|
<br />69
<br />
<br />(b) that corporation or association shall be vested further, as was its
<br />predecessor, with each and every trust, property, remedy, power, right, duty, obligation,
<br />discretion, privilege, claim, demand, cause of action, immunity, estate, title, interest and
<br />lien expressed or intended by this Indenture to be exercised by, vested in or conveyed to
<br />the Trustee, without the execution or filing of any instrument or document or any further
<br />act on the part of any of the parties hereto.
<br />Any successor Trustee, however, shall be a trust company or a commercial bank having
<br />the powers of a trust company, authorized to exercise trust powers in the State, and shall have a
<br />reported capital and surplus of not less than $50,000,000.
<br />Section 6.06. Appointment of Co-Trustee.It is the purpose of this Indenture that there
<br />shall be no violation of any law of any jurisdiction (including without limitation, the laws of the
<br />State) denying or restricting the right of banks or trust companies to transact business as trustees
<br />in that jurisdiction. It is recognized that, (a) if there is litigation under this Indenture or other
<br />instruments or documents relating to the Bonds and the Project, and in particular, in case of the
<br />enforcement hereof or thereof upon a default or an Event of Default, or (b) if the Trustee should
<br />deem that, by reason of any present or future law of any jurisdiction, it may not (i) exercise any of
<br />the powers, rights or remedies granted herein to the Trustee, (ii) hold title to the properties, in trust,
<br />as granted herein, or (iii) take any action which may be desirable or necessary in connection
<br />therewith, it may be necessary that the Trustee appoint an individual or additional institution as a
<br />co-Trustee. The following provisions of this Section are adopted to these ends. In the event that
<br />the Trustee appoints an individual or additional institution as a co-Trustee, each and every trust,
<br />property, remedy, power, right, duty, obligation, discretion, privilege, claim, demand, cause of
<br />action, immunity, estate, title, interest and lien expressed or intended by this Indenture to be
<br />exercised by, vested in or conveyed to the Trustee shall be exercisable by, vest in and be conveyed
<br />to that co-Trustee, but only to the extent necessary for it to be so vested and conveyed and to enable
<br />that co-Trustee to exercise it. Every covenant, agreement and obligation necessary to the exercise
<br />thereof by that co-Trustee shall run to and be enforceable by it.
<br />Should any instrument or document in writing from the Issuer reasonably be required by
<br />the co-Trustee so appointed by the Trustee for vesting and conveying more fully and certainly in
<br />and to that co-Trustee those trusts, properties, remedies, powers, rights, duties, obligations,
<br />discretions, privileges, claims, demands, causes of action, immunities, estates, titles, interests and
<br />liens, that instrument or document shall be executed, acknowledged and delivered, but not
<br />prepared, by the Issuer. In case any co-Trustee or a successor to it shall die, become incapable of
<br />acting, resign or be removed, all of the trusts, properties, remedies, powers, rights, duties,
<br />obligations, discretions, privileges, claims, demands, causes of action, immunities, estates, titles,
<br />interests and liens of the co-Trustee shall be exercised by, vest in and be conveyed to the Trustee,
<br />to the extent permitted by law, until the appointment of a successor to the co-Trustee.
<br />Section 6.07. Resignation by the Trustee.The Trustee may resign at any time from the
<br />trusts created hereby by giving written notice of the resignation to the Issuer, the Borrower, the
<br />Bank, the Confirming Bank, if any, the Remarketing Agent and the Underwriter of the Bonds then
<br />outstanding and by mailing written notice of the resignation to the Holders as their names and
<br />addresses appear on the Register at the close of business fifteen (15) days prior to the mailing. The
<br />resignation shall take effect upon the appointment and acceptance of a successor Trustee.
|