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1994-06-21 Minutes
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1994-06-21 Minutes
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Credit Facility Issuer as provided above within the six calendar <br />• months next succeeding the month during which such temporary <br />Trustee is appointed. <br />Section 1013. Judicial Appointment of Successor Trustee. <br />In case at any time the Trustee shall resign and no appointment of <br />a successor Trustee shall be made pursuant to the foregoing <br />provisions of this Article X prior to the date specified in the <br />notice of resignation as the date when such resignation is to take <br />effect, the resigning Trustee may forthwith apply to a court of <br />competent jurisdiction for the appointment of a successor Trustee. <br />If no appointment of a successor Trustee shall be made pursuant to <br />the foregoing provisions of this Article X within six calendar <br />months after a vacancy shall have occurred in the office of <br />Trustee, any owner of Bonds or the Credit Facility Issuer (if the <br />Credit Facility is then in effect) may apply to any court of <br />competent jurisdiction to appoint a successor Trustee. Such court <br />may thereupon, after such notice, if any, as it may deem proper and <br />prescribe, appoint a successor Trustee. <br />Section 1014. Concerning Any Successor Trustees. Every <br />successor Trustee appointed hereunder shall execute, acknowledge <br />and deliver to its predecessor and also to the Authority an <br />instrument in writing accepting such appointment hereunder, and <br />thereupon such successor, without any further act, deed or <br />conveyance, shall become fully vested with all the estates, <br />• properties, rights, powers, trusts, duties and obligations of its <br />predecessor; but such predecessor shall, nevertheless, on the <br />written request of the Authority, or of its successor, execute and <br />deliver an instrument transferring to such successor Trustee all <br />the estates, properties, rights, powers and trusts of such <br />predecessor hereunder; and every predecessor Trustee shall deliver <br />all securities and moneys held by it as Trustee hereunder to its <br />successor. Should any instrument in writing from the Authority be <br />required by any successor Trustee for more fully and certainly <br />vesting in such successor the estate, rights, powers and duties <br />hereby vested or intended to be vested in the predecessor, any and <br />all such instruments in writing shall, on request, be executed, <br />acknowledged and delivered by the Authority. The resignation of <br />any Trustee and the instrument or instruments removing any Trustee <br />-and appointing a successor hereunder, together with all other <br />instruments provided for in this Article shall be filed and/or <br />recorded by the successor Trustee in each recording office, if any, <br />where this Indenture shall have been filed and/or recorded. <br />Section 1015. Successor Trustee as Trustee of Funds, <br />Paying Agent and Registrar. In the event of a change in the office <br />of Trustee, the predecessor Trustee which has resigned or been <br />removed shall cease to be Trustee of the Sinking Fund, Redemption <br />Fund, Construction Fund, Bond Purchase Fund and any other funds <br />provided hereunder and shall cease to be the Registrar and Paying <br />Agent for principal of, premium, if any, and interest on the Bonds, <br />• 94 <br />
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