Ordinance 1858-92 - Laserfiche WebLink

giving notice as aforesaid, the resigning Trustee may petition a court of competent jurisdiction for the appointment of a successor Trustee, and which court may thereupon appoint such successor Trustee. Section 6 . 09 . Removal of Trustee. The Owners of Certificates representing a majority in principal amount of the Lease Payments then Outstanding may on thirty (30) days written notice given to the Trustee and the Underwriter, replace the Trustee or any successor thereto, and may appoint a successor thereto, which successor shall be a bank or trust company meeting the requirements set forth herein. Section 6. 10. Appointment of Successor Trustee. If the Trustee or any successor Trustee resigns or is removed (other than pursuant to Section 6. 09 hereof) or dissolved, or if its property or business is taken under the control of any state or federal court or administrative body, a vacancy shall forthwith exist in the office of the Trustee, and the Underwriter shall appoint a successor. If the Underwriter fails to make such appointment within sixty (60) days after the date notice of resignation is filed, the Owners of Certificates representing a majority in principal amount of the Lease Payments then Outstanding may do so. Section 6 . 11. Qualification of Successor. A successor Trustee shall be a national bank with trust powers or a bank and trust company or a trust company, in each case having capital and surplus of at least $50, 000, 000, if there be one able and willing to accept the trust on reasonable and customary terms. Section 6. 12 . Instruments of Succession. Any successor Trustee shall execute, acknowledge and deliver to the City and the Underwriter an instrument accepting such appointment hereunder; and thereupon such successor Trustee, without any further act, deed or conveyance, shall become fully vested with all the estates (including the Trust Estate) , properties, rights, powers, trusts, duties and obligations of its predecessor ih the trust hereunder, with like effect as if originally named Trustee herein. The Trustee ceasing to act hereunder shall pay over to the successor Trustee all money held by it hereunder; and, upon request of the successor Trustee, the Trustee ceasing to act and the Underwriter and City shall execute and deliver an instrument transferring to the successor escrow agent all the estates (including the Trust Estate) , properties, rights, powers and trusts hereunder of the Trustee ceasing to act. The City shall be provided with a copy of each instrument mentioned herein. Section 6. 13 . Merger of Trustee. Any corporation into which any Trustee hereunder may be merged or with which it may be con- solidated, or any corporation resulting from any merger or con- C-22 KR173 92/01/27