HomeMy WebLinkAbout0096 Section 9.16. APPOINTMENT OF SUCCESSOR TRUSTEE.
In case at any time 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 public officer or officers shall take charge or control
of the Trustee or of its property or affairs, a vacancy shall =
for~hwith 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 bf 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 o£ such appointment in a financial journal
published in the City of New York,-New York.~ Any new trustee
so appointed by the Company shall immediately 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further act be superseded by a new trustee appointed by the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 thereupon, after such notice, if any, as such court may
deem proper and prescribe, appoint a successor trustee.
Section 9.17. CONCERNING ANY SUCCESSOR TRUSTEES.
Every successor trustee appointed hereunder shall execute,
acknowledge and deliver to each of its predecessors and to
the Issuer and the Company an instrument in writing accepting '
such appointment h~reunder, and thereupon such successor,
without any further act, deed or conveyance, shall become
fully vested with all the estates, properties, rights, powers,
trusts, duties and obligations of its predecessor, but such
predecessor shall, nevertheless, on the written request of
either its successor, the Issuer or the Company, execute
and deliver an instrument transferring to such successor
' all the estate, properties, rights, powers and trusts of
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' such predecessor hereunder; and every predecessor Trustee i
! shall deliver all securities and moneys held by it,as Trustee
~ hereunder to its successor. Should any deed, conveyance,
f or instrument in writing from the Issuer or the Company be
I required by any successor trustee for more fully and certainly
~ vesting in such successor the estates, rights, powers and
duties hereby vested or intended to be vested in the predecessor
trustee, any and all such deeds, conveyances, and instruments
in writing shall, on request, be executed, acknowledged and
delivered by the Issuer and the Company. The resignation
of any Trustee and the instrument or instruments removing
any Trustee and appointing a successor hereunder, together
with all deeds, conveyances and other instruments provided
for in this Agreement shall, at the expense of the Company,
be forthwith filed or recorded by the successor trustee in
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