1998-10-19 Resolution 130 - Laserfiche WebLink

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iY 1D Section 9.03. In the event that the Trustee, or any successor trustee, shall become legally consolidated or merge with another banking association or corporation, the banking association or corporation resulting from such consolidation or merger shall thereupon become and be the Trustee hereunder with the same titles, rights, powers, benefits, duties and limitations, without the execution or filing or recording of any instrument, and without any action on the part of the Authority or the holders of Bonds hereunder. A purchase of the assets and assumption of the liabilities of the Trustee by another banking association or corporation shall be deemed to be consolidation or merger for the purposes of this section. Section 9.04. The Trustee, or any successor trustee, may be removed at any time by an instrument or concurrent instruments in writing filed with the Trustee_and signed by the holders of a majority in principal amount of the Bonds then outstanding hereunder, or by their attorneys-in- fact thereunto duly authorized. Section 9.05. The Trustee, or any successor trustee, may resign the trust created by this Agreement upon first giving notice of such proposed resignation and specifying the date when such resignation shall take effect, which notice shall be given to the Authority in writing at least twenty (20) days prior to the date when such resignation shall take effect, and shall be given to the Bondholders by mail at least twenty (20) days prior to the date when such resignation shall take effect. Such resignation shall take effect on the day so designated in such notice, unless previously a successor trustee shall be appointed as hereinafter provided, in which event such resignation shall take effect immediately upon the appointment of such successor trustee. Section 9.06. In case at any time the Trustee shall become incapable of acting, or shall be removed, a successor trustee may be appointed by the holders of at least a majority in principal amount of the Bonds hereby secured and then outstanding, by an instrument or instruments in writing signed by such Bondholders or by their duly constituted attorneys-in-fact; but until a new trustee shall be so appointed by the Bondholders, the Authority, by an instrument executed by order of its board of directors, may appoint a trustee to fill such vacancy until a new trustee shall be appointed by the Bondholders as aforesaid, and when any such new trustee shall be appointed by the Bondholders, any trustee theretofore appointed by the Authority shall thereupon and thereby be superseded and retired. Each such successor trustee appointed by any of such methods shall be a bank or trust company authorized by law so to act, and having a capital and surplus or not less than Five Million Dollars ($5,000,000). Section 9.07. Any successor trustee appointed hereunder shall execute, acknowledge and deliver to the Authority, and to its predecessor, an instrument accepting such appointment; and thereupon, upon the execution of the same, such successor trustee, without any further act or instruments or deeds of conveyance, shall become vested with all of the assets, powers, rights, duties, trusts and obligations of its predecessor in trust hereunder with like effect as if originally named as trustee herein; but nevertheless, on the written request of the successor trustee, the trustee ceasing to act shall execute and deliver to such successor trustee all conveyances and instruments proper to evidence the vesting in the new trustee of the interest and title of the retiring trustee in the trusts hereby created, subject, however, to any lien which the retiring trustee may have pursuant to ::ODMA\PCDOCS\SBDOCSI\24203\2 ~ -33-