guarantor may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the its Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.95.09, if no successor Trustee shall have been so appointed and have accepted appointment within 30 days of the occurrence of any of (i), (ii) or (iii) above, any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company Company, the Guarantor and the Trustee, the holders of a majority in aggregate principal amount of the Debentures Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 ten Business Days after such nomination the Company or the Guarantor objects thereto, in which case, case or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 providedSection, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterNotes. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 thirty (30) days after the mailing of such notice of resignation to the affected SecurityholdersNoteholders, the resigning Trustee may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Noteholder who has been a bona fide holder of a Debenture Note or Debentures Notes for at least six (6) months may, subject to the provisions of Section 5.96.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 7.08 after written request therefor by the Company or by any Securityholder Noteholder who has been a bona fide holder of a Debenture Note or Debentures Notes for at least 6 six (6) months, ; or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Noteholder; or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, ; then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.96.09, any Securityholder Noteholder who has been a bona fide holder of a Debenture Note or Debentures Notes for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment thirty (30) days after either the Company or the Noteholders has removed the Trustee, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Notes at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderNoteholder, or if such Trustee so removed or any Noteholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 7.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.107.11.
Appears in 1 contract
Samples: Indenture (Standard Management Corp)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more or all series of Debentures by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders Holders of the affected series of Debentures at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and shall have accepted such appointment within 30 60 days after the mailing of such notice of resignation to the affected SecurityholdersHolders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder Holder who has been a bona fide holder of a Debenture or Debentures of any affected series for at least six months may, subject to the provisions of Section 5.95.10, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder Holder who has been a bona fide holder of a Debenture or Debentures of any affected series for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such SecurityholderHolder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.10, any Securityholder Holder who has been a bona fide holder of a Debenture or Debentures of any affected series for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures of any series at the time outstanding may at any time remove the Trustee with respect to that series and nominate a successor Trusteetrustee, which shall be deemed appointed as successor Trustee trustee unless within 10 Business Days days after such nomination the Company objects thereto, or if no successor trustee shall have been so appointed and shall have accepted appointment within 30 days after such removal, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderHolder of a Debenture of such se- 41 49 ries, upon xxon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 6.10 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective only upon the acceptance of such appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 1 contract
Samples: Junior Subordinated Indenture (Fw Preferred Capital Trust I)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.in
Appears in 1 contract
Samples: Indenture (Nara Bancorp Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture RegisterDebentures. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted appointment within 30 sixty (60) days after the mailing of such notice of resignation to the affected SecurityholdersDebentureholders, the resigning Trustee may, upon ten (10) Business Days' notice to the Company and the Debentureholders, appoint a successor identified in such notice or may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or or, if any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least six (6) months may, subject to the provisions of Section 5.97.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteetrustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 8.08 after written request therefor by the Company or by any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months, ; or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, Debentureholder; or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.97.09, any Securityholder Debentureholder who has been a bona fide holder of a Debenture or Debentures for at least 6 six (6) months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee; provided that if no successor Trustee shall have been appointed and have accepted appointment sixty (60) days after either the Company or the Debentureholders has removed the Trustee, or the Trustee resigns, the Trustee so removed may petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount Original Principal Amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days ten (10) days after notice to the Company of such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any SecurityholderDebentureholder, or if such Trustee so removed or any Debentureholder fails to act, the Company, upon the terms and conditions and otherwise as in subsection (aSection 8.10(a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 8.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.108.11.
Appears in 1 contract
Samples: Indenture (Kellwood Co)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.copy
Appears in 1 contract
Resignation or Removal of Trustee. (a) The TrusteePursuant to the provisions of this Article Eight, or any trustee or trustees hereafter appointed, the Trustee may at any time resign and be discharged of the trusts created by this Indenture by giving written notice of such resignation to the Company Company
(b) Any Trustee may be removed at any time by an instrument or concurrent instruments in writing filed with such Trustee and signed and acknowledged by mailing notice thereof, at the Company's expense, to the holders Holders of a majority in principal amount of the Debentures at then outstanding Notes or by their addresses attorneys in fact duly authorized.
(c) So long as they shall appear on no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the Debenture Register. Upon receiving such giving of notice or the lapse of resignationtime or both, would become an Event of Default, the Company shall promptly appoint a successor trustee or trustees by may remove any Trustee upon written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered notice to the resigning Trustee Holder of each Note outstanding and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(bd) In case If at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 8.09 hereof and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months, (2) the Trustee shall fail to comply with Section 8.08 hereof after written request therefor by the Company or any such SecurityholderHolder, or
or (3) the Trustee shall become incapable of acting, acting or shall be adjudged as a bankrupt or insolvent, insolvent or a receiver of the Trustee or of its property shall be appointed, appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, then the Trustee may be removed forthwith by an instrument or concurrent instruments in any such case, the Company may remove writing filed with the Trustee and appoint a successor Trustee either: (1) signed by written instrument, in duplicate, executed by order the President or any Vice President of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and attested by the Trustee, the holders of a majority in aggregate principal amount Secretary or an Assistant Secretary of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.Company; or
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, . on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, . as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur--
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem mxx xxxx proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (Usb Holding Co Inc)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, ; at the Company's expense, to the holders of the Debentures Debt Securities at their addresses as they shall appear on the Debenture Debt Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture Debt Security or Debentures Debt Securities for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures Debt Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (Tib Financial Corp.)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor Trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, oror Form 10. Exhibit 4.1
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorsuccessor Trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (Odyssey Re Holdings Corp)
Resignation or Removal of Trustee. (a) The TrusteePursuant to the provisions of this Article, or any trustee or trustees hereafter appointed, the Trustee may at any time resign and be discharged of the trusts created by this Indenture by giving written notice of such resignation to the Company specifying the day upon which such resignation shall take effect, and by mailing notice thereof, at such resignation shall take effect immediately upon the Company's expense, to the holders later of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself trustee and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteeday.
(b) In case Any Trustee may be removed at any time any by an instrument or concurrent instruments in writing filed with such Trustee and signed and acknowledged by the Holders of a majority in principal amount of the following shall occur --then outstanding Notes or by their attorneys in fact duly authorized.
(1c) the Trustee shall fail to comply So long as no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the provisions giving of Section 6.8 after written request therefor by notice or the lapse of time or both, would become an Event of Default, the Company or by may remove any Securityholder who has been a bona fide holder Trustee upon written notice to the Holder of a Debenture or Debentures for at least 6 months, oreach Note outstanding and the Trustee.
(2d) If at any time (1) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 9.09 hereof and shall fail to resign after written request therefor by the Company or by any Holder who has been a bona fide Holder for at least six months, (2) the Trustee shall fail to comply with Section 9.08 hereof after written request therefor by the Company or any such SecurityholderHolder, or
or (3) the Trustee shall become incapable of acting, acting or shall be adjudged as a bankrupt or insolvent, insolvent or a receiver of the Trustee or of its property shall be appointed, appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, then the Trustee may be removed forthwith by an instrument or concurrent instruments in any such case, the Company may remove writing filed with the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.either:
(c1) Upon prior written notice to signed by the President or any Vice President of the Company and attested by the Trustee, Secretary or an Assistant Secretary of the holders Company; or
(2) signed and acknowledged by the Holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, Notes or by their attorneys in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successorfact duly authorized.
(de) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective upon until acceptance of appointment by the successor Trustee as provided in Section 6.109.11 hereof.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's ’s expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (ACA Capital Holdings Inc)
Resignation or Removal of Trustee. (a) 39.9.1. The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) 39.9.2. In case at any time any of the following shall occur --occur--
(1a) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2b) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3c) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) 39.9.3. Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) 39.9.4. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
-- (1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
or (2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
or (3) the Trustee shall become incapable of acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.a
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10. SECTION 6.10.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may may, at any time time, resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, thereof to the holders Holders of the Debentures Securities at their addresses as they shall appear on the Debenture Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trusteetrustee. If no successor Trustee trustee shall have been so appointed and have accepted accepted. appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trusteetrustee, or any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least six months may, subject to the provisions of Section 5.95.09, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --occur:
(1i) the Trustee shall fail to comply with the provisions of Section 6.8 6.08 after written request therefor by the Company or by any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 6.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3iii) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trusteetrustee, or, subject to the provisions of Section 5.95.09, any Securityholder who has been a bona fide holder Holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trusteetrustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor Trusteetrustee.
(c) Upon prior written notice to the Company and the Trustee, the holders The Holders of a majority in aggregate principal amount of the Debentures Securities at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, trustee which shall be deemed appointed as successor Trustee unless trustee unless, within 10 Business Days days after such nomination nomination, the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as provided in subsection (a) of this Section 6.9 provided6.10, may petition petition, at the expense of the Company, any court of competent jurisdiction for an appointment of a successorsuccessor trustee.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee trustee pursuant to any of the provisions of this Section 6.10 shall become effective upon acceptance of appointment by the successor Trustee trustee as provided in Section 6.106.11.
Appears in 1 contract
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee or trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, oror Center Bancorp, Inc./Indenture/Floating Rate
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
Appears in 1 contract
Samples: Indenture (Center Bancorp Inc)
Resignation or Removal of Trustee. The Trustee (aincluding the Trustee as Certificate Registrar) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign and be discharged from the obligations hereby created by giving written notice of such resignation thereof to the Company Depositor, the Seller, any NIMS Insurer and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Registereach Rating Agency. Upon receiving such notice of resignationresignation of the Trustee, the Company Depositor shall promptly appoint a successor trustee or trustees Trustee that meets the requirements in Section 8.06 and is reasonably acceptable to any NIMS Insurer or, in the case of notice of resignation of the Trustee (in consultation with the Depositor) shall promptly appoint a successor Trustee that meets the requirements in Section 8.06 and is reasonably acceptable to any NIMS Insurer by written instrument, in duplicate, executed by order of its Board of Directors, one with a copy of which such written instrument shall be delivered to (i) the resigning Trustee, (ii) the successor Trustee and one copy to the successor Trustee(iii) any NIMS Insurer. If no successor Trustee shall have been so appointed and have having accepted appointment within 30 days after the mailing giving of such notice of resignation to the affected Securityholdersresignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case If at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2a) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and 8.06 hereof shall fail to resign after written request therefor by the Company Depositor or by any such SecurityholderNIMS Insurer or if at any time the Trustee, or
(3b) the Trustee shall become incapable of actingbe legally unable to act, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then(c) shall fail to deliver to the Depositor and the Sponsor the assessment of compliance or an attestation report required under Section 3.04 hereto within 15 calendar days of March 1 of each calendar year in which Exchange Act reports are required or (d) shall fail to file any Form 10-D or Form 10-K when due pursuant to Section 3.07 hereof (other than as a result of the failure of the Depositor to sign and return to the Trustee such Form 10-D or Form 10-K within the time limitations of Section 3.07 or any other party to deliver information in a timely manner as set forth in Section 3.07), in then the Depositor or any such caseNIMS insurer may immediately remove the Trustee. If the Depositor removes the Trustee under the authority of the immediately preceding sentence, the Company may remove the Trustee and Depositor shall promptly appoint a successor Trustee reasonably acceptable to the NIMS Insurer and that meets the requirements of Section 8.06, by written instrument, in duplicate, executed by order of the Board of Directors, one with a copy of which such written instrument shall be delivered to (i) the Trustee so removed and one copy to removed, (ii) the successor Trustee, or, subject Trustee and (iii) to any NIMS Insurer. The Majority Certificateholders (or any NIMS Insurer in the provisions event of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal failure of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(cto perform its obligations hereunder) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding may at any time remove the Trustee by written instrument or instruments delivered to the Depositor and nominate the Trustee; the Depositor or the Trustee shall thereupon use its best efforts to appoint a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination acceptable to the Company objects theretoNIMS Insurer, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of accordance with this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Section. Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 8.07 shall not become effective upon until acceptance of appointment by the successor Trustee Trustee, as provided in Section 6.108.08 hereof. If the Trustee is removed pursuant to this Section 8.07, it shall be reimbursed any outstanding and unpaid fees and expenses, and if removed under the authority of the immediately preceding paragraph, the Trustee or the shall also be reimbursed any outstanding and unpaid costs and expenses.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (HarborView 2007-3)
Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, Trustee may resign at any time resign by giving written notice of such resignation to the Company and Company, by mailing notice thereof, at the Company's expense, of such resignation to the holders of the Debentures Registered Securities at their addresses as they shall appear on the Debenture Register. Upon receiving such Security Register and, if any Bearer Securities are Outstanding, by publishing notice of resignation, the Company shall promptly appoint such resignation in a successor trustee or trustees by written instrumentnewspaper of general circulation, in duplicateeach place of payment for such Bearer Securities, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of customarily published at least once a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures day for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trusteefive days in each calendar week.
(b) In case at any time any of the following shall occur --occur:
(1) the Trustee shall fail to comply with the provisions of Section 6.8 310(b) of the Trust Indenture Act after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 5.08 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, appointed or any a public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor TrusteeTrustee (with written notice of such removal mailed to the holders of Registered Securities at their address as they shall appear on the Security Register), or, subject to the provisions of Section 5.94.09, any Securityholder who has been a bona fide holder of a Debenture Security or Debentures Securities for at least 6 six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
(c) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, the Company promptly shall appoint a successor Trustee by a Company Order authorized by the Board of Directors, one copy of which instrument shall be delivered to the retiring Trustee and one copy to the successor Trustee. Such court may thereuponIf, within one year after such noticeresignation, if anyremoval or incapability or the occurrence of such vacancy, a successor Trustee shall be appointed by the holders of a majority in principal amount of the Securities (voting as it may deem proper a single class) at the time Outstanding by instrument or instruments delivered to the Company and prescribethe retiring Trustee, remove the successor Trustee so appointed, forthwith upon its acceptance of such appointment, shall become the successor Trustee and supersede the successor Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Securityholders and accepted appointment in the manner provided in Section 5.10 within 60 days after notice of the resignation or removal of the Trustee is mailed to the Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months, subject to the provisions of Section 4.09, on behalf of himself and appoint all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee.
(cd) Upon prior written notice to the Company and the Trustee, the The holders of a majority in aggregate principal amount of the Debentures Securities (voting as a single class) at the time outstanding may Outstanding at any time may remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(de) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section 5.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 5.10. Any resignation of the Trustee shall become effective only upon the appointment of a successor Trustee and upon the acceptance of appointment by the successor Trustee as provided in Section 6.105.10.
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Resignation or Removal of Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written notice of such resignation to the Company and by mailing notice thereof, at the Company's expense, to the holders of the Debentures at their addresses as they shall appear on the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee Trustee or trustees Trustees by written instrument, in duplicate, executed by order of its Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor Trustee. If no successor Trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation to the affected Securityholders, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least six months may, subject to the provisions of Section 5.9, on behalf of himself and all others similarly situated, petition any such court for the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee.
(b) In case at any time any of the following shall occur --
(1) the Trustee shall fail to comply with the provisions of Section 6.8 after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months, or
(2) the Trustee shall cease to be eligible in accordance with the provisions of Section 6.8 and shall fail to resign after written request therefor by the Company or by any such Securityholder, or
(3) the Trustee shall become incapable of acting, or shall be adjudged as a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, -- then, in any such case, the Company may remove the Trustee and appoint a successor Trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the provisions of Section 5.9, any Securityholder who has been a bona fide holder of a Debenture or Debentures for at least 6 months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint successor Trustee.
(c) Upon prior written notice to the Company and the Trustee, the holders of a majority in aggregate principal amount of the Debentures at the time outstanding Outstanding may at any time remove the Trustee and nominate a successor Trustee, which shall be deemed appointed as successor Trustee unless within 10 ten (10) Business Days after such nomination the Company objects thereto, in which case, or in the case of a failure by such holders to nominate a successor Trustee, the Trustee so removed or any Securityholder, upon the terms and conditions and otherwise as in subsection (a) of this Section 6.9 provided, may petition any court of competent jurisdiction for an appointment of a successor.
(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 6.10.
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Samples: Indenture (QCR Holdings Inc)