|
holders of the Bonds, the Trustee may intervene on behalf of Bondholders and, subject to the
<br /> provisions of Section 8.1(1), shall do so if requested in writing by the Requisite Bondholders. The
<br /> rights and obligations of the Trustee under this Section are subject to the approval of a court of
<br /> competent jurisdiction.
<br /> Successor Trustee. Any corporation or association into which the Trustee may be converted or
<br /> merged,or with which it may be consolidated,or to which it may sell or transfer its corporate trust
<br /> business and assets as a whole or substantially as a whole, or any corporation or association
<br /> resulting from any such conversion, sale, merger, consolidation or transfer to which it is a party,
<br /> ipso facto, shall be and become successor Trustee hereunder and vested with all of the title to the
<br /> whole property or trust estate and all the trusts, powers,discretions, immunities, privileges and all
<br /> other matters as was its predecessor, without the execution or filing of any instrument or any
<br /> further act, deed or conveyance on the part of any of the parties hereto, anything herein to the
<br /> contrary notwithstanding.
<br /> Resignation by the Trustee. The Trustee and any successor Trustee may at any time resign from
<br /> the trusts hereby created by giving thirty days' written notice to the Issuer and the Company and
<br /> by registered or certified mail to each registered owner of Bonds then outstanding and to each
<br /> holder of Bonds as shown by the list of Bondholders required by this Indenture to be kept at the
<br /> office of the Trustee, and such resignation shall take effect at the end of such thirty (30) days, or
<br /> upon the earlier appointment of a successor Trustee by the Bondholders or by the Issuer. Such
<br /> notice to the Issuer and the Company may be served personally or sent by registered or certified
<br /> mail.
<br /> Removal of the Trustee. The Trustee may be removed at any time by an instrument or concurrent
<br /> instruments in writing delivered to the Trustee and to the Issuer and signed by all the Bondholders.
<br /> Appointment of Successor Trustee by the Bondholders; Temporary Trustee. In case the Trustee
<br /> hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or
<br /> liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under
<br /> control of any public officer or officers, or of a receiver appointed by a court, a successor may be
<br /> appointed by the owners of a majority in aggregate principal amount of Bonds then outstanding,
<br /> by an instrument or concurrent instruments in writing signed by such owners,or by their attorneys-
<br /> in-fact, duly authorized; provided, nevertheless, that in case of such vacancy, the Issuer, by an
<br /> instrument executed by one of its duly authorized officers,may appoint a temporary Trustee to fill
<br /> such vacancy until a successor Trustee shall be appointed by the Bondholders in the manner above
<br /> provided; and any such temporary Trustee so appointed by the Issuer shall immediately and
<br /> without further act be superseded by the Trustee so appointed by such Bondholders. Every such
<br /> Trustee appointed pursuant to the provisions of this Section shall be a trust company or Bank,
<br /> having a reported capital and surplus of not less than Fifty Million Dollars ($50,000,000) if there
<br /> be such an institution willing, qualified and able to accept the trust upon reasonable or customary
<br /> terms.
<br /> Concerning Any Successor Trustees. Every successor Trustee appointed hereunder shall execute,
<br /> acknowledge and deliver to its predecessor and also to the Issuer and the Company an instrument
<br /> in writing accepting such appointment hereunder, and thereupon such successor, without any
<br /> further act, deed or conveyance, shall become fully vested with all the estates, properties, rights,
<br /> powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless,
<br /> on the written request of the Issuer, or of its successor, execute and deliver an instrument
<br /> 34
<br />
|