Financing- Trust Agreement - Laserfiche WebLink

Home Browse Search

1 (F) CERTAm PER~tiI1TTED ACTS. The Trustee may become the owner of any Certificates, 2 with the ~ame rights it would have if it were not the Trustee. To the extent permitted by law. 3 the Trustee may act as depositary for, and permit any of its officers or directors to act as a a member of, or in any other capacity with respect to, any committee formed to protect the rights 5 of Owners or to effect or aid in any reorganization grow-ing out of the enforcement of the 6 Certificates or this Agreement, whether or not any such committee shall represent the Owners of 7 a majority in principal amount of the Certificates then Outstanding. 8 9 ~ o (G) RES~GN,aT~o;v oF T[tusTEE. Except as otherwise expressly provided in a Supplelnental ~ ~ Agreement, the Trustee may at any tirr-e resign and be discharged of the duties and obligations -2 created by this Agreement or any Supplemental Agreement by giving not less than siYty (60) ~ 3 days' written notice to the County and the Insurer(s), and mailing notice thereof, postage prepaid, 14 specifying the date when such resignation shall take effect, to each registered Owner of related 15 Certificates then Outstanding at his address appearing upon the Certificate registry books t6 maintained by the Trustee, and such resignation shall take effect upon the latest to occur of the ~ 7 day specified in such notice or the date upon which the County has appointed a successor and l8 such successor has agreed to act in such capacity. Unless otherwise agreed to in writing by the ~9 County, any such resignation by the Trustee shall, when effective, also serve to rernove the 2o Trustee as registrar and paying agent hereunder. ~~ ?? (H) RE~ti~ovA~ oF TrzusTEe. Except as otherwise eYpressly provided in a Supplemental ~ 23 Agreement, the Trustee may be removed at any time by an instrument in writing, filed with the ?4 Tnistee, and signed by the County, but no such removal shall be effective until the County has 25 appointed a qtialified successor and such successor has agreed to act in such capacity. 26 ~ ?7 Upon any such removal and prior to the effectiveness thereof, the County shall appoint ?8 a successor meeting the qualifications hereof to act as Trustee. Unless otherwise agreed to in 29 writing by the County, any such removal of the Trustee shall, when effective, also serve to 30 remove the Trustee as certificate registrar and paying agent hereunder. 31 ~2 (I) FAi~uRE oF CouNTV To APPOtNT SuccESSOa. If, within forty-five (45) days after ~3 receipt by the County of a resignation from the Trustee pursuant to Section 907(G) or receipt by 34 the Trustee of a notice of removal of the Trustee by the County pursuant to Section 907 (H) 35 hereof, the County has not appointed a qualified successor who has agreed to act as Trustee 36 hereunder, the Trustee (in the case of its resignation under Section 907(G)), any Credit Provider 37 or the Owner of any Certificate may apply to any court of competent jurisdiction to appoint a 38 successor Trustee. Said court may thereupon, after such notice, if any, as such court may deem 39 proper, appoi~lt a successor Trustee that meets the qualifications required hereunder and who has 4o agreed to actin such capacity. 4l a'- (~ FINANCIAL QUALIFICATIONS OF SUCCESSOR TRUSTEE. Any successor to the Trustee ~3 shall be a bank or trust company or national banking association, doing business in the State of FINANCIVG AND TRUST AGREEMENT PAGE JG