Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The Trustee may resign by so notifying the Company and the Subsidiary Guarantors. The Holders of a majority in principal amount of the Securities of a particular series may remove the Trustee for such series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: (1) the Trustee fails to comply with Section 7.10; (2) the Trustee is adjudged a bankrupt or an insolvent; (3) a receiver or other public officer takes charge of the Trustee or its property; or (4) the Trustee becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Company. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of any applicable series of Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee for such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 7 contracts
Samples: Indenture (Zion Oil & Gas Inc), Indenture (Zion Oil & Gas Inc), Indenture (Zion Oil & Gas Inc)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in aggregate principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 6 contracts
Samples: Indenture (USA Compression Finance Corp.), Indenture (USAC Leasing 2, LLC), Indenture (Eagle Rock Mid-Continent Holding, LLC)
Separate Trustee; Replacement of Trustee. (a) The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in Section 6.10. In the event of an appointment of a separate Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined at that time.
(b) The Trustee may resign at any time with respect to the Securities of any one or more series by so notifying giving written notice thereof to the Company and Company. If the Subsidiary Guarantors. instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may (at the Company’s expense) petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(c) The Holders of a majority in aggregate principal amount of the Outstanding Securities of a particular any series may remove the Trustee for such with respect to any one or more series by so notifying the Trustee and the Company in writingwriting and may appoint a successor Trustee for such series with the Company’s consent. The Company may remove If an instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee ifwithin 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(d) If at any time:
(1) the Trustee fails to comply with Section 7.10;310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.11 hereof or Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or
(3) the Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent;
(3) insolvent or a receiver or other public officer takes charge of the Trustee or its property; orproperty or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to Securities of the series held by such Holder and the appointment of a successor Trustee or Trustees.
(4e) If the Trustee resigns or is removed or becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to Securities of one or more series, the Company shall promptly appoint a successor TrusteeTrustee with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.10. Within If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee takes office, with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series of Securities may appoint a successor Trustee delivered to replace the Company and the retiring Trustee, the successor Trustee for so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. A If no successor Trustee shall deliver a written acceptance of its appointment with respect to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment Securities of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee any series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.10, then, subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a majority in principal amount Security of any applicable such series for at least six months may, on behalf of Securities may petitionhimself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for with respect to the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 4 contracts
Samples: Indenture (Akoustis Technologies, Inc.), Indenture (Akoustis, Inc.), Indenture (Akoustis Technologies, Inc.)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 4 contracts
Samples: Indenture (Global Operating LLC), Indenture (Global Operating LLC), Indenture (EV Energy Partners, LP)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee or any successor hereafter appointed may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company Partnership may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.08 and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06, and the Lien provided for therein, shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 4 contracts
Samples: Subordinated Indenture (MPLX Lp), Senior Indenture (MPLX Lp), Indenture (MPLX Lp)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Securities. A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. The Trustee may resign in writing upon 30 days notice at any time and be discharged from the trust hereby created by so notifying the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the then outstanding Securities of a particular series may remove the Trustee for such series by so notifying the Trustee and the Company Issuers in writingwriting and may appoint a successor trustee with the consent of the Issuers. The Company Issuers may remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.107.10 hereof;
(2b) the Trustee is adjudged a bankrupt or an insolventinsolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(3c) a receiver receiver, Custodian or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company Issuers shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the CompanyIssuers. If a successor Trustee for a series of Securities does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the then outstanding Securities of such series may petition any court of competent jurisdiction for the appointment of a successor Trustee for such series. If the Trustee, after written request by any Holder of Securities of the applicable series who has been a Holder of such Securities for at least six months, fails to comply with Section 7.10 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. A successor Trustee for Securities of a particular series shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of the Securities of the applicable such series. If a successor Trustee does not take office within 30 days after the The retiring Trustee resigns or is removedshall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ and the Guarantors’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee, the Company or the Holders of a majority in principal amount of any applicable series of Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee for such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 3 contracts
Samples: Indenture (Access Midstream Partners Lp), Indenture (Access Permian Midstream LLC), Indenture (Chesapeake MLP Operating LLC)
Separate Trustee; Replacement of Trustee. The Company Issuer may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign by so notifying the Company and the Subsidiary Guarantorswith respect to one or more or all series of Debt Securities at any time. The Holders of a majority in aggregate principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingIssuer and may appoint a successor Trustee. The Company may Issuer shall remove the Trustee with respect to series of Debt Securities issued by such Issuer if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuer or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuer shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuer. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail or send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s and the Parent’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuer, each Guarantor, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto or other instrument (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental Indenture or instrument shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (Jacobs Solutions Inc.), Indenture (Jacobs Engineering Group Inc /De/), Indenture (Jacobs Engineering Group Inc /De/)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in aggregate principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Subordinated Indenture (EXLP Finance Corp.), Subordinated Indenture (EXLP Leasing LLC), Senior Indenture (PSE Finance Corp)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.107.01;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co—trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (Glimcher Realty Trust), Indenture (Glimcher Realty Trust), Indenture (Glimcher Realty Trust)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.8, and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Company shall remove the Trustee if:
(1i) the Trustee fails to comply with Section 7.10;
(2ii) the Trustee is adjudged a bankrupt or an insolvent;
(3iii) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4iv) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (EnLink Midstream, LLC), Indenture (EnLink Midstream Partners, LP), Indenture (EnLink Midstream Partners, LP)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company Issuers may remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (Turkey Creek Pipeline, LLC), Subordinated Indenture (Turkey Creek Pipeline, LLC), Base Indenture (MPT Operating Partnership, L.P.)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co–trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (Glimcher Realty Trust), Indenture (Glimcher Realty Trust), Indenture (Glimcher Realty Trust)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 3 contracts
Samples: Indenture (Bill Barrett Corp), Indenture (Pioneer Natural Resources Co), Indenture (Pioneer Natural Resources Usa Inc)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Subordinated Indenture (Vanguard Natural Resources, LLC), Subordinated Indenture (Trust Energy Company, LLC)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Senior Indenture (HEP Navajo Southern, L.P.), Indenture (Pacific Atlantic Terminals LLC)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingand may appoint a successor Trustee. The Company may shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail or send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Steel Dynamics Inc), Indenture (Steel Dynamics Inc)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (RAIT Financial Trust), Indenture (RAIT Financial Trust)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The Trustee may resign at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Securities of a particular series Outstanding Notes may remove the Trustee for such series by so notifying the Trustee in writing and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.108.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 8.8. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Securities of Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the applicable seriessuccessor Trustee, subject to the Lien provided for in Section 8.6. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of any applicable series of Securities the Outstanding Notes may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for such seriesthe Notes. If the Trustee fails to comply with Section 7.108.10, any Holder of Securities of the applicable series Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Notes. Notwithstanding the replacement of the Trustee pursuant to this Section 8.8, the Issuers' obligations under Section 8.6 shall continue for the benefit of the retiring Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 2 contracts
Samples: Indenture (Eott Energy Finance Corp), Indenture (Eott Energy Finance Corp)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (a) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (b) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Puritan Oil Company, Inc.), Indenture (Puritan Oil Company, Inc.)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (PVR Natural Gas Gathering LLC), Indenture (PVR Natural Gas Gathering LLC)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of not less than a majority in aggregate principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority not less than 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Pioneer Natural Resources Co), Indenture (Pioneer Natural Resources Co)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsGuarantor. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsGuarantor. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, the Guarantor, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Warren Resources of California Inc), Indenture (Warren Resources of California Inc)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Magellan Midstream Partners Lp), Indenture (Magellan Midstream Partners Lp)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsGuarantor. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsGuarantor. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successorTrustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, the Guarantor, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Warren Resources of California Inc), Indenture (Warren Resources of California Inc)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company Partnership may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.8 and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Partnership shall remove the Trustee if:
(1i) the Trustee fails to comply with Section 7.10;
(2ii) the Trustee is adjudged a bankrupt or an insolvent;
(3iii) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4iv) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (EnLink Midstream Partners, LP), Indenture (EnLink Midstream Partners, LP)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company Partnership may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.8 and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (EnLink Midstream Partners, LP), Indenture (Oiltanking Partners, L.P.)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring TrusteeTrustee or, the Company or subject to Section 6.08, the Holders of a majority 25% or more in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto that shall (i) contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Indenture (Enbridge Energy Partners Lp), Indenture (Enbridge Energy Partners Lp)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition at the expense of the Issuers any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 2 contracts
Samples: Senior Indenture (PNG Finance Corp.), Subordinated Indenture (PNG Finance Corp.)
Separate Trustee; Replacement of Trustee. (a) The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in Section 6.10. In the event of an appointment of a separate Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined at that time.
(b) The Trustee may resign at any time with respect to the Securities of any one or more series by so notifying giving written notice thereof to the Company and Company. If the Subsidiary Guarantors. instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(c) The Holders of a majority in aggregate principal amount of the Outstanding Securities of a particular any series may remove the Trustee for such with respect to any one or more series by so notifying the Trustee and the Company in writingwriting and may appoint a successor Trustee for such series with the Company’s consent. The Company may remove If an instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee ifwithin 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(d) If at any time:
(1) the Trustee fails to comply with Section 7.10;310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.11 hereof or Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or
(3) the Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent;
(3) insolvent or a receiver or other public officer takes charge of the Trustee or its property; orproperty or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
(4e) If the Trustee resigns or is removed or becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to Securities of one or more series, the Company shall promptly appoint a successor TrusteeTrustee with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.10. Within If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee takes office, with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series of Securities may appoint a successor Trustee delivered to replace the Company and the retiring Trustee, the successor Trustee for so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. A If no successor Trustee shall deliver a written acceptance of its appointment with respect to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment Securities of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee any series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.10, then, subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a majority in principal amount Security of any applicable such series for at least six months may, on behalf of Securities may petitionhimself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for with respect to the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 2 contracts
Samples: Indenture (Tengion Inc), Indenture (Wireless Facilities Inc)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor TrusteeTrustee with respect to the affected series of Debt Securities. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the applicable requirements of this Section 7.08. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company or the Holders and accepted in the manner required by this Section 7.08, any Holder who has been a bona fide Holder of a majority in principal amount Debt Security of such series for at least six months may, on behalf of Securities may appoint himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to replace the successor Trustee for Debt Securities of such series appointed by the Companyseries. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt Securities of any series and each appointment of a successor Trustee shall mail notice of its succession with respect to each Holder of the Debt Securities of any series to all Holders of Debt Securities of such series in the applicable seriesmanner provided in Section 13.03. Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of the corporate trust office of such successor Trustee. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more (but not all) series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Senior Subordinated Debt Indenture (Pioneer Natural Resources Usa Inc)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Swift Energy Co)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsGuarantor. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsGuarantor. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, the Guarantor, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The Trustee may resign with respect to one or more or all series of Securities at any time by so notifying the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Securities of a particular series may remove the Trustee for such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Company. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 10% in principal amount of the Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section, the Company's obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Hs Resources Inc)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer 41 all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in Section 6.10. In the event of an appointment of a separate Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined at that time.
(a) The Trustee may resign at any time with respect to the Securities of any one or more series by so notifying giving written notice thereof to the Company and Company. If the Subsidiary Guarantors. instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may (at the Company’s expense) petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(b) The Holders of a majority in aggregate principal amount of the Outstanding Securities of a particular any series may remove the Trustee for such with respect to any one or more series by so notifying the Trustee and the Company in writingwriting and may appoint a successor Trustee for such series with the Company’s consent. The Company may remove If an instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee ifwithin 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(c) If at any time:
(1) the Trustee fails to comply with Section 7.10;310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.11 hereof or Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or
(3) the Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent;
(3) insolvent or a receiver or other public officer takes charge of the Trustee or its property; orproperty or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to Securities of the series held by such Hxxxxx and the appointment of a successor Trustee or Trustees.
(4d) If the Trustee resigns or is removed or becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to Securities of one or more series, the Company shall promptly appoint a successor TrusteeTrustee with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.10. Within If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee takes office, with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series of Securities may appoint a successor Trustee delivered to replace the Company and the retiring Trustee, the successor Trustee for so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. A If no successor Trustee shall deliver a written acceptance of its appointment with respect to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment Securities of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee any series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.10, then, subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a majority in principal amount Security of any applicable such series for at least six months may, on behalf of Securities may petitionhimself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for with respect to the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Know Labs, Inc.)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.08, and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Company shall remove the Trustee if:
(1i) the Trustee fails to comply with Section 7.10;
(2ii) the Trustee is adjudged a bankrupt or an insolvent;
(3iii) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4iv) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series, and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers powers, and duties of the Trustee under this Indenture. A The successor Trustee shall mail send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee, and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring, or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring TrusteeTrustee or, the Company or subject to Section 6.08, the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign by so notifying the Company and the Subsidiary Guarantorswith respect to one or more or all series of Debt Securities at any time. The Holders of a majority in aggregate principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingand may appoint a successor Trustee. The Company may shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in aggregate principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail or send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto or other instrument (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental Indenture or instrument shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Quanta Services, Inc.)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee Trustee, at the expense of the Partnership, for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Sunoco Logistics Partners Operations Lp)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.8, and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Company shall remove the Trustee if:
(1i) the Trustee fails to comply with Section 7.10;
(2ii) the Trustee is adjudged a bankrupt or an insolvent;
(3iii) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4iv) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (EnLink Midstream, LLC)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonother reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary Guarantorseach Issuer. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority at least 25% in aggregate principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, the Guarantor, the Subsidiary Guarantors, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.8. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.6. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Rayonier Inc)
Separate Trustee; Replacement of Trustee. (a) The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in Section 6.10. In the event of an appointment of a separate Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined at that time.
(b) The Trustee may resign at any time with respect to the Securities of any one or more series by so notifying giving written notice thereof to the Company and Company. If the Subsidiary Guarantors. instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 calendar days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(c) The Holders of a majority in aggregate principal amount of the Outstanding Securities of a particular any series may remove the Trustee for such with respect to any one or more series by so notifying the Trustee and the Company in writingwriting and may appoint a successor Trustee for such series with the Company’s consent. The Company may remove If an instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee ifwithin 30 calendar days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(d) If at any time:
(1) the Trustee fails to comply with Section 7.10;310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.11 hereof or Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or
(3) the Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent;
(3) insolvent or a receiver or other public officer takes charge of the Trustee or its property; orproperty or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
(4e) If the Trustee resigns or is removed or becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to Securities of one or more series, the Company shall promptly appoint a successor TrusteeTrustee with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.10. Within If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee takes office, with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series of Securities may appoint a successor Trustee delivered to replace the Company and the retiring Trustee, the successor Trustee for so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. A If no successor Trustee shall deliver a written acceptance of its appointment with respect to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment Securities of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee any series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.10, then, subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a majority in principal amount Security of any applicable such series for at least six months may, on behalf of Securities may petitionhimself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for with respect to the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Netsol Technologies Inc)
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.10;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition at the expense of the Partnership any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Valero L P)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsGuarantor. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsGuarantor. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successorTrustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, the Guarantor, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The Trustee may resign with respect to one or more or all series of Securities at any time by so notifying the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Securities of a particular series may remove the Trustee for such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1) the Trustee fails to comply with Section 7.107.09;
(2) the Trustee is adjudged a bankrupt or an insolvent;
(3) a receiver or other public officer takes charge of the Trustee or its property; or
(4) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Company. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 10% in principal amount of the Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Securities of such series. If the Trustee fails to comply with Section 7.107.09, any Holder of Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section, the Company's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Cross Timbers Oil Co)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and (where so removed by such Holders) such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series who has been a bona fide Holder of such Debt Securities for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more but not all series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Unit Corp)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.8. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon Upon payment of its the charges hereunder, and all other amounts payable to the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.6. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.6 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company Partnership may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsPartnership. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Partnership shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Partnership or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Partnership shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsPartnership. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series may petition any court of Securities may petitioncompetent jurisdiction, at the expense of the CompanyPartnership, any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Exhibit 4.1 -------- Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Partnership’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Partnership, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee Trustee, at the expense of the Company, for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (Energy USA XXI, Inc.)
Separate Trustee; Replacement of Trustee. (a) The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The resignation or removal of the Trustee and the appointment of a successor Trustee shall become effective only upon the successor Trustee's acceptance of appointment as provided in Section 6.10. In the event of an appointment of a separate Trustee for any one or more series of Securities, the allocation of responsibilities between the separate Trustees shall be determined at that time.
(b) The Trustee may resign at any time with respect to the Securities of any one or more series by so notifying giving written notice thereof to the Company and Company. If the Subsidiary Guarantors. instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(c) The Holders of a majority in aggregate principal amount of the Outstanding Securities of a particular any series may remove the Trustee for such with respect to any one or more series by so notifying the Trustee and the Company in writingwriting and may appoint a successor Trustee for such series with the Company's consent. The Company may remove If an instrument of acceptance by a successor Trustee required by Section 6.10 shall not have been delivered to the Trustee ifwithin 30 days after the giving of such notice of removal, the Trustee being removed may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series.
(d) If at any time:
(1) the Trustee fails to comply with Section 7.10;310(b) of the Trust Indenture Act after written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or
(2) the Trustee shall cease to be eligible under Section 6.11 hereof or Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months; or
(3) the Trustee becomes incapable of acting, is adjudged a bankrupt or an insolvent;
(3) insolvent or a receiver or other public officer takes charge of the Trustee or its property; orproperty or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Company may remove the Trustee with respect to all Securities, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees.
(4e) If the Trustee resigns or is removed or becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, with respect to Securities of one or more series, the Company shall promptly appoint a successor TrusteeTrustee with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.10. Within If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee takes office, with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series of Securities may appoint a successor Trustee delivered to replace the Company and the retiring Trustee, the successor Trustee for so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.10, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. A If no successor Trustee shall deliver a written acceptance of its appointment with respect to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment Securities of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee any series shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.10, then, subject to Section 315(e) of the Trust Indenture Act, any Holder who has been a bona fide Holder of a majority in principal amount Security of any applicable such series for at least six months may, on behalf of Securities may petitionhimself and all others similarly situated, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for with respect to the Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Exact Sciences Corp)
Separate Trustee; Replacement of Trustee. The Company Issuer may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee or any successor hereafter appointed may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuer. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuer shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuer shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuer. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.06, and the Lien provided for therein, shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuer, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Indenture (MPLX Operations LLC)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Securities. The Trustee may resign by so notifying the Company and the Subsidiary Guarantors. The Holders of a majority in principal amount of the Securities of a particular series may remove the Trustee for such series by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee becomes incapable of acting as Trustee hereunder. If the Trustee for a series of Securities resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Company. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary Guarantors. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder of Securities of the applicable series. If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of any applicable series of Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee for such series. If the Trustee fails to comply with Section 7.10, any Holder of Securities of the applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5).
Appears in 1 contract
Samples: Indenture (Chesapeake Energy Corp)
Separate Trustee; Replacement of Trustee. The Company Issuers may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsIssuers. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may Issuers shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Issuers or by the Holders of at least a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company Issuers shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsIssuers. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority at least 10% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Issuers, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver a supplemental indenture hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor TrusteeTrustee with respect to the affected series of Debt Securities. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the applicable requirements of this Section 7.08. If no successor Trustee with respect to the Debt Securities of any series shall have been so appointed by the Company or the Holders and accepted in the manner required by this Section 7.08, any Holder who has been a bona fide Holder of a majority in principal amount Debt Security of such series for at least six months may, on behalf of Securities may appoint himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to replace the successor Trustee for Debt Securities of such series appointed by the Companyseries. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. The Company shall give notice of each resignation and each removal of the Trustee with respect to the Debt Securities of any series and each appointment of a successor Trustee shall mail notice of its succession with respect to each Holder of the Debt Securities of any series to all Holders of Debt Securities of such series in the applicable seriesmanner provided in Section 12.03. Each notice shall include the name of the successor Trustee with respect to the Debt Securities of such series and the address of the corporate trust office of such successor Trustee. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company's obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor trustee with respect to the Debt Securities of one or more (but not all) series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto (1) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
Appears in 1 contract
Samples: Senior Debt Indenture (Pioneer Natural Resources Usa Inc)
Separate Trustee; Replacement of Trustee. The Company may, but need not, appoint a separate Trustee for any one or more series of Debt Securities. The Trustee may resign with respect to one or more or all series of Debt Securities at any time by so notifying giving notice to the Company and the Subsidiary GuarantorsCompany. The Holders of a majority in principal amount of the Debt Securities of a particular series may remove the Trustee for such series and only such series by so notifying the Trustee and the Company in writingmay appoint a successor Trustee. The Company may at any time remove the Trustee with respect to the Debt Securities of any particular series by giving the Trustee written notice of removal and thereupon appoint a successor trustee, provided that (i) no Default exists at time of such removal, (ii) such Trustee was not appointed by the Holders of such series pursuant to this Section 7.8, and (iii) the corporate trust business of the successor Trustee is of nationally recognized standing. The Company shall remove the Trustee if:
(1a) the Trustee fails to comply with Section 7.10;
(2b) the Trustee is adjudged a bankrupt or an insolvent;
(3c) a receiver or other public officer Custodian takes charge of the Trustee or its property; or
(4d) the Trustee otherwise becomes incapable of acting as Trustee hereunderacting. If the Trustee for a series of Securities resigns or resigns, is removed by the Company or by the Holders of a majority in principal amount of the Debt Securities of a particular series and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reasonreason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. Within one year after No resignation or removal of the Trustee and no appointment of a successor Trustee shall become effective until the acceptance of appointment by the successor Trustee takes office, in accordance with the Holders applicable requirements of a majority in principal amount of such series of Securities may appoint a successor Trustee to replace the successor Trustee for such series appointed by the Companythis Section 7.08. A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary GuarantorsCompany. Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A The successor Trustee shall mail send a notice of its succession to each Holder Holders of Debt Securities of the each applicable series. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.06. If a successor Trustee does not take office within 30 60 days after the retiring Trustee resigns gives notice of resignation or is removed, the retiring Trustee, the Company Trustee or the Holders of a majority 25% in principal amount of the Debt Securities of any applicable series of Securities may petition, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee for the Debt Securities of such series. If the Trustee fails to comply with Section 7.10, any Holder of Debt Securities of the any applicable series may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee for the Debt Securities of such series. Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.06 shall continue for the benefit of the retiring Trustee. Any In the case of the appointment hereunder of a separate or successor Trustee with respect to the Debt Securities of one or more series, the Company, any retiring Trustee and each successor or separate Trustee with respect to the Debt Securities of any applicable series shall execute and deliver an Indenture supplemental hereto (i) which shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of any retiring Trustee with respect to the Debt Securities of any series as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee and (ii) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental Indenture shall constitute such Trustees co-trustees of the same trust and that each such separate, retiring or successor Trustee shall comply with TIA Section 310(a)(5)be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee.
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Samples: Indenture (EnLink Midstream, LLC)