1998-10-19 Resolution 130 - Laserfiche WebLink

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• temporary Escrow Trustee by the Authority in accordance with Section 13(a), such temporary Escrow Trustee shall become the successor Escrow Trustee. (c) Every such Escrow Trustee appointed pursuant to the provisions of this Section 13 shall be a corporation with trust powers organized and in good standing under the banking laws of the United States or the State of Indiana, and shall have at the time of appointment capital and surplus of not less than $5,000,000 or be a member of the bank group or bank holding company with aggregate capital and surplus of not less than $5,000,000. (d) Every successor Escrow Trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Authority an instrument in writing accepting such appointment hereunder; and thereupon such successor Escrow Trustee, without any further act, deed or conveyance, shall become fully vested with all the estates, properties, rights, immunities, • powers, trusts, duties and obligations of such predecessor; and every predecessor Escrow Trustee shall, nevertheless, on the written request of such successor Escrow Trustee or the Authority, execute and deliver an instrument transferring to such successor Escrow Trustee all the estates, properties, rights, immunities, powers, trusts, duties and obligations of such predecessor hereunder; and every predecessor Escrow Trustee shall deliver all securities and moneys held by it as Escrow Trustee hereunder to such successor. Should any transfer, assignment or instrument in writing from the Authority be required by any successor Escrow Trustee for more fully and certainly vesting in such successor Escrow Trustee the estates, properties, rights, immunities, powers, trusts, duties and obligations hereby vested or intended to be vested in the predecessor Escrow Trustee, any such • ::ODMA\PCDOCS\SBDOCS 1\24205\2 -12-