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1994-06-21 Minutes
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1994-06-21 Minutes
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• Section 1011. Removal of the Trustee. Subject to <br />Section 1009 hereof, the Trustee may be removed at any time, with <br />the prior written consent of the. Credit Facility Issuer if subject <br />to Section 1401 hereof, by filing with the Trustee so removed, and <br />with the .Authority, the Tender Agent and the Remarketing Agent, an <br />instrument or instruments in writing, appointing a successor, or <br />an instrument or instruments in .writing, consenting to the <br />appointment by the Authority of a successor and accompanied by an <br />instrument of appointment by the Authority of such successor, and <br />in any event executed by the owners of not less than 51o in <br />aggregate principal amount of Bonds then outstanding or, if <br />applicable, executed by the Credit Facility Issuer subject to <br />Section 1401 hereof. <br />Section 1012. Ant ointment of Successor Trustee by the <br />Bondholders; Temporary Trustee. Subject. to Section 1009 hereof, <br />in case the Trustee hereunder shall resign or be removed, or be <br />dissolved, or shall be in the process of dissolution or <br />liquidation, or otherwise becomes incapable of acting hereunder, <br />or in case it shall be taken under the control of any public <br />officer or officers, or of a receiver appointed by a court, then <br />a vacancy shall forthwith and ipso facto exist in the office of <br />Trustee and a successor may be appointed by the owners of 51% in <br />aggregate principal amount of Bonds then outstanding, with the <br />prior written consent of the Credit Facility Issuer subject to <br />Section 1401 hereof, or by the Credit Facility Issuer. (without any <br />• action on the part of the Bondholders) subject to Section 1401 <br />hereof, by filing with the Authority, the Tender Agent and the <br />Remarketing Agent an instrument or concurrent instruments in <br />writing signed by such owners, or by their attorneys in fact duly <br />authorized or by the Credit Facility Issuer, as the case may be; <br />provided, nevertheless, that in case of such vacancy the Authority <br />by an instrument executed and signed by its President and attested <br />by its Secretary-Treasurer or other designated officer of the <br />Authority under its seal, may appoint a temporary Trustee to fill <br />such vacancy until a successor Trustee shall be appointed by the <br />Bondholders or the Credit Facility Issuer in the manner above <br />provided; provided further, that if no permanent successor Trustee <br />shall have been appointed by the Bondholders or the Credit Facility <br />Issuer within the six calendar months next succeeding the month <br />during which the Authority appoints such a temporary Trustee, such <br />temporary Trustee shall without any further action on the part of <br />the Authority, the Bondholders or the Credit Facility Issuer become <br />the permanent successor Trustee. After any appointment by the <br />Authority as provided herein, the Authority shall cause notice of <br />such appointment to be given to the Remarketing Agent, the Tender <br />Agent, and each Rating Agency and to be given by first class mail, <br />postage prepaid, to all owners of Bonds. The foregoing <br />notwithstanding, any such temporary Trustee so appointed by the <br />Authority shall immediately and without further act be superseded <br />by any successor Trustee so appointed by such Bondholders or the <br />• 93 <br />
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