HomeMy WebLinkAbout0038 1:9
become successor trustee hereunder and vested with all of
the title to the trust estate and all the trusts, powers, dis-
cretions, immunities, privileges, responsibilities, liabilities
and all other matters as was its predecessor, without the 4
execution or filing of any instrument or any further act,
deed or conveyance on the part of any of the parties hereto,
anything hereto to the contrary notwithstanding. ~
Section 9.15. RESIGNATION OR REriOVAL OF TRUSTEE. The
Trustee may resign and be discharged from the trusts created
by this Agreement by giving to the Company and the Issuer thirty
t30) days notice in writing of such resignation, and by giving
to the bondholders notice of such resignation by publication at `
least once a week for two successive weeks in.a financial
journal published~in the City of New York, New York. The
notice to the Company, to the Issuer and to the bondholders
shall specify a date when such resignation shall take effect.
Such resignation sha11 take effect on the day specified in
such notice unless previousZy a successor trustee shall have ,
been appointed by the bondholders as hereinafter provided,
in which event such resignation shall take effect immediately
on the appointment of such successor trustee.
Any Trustee hereunder may be removed at-any time by
an instrument or instruments in writing, appointing a successor
to the Trustee so removed, filed with the Trustee and executed
by the holders of a majority in principaZ amonnt of the Bonds ~
then outstanding.
Section 9.16. APPOINTMENT OF SUCCESSOR TRUSTEE.
In case at any tir.ie the Trustee shall resign or shall be
removed or otherwise shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or if a receiver
of the Trustee or of its property shall be appointed, or if
a~ublic officer or officers shall take charge or control of
the Trustee or of its property or affairs, a vacancy shall ~
forthwith and ipso facto be created in the office of such '
Trustee hereunder, and a successor may be appointed by the
- holders of a majority in principal amount of the said Bonds
~ then outstanding by such holders executing an instrument or
instruments in writing, filing same with the Trustee, and ~
notification thereof being given to the Company and the Issuer. ~
Until such new trustee shall be appointed by the bondholders
as herein authorized, the Company by an instrument executed
by order of its Board of Directors shall, subject to the
provisions hereof, appoint a trustee to fill such vacancy.
After any such appointment by the Company notice thereof shall
be published by the Company at least once within thirty (30)
days of such appointment in a financial journal published in
the City of New York, New York. Any new trustee so appointed
by the Company shall ir,imediately and without further act be
superseded by a new trustee appointed by the bondholders in
the manner above provided whenever such appointment by said
bondholders shall be made.
If, in a proper case, no appointment of a successor '
trustee shall be made pursuant to the foregoing provisions
of this Section within six (6) months after a vacancy shall
have occurred in the office of trustee, the holder of any
Bond or any retiring trustee may apply to any court of competent
jurisdiction to appoint a successor~trustee. Said court may
36
. ;
~ ~ ~ 4
, ; . .t