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1992-09-10 Resolution 64
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1992-09-10 Resolution 64
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<br />appoint a trustee to fill such vacancy until a new trustee shall <br />be appointed by the Bondholders as aforesaid, and when any such new <br />trustee shall be appointed by the Bondholders, any trustee <br />theretofore appointed by the Authority shall thereupon and thereby <br />be superseded and retired. Each such successor trustee appointed <br />by any of such methods shall be a bank or trust company authorized <br />by law so to act, and having a capital and surplus of not less than <br />Five Million Dollars-($5,000,000). <br />Sec. 9.07. Any successor trustee appointed hereunder shall <br />execute, acknowledge and deliver to the Authority, and to its <br />predecessor, an instrument accepting such appointment; and <br />thereupon, upon the execution of the same, such successor trustee, <br />without any further act or instruments or deeds of conveyance, <br />shall become vested with all of the assets, powers, rights, duties, <br />trusts and obligations of its predecessor in trust hereunder with <br />like effect as if originally named as trustee herein; but <br />nevertheless, on the written request of the successor trustee, the <br />trustee ceasing to act shall execute and deliver to such successor <br />trustee all conveyances and instruments proper to evidence the <br />vesting in the new trustee of the interest and title of the <br />retiring trustee in the trusts hereby created, subject, however, <br />to any lien which the retiring trustee may have pursuant to any <br />provision hereof; and upon request in writing. of any successor <br />trustee, the Authority covenants to make, execute, acknowledge and <br />deliver any and all deeds, conveyances, assignments, or instruments <br />in writing for the more fully and certainly vesting in and <br />confirming to such successor trustee all such assets, property, <br />rights, powers and trusts. <br />ARTICLE X. <br />Supplemental Agreements <br />.Sec. 10.01. Without notice to or the consent of any <br />Bondholders, the Authority and the Trustee may, from time to time <br />and at any time, enter into such agreements supplemental hereto as <br />shall not be inconsistent with the terms and provisions hereof <br />(which supplemental agreements shall thereafter. form a part <br />hereof): <br />(a) To cure any ambiguity or formal defect or omission in <br />this Agreement, or in any supplemental agreement, which does not <br />adversely affect the rights of the Bondholders; <br />(b) to grant to or confer upon the Trustee, for the benefit <br />of the Bondholders, any additional benefits, rights, remedies, <br />powers, authority or security that may lawfully be granted to or <br />conferred upon the Bondholders or the Trustee; <br />-40- <br />
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