Resignation or Replacement of Trustee. Trustee may resign by an instrument in writing addressed to Beneficiary (with a copy to Grantor), and Trustee may be removed at any time with or without cause (in Beneficiary’s sole and absolute discretion) by an instrument in writing executed by Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall deem it desirable to appoint a substitute, successor or replacement trustee to act instead of Trustee originally named (or in place of any substitute, successor or replacement trustee), Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor, substitute or replacement trustee, without any formality other than appointment and designation in writing executed by Beneficiary, which instrument shall be recorded if required by the applicable law of the State and Beneficiary shall otherwise provide Grantor with written notice thereof. The laws of the State shall govern the qualification of any trustee. The authority conferred upon Trustee by this Deed of Trust shall automatically extend to any and all other successor, substitute and replacement trustee(s) successively until the Secured Obligations have been paid in full or the Mortgaged Property has been sold hereunder or released in accordance with the provisions of the Loan Documents to which Beneficiary is a party or which grants a security for the benefit of Beneficiary. Beneficiary’s written appointment and designation of Trustee shall be full evidence of Beneficiary’s right and authority to make the same and of all facts therein recited. No confirmation, authorization, approval or other action by Grantor shall be required in connection with any resignation or other replacement of Trustee and Beneficiary and/or Trustee shall provide Grantor with written notice of any such resignation or replacement.
Resignation or Replacement of Trustee. The present or any future Trustee may resign by giving written notice to the Transportation Enterprise not less than 60 days before such resignation is to take effect. Such resignation shall take effect only upon the appointment of a successor qualified as provided in subsection (b) of this Section. If no successor is appointed within 60 days following the date designated in the notice for the Trustee’s resignation to take effect, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor. The present or any future Trustee may be removed at any time (i) by the Transportation Enterprise in the event the Transportation Enterprise reasonably determines that the Trustee is not duly performing its obligations hereunder or that such removal is in the best interests of the Transportation Enterprise or the Secured Parties, provided that the Trustee may not be removed during the pendency of an Indenture Event of Default without the written consent of the Owners of a majority of the Bond Ownership Rights represented by the Senior Bonds and the TIFIA Bonds and, during the pendency of a Bankruptcy Related Event with respect to the Transportation Enterprise, the written consent of the TIFIA Lender; or (ii) by an instrument in writing executed by the Owners of a majority of the Bond Ownership Rights represented by the Senior Bonds and the TIFIA Bonds for any reason or for no reason. In case the present or any future Trustee shall at any time resign or be removed or otherwise become incapable of acting, a successor may be appointed by the Transportation Enterprise. Upon making any such appointment, the Transportation Enterprise shall forthwith give notice thereof to each Owner of Bonds, which notice may be given concurrently with the notice of resignation given by any resigning Trustee and shall include a description of the right of the each Owner of Senior Bonds and the TIFIA Lender to object to the appointment. Any successor Trustee appointed by the Transportation Enterprise pursuant to this subsection shall be removed by the Transportation Enterprise if the Owners of a majority of the Bond Ownership Rights represented by the Senior Bonds and the TIFIA Lender object to the appointment by an instrument or concurrent instruments signed by such Owners, or their duly appointed attorneys-in-fact, delivered to the Transportation Enterprise within 60 days following the date of the Transportation Enterprise’s notice of the appointme...
Resignation or Replacement of Trustee. Trustee may resign by an instrument in writing addressed to Beneficiary, and Trustee may be removed at any time with or without cause (i.e., in Beneficiary's sole and absolute discretion) by an instrument in writing executed by Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall deem it desirable to appoint a substitute, successor or replacement Trustee to act instead of Trustee originally named (or in place of any substitute, successor or replacement Trustee), then Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor, substitute or replacement Trustee, and, if preferred, several substitute trustees in succession, without any formality other than appointment and designation in writing executed by Beneficiary, which instrument shall be recorded if required by the law of the State of California. The law of the State of California shall govern the qualifications of any Trustee. The authority conferred upon Trustee by this Deed of Trust shall automatically extend to any and all other successor, substitute and replacement Trustee(s) successively until the Secured Obligations have been paid in full or the Mortgaged Property has been sold hereunder or released in accordance with the provisions of the Financing Documents. Beneficiary's written appointment and designation of any Trustee shall be full evidence of Beneficiary's right and authority to make the same and of all facts therein recited. No confirmation, authorization, approval or other action by Trustor shall be required in connection with any resignation or other replacement of Trustee.
Resignation or Replacement of Trustee. Trustee may resign by an instrument in writing addressed to Beneficiary, and Trustee may be removed at any time with or without cause (i.e., in Beneficiary's sole and absolute discretion) by an instrument in writing executed by Beneficiary. In case of the death, resignation, removal or disqualification of Trustee or if for any reason Beneficiary shall deem it desirable to appoint a substitute, successor or replacement Trustee to act instead of Trustee originally named (or in place of any substitute, successor or replacement Trustee), then Beneficiary shall have the right and is hereby authorized and empowered to appoint a successor, substitute or replacement Trustee, and, if preferred, several substitute trustees in succession, without any formality other than appointment and designation in writing executed by Beneficiary, which instrument shall be recorded if required by the law of the State of Missouri. The law of the State of Missouri shall govern the qualifications of any Trustee. The authority conferred upon Trustee by this Deed of Trust shall automatically extend to any and all other successor, substitute and replacement Trustee(s) successively until the Secured Obligations have been paid in full or the Trust Estate has been sold hereunder or released in accordance with the provisions of the Loan Documents. Beneficiary's written appointment and designation of any Trustee shall be full evidence of Beneficiary's right and authority to make the same and of all facts therein recited. No confirmation, authorization, approval or other action by Grantor shall be required in connection with any resignation or other replacement of Trustee.
Resignation or Replacement of Trustee. (a) The present or any future Trustee may resign by giving written notice to the Issuer (with a copy to the Concessionaire and the Security Trustee) not less than sixty (60) days before such resignation is to take effect. Such resignation shall take effect only upon the appointment of a successor qualified as provided in subsection (c) of this Section. If no successor is appointed within sixty (60) days following the date designated in the notice for the Trustee’s resignation to take effect, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor. The present or any future Trustee may be removed at any time (i) by the Issuer in the event the Issuer reasonably determines that the Trustee is not duly performing its obligations hereunder or that such removal is in the best interests of the Issuer and the Owners, provided that the Trustee may not be removed during the pendency of an Indenture Event of Default without the written consent of the Owners of a majority in aggregate principal amount of the then Outstanding Senior Bonds; or (ii) by an instrument in writing executed by the Owners of a majority in aggregate principal amount of the then Outstanding Senior Bonds.
Resignation or Replacement of Trustee. (a) The present or any future Trustee may resign by giving written notice to the Certificate Owners and the District not less than 30 days before such resignation is to take effect. Such resignation shall take effect only upon the appointment of a successor qualified as provided in subsection (d) of this Section; provided, however, that if no successor is appointed within 30 days following the date designated in the notice for the Trustee’s resignation to take effect, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor.
Resignation or Replacement of Trustee. (a) The present or any future Trustee may resign by giving written notice to the Transportation Enterprise not less than 60 days before such resignation is to take effect. Such resignation shall take effect only upon the appointment of a successor qualified as provided in subsection (c) of this Section. If no successor is appointed within 60 days following the date designated in the notice for the Trustee’s resignation to take effect, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor. The present or any future Trustee may be removed at any time (i) by the Transportation Enterprise in the event the Transportation Enterprise reasonably determines that the Trustee is not duly performing its obligations hereunder or that such removal is in the best interests of the Transportation Enterprise or the Secured Parties, provided that the Trustee may not be removed during the pendency of an Indenture Event of Default without the written consent of the Owners of a majority of the Bond Ownership Rights represented by the Senior Bonds and, during the pendency of a Bankruptcy Related Event, the written consent of USDOT; or (ii) by an instrument in writing executed by the Owners of a majority of the Bond Ownership Rights represented by the Senior Bonds and USDOT for any reason or for no reason.
Resignation or Replacement of Trustee. (a) Subject to the provisions of any Supplemental Indenture, the present or any future Trustee may resign by giving written notice to the Issuer not less than 60 days before such resignation is to take effect. Such resignation shall take effect only upon the appointment of and acceptance by a successor qualified as provided in subsection (c) of this Section. If no successor is appointed within 60 days following the date designated in the notice for the Trustee’s resignation to take effect, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor. Subject to the provisions of any Supplemental Indenture, the present or any future Trustee may be removed at any time (i) by the Issuer in the event the Issuer reasonably determines that the Trustee is not duly performing its obligations hereunder or that such removal is in the best interests of the Issuer or the Owners; provided, that the Trustee may not be removed during the pendency of an Event of Default without the written consent of the Instructing Controlling Party; or (ii) subject to the provisions of any Supplemental Indenture, by an instrument in writing executed by the Instructing Controlling Party, for any reason or for no reason.
