Ordinance 1818-91 - Laserfiche WebLink

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 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 in 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- solidation to which any Trustee hereunder shall be a party, shall be the successor Trustee under this Agreement, without the execu- tion or filing of any paper or any further act on the part of the parties hereto, anything herein to the contrary notwithstanding. Notice of such merger or consolidation shall be given to the City. If such corporation fails to be eligible to serve as Trustee under Section 6. 11, then the Trustee must comply with the resignation procedures set forth in Section 6. 08. -22- D0T437 91/09/24