Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of the Common Securities and the Administrative Trustees, by agreed action of the majority of such Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Administrative Trustees alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely: (1) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such Trustees. (2) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee. (3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section. (4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder. (5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee. (6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, if the Company, the Trustee or any Noteholder determines that it is necessary for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or the holders of a majority of the then Outstanding Principal Amount of the Notes, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee, or the holders of a majority of the then Outstanding Principal Amount of the Notes, alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Company be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Company.
(c) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2ii) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3iii) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany evidenced by a Company Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4iv) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trusteetrustee hereunder selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.12.
(6v) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Mortgaged Property may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least a majority in aggregate principal amount of the Bonds then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust the Mortgaged Property, or to act as separate trustee of any such property, in either case with such powers as may be maybe provided in the instrument of appointment, and to vest in such Person or Persons Person, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have the power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Company.
(c) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1i) The Trust Securities the Bonds shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee,
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4iv) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5v) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Open End Mortgage, General Mortgage Indenture and Deed of Trust (Vistra Corp.)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part portion of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Notes representing at least 25% of the aggregate Note Principal Balance of Outstanding Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyCollateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed Written notice of any appointment made pursuant to this Section shall satisfy 7.12 shall, if requested by the requirements of Section 8.07Noteholders be promptly given by the Trustee to the Rating Agencies. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee that has so resigned or been removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder nor shall the Trustee shall not be liable by reason of any act or omission of a any co-trustee or separate trusteetrustee hereunder, so long as such co-trustee or separate trustee has been appointed by the Trustee with due care.
(65) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Candies Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (1) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Mortgaged Property may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of a majority in principal amount of the Securities then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust the Mortgaged Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(2) Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Company.
(3) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, Trustee hereunder shall be exercised, exercised solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate 77 trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Determining Party (25%), the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee Trustee, either to act as co-trustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default or Event of Termination has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Company be reasonably required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. If the Company does not execute, acknowledge and deliver any such instruments within 15 days after receipt by it of such request, the Trustee alone shall, and the Company does hereby appoint the Trustee its agent and attorney-in-fact for such purposes, have the power to execute, acknowledge and deliver such instruments Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3iii) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture or Event of Termination has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. If the Company does not execute, acknowledge and deliver any such instruments within 15 days after receipt by it of such request, the Trustee alone shall, and the Company does hereby appoint the Trustee its agent and attorney-in-fact for such purposes, have the power to execute, acknowledge and deliver such instruments A successor to any co-trustee or separate trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4iv) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder nor shall the Trustee shall not be liable by reason of any act or omission of a any co-trustee or separate trustee.trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee; and
(6v) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in principal amount of the Obligations Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuingexists, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Company be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities A. the Obligations shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trusteesthe Trustee.
(2) The B. the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property C. the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee 111 or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No D. no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5) The Property Trustee shall not be liable by reason of E. any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Oglethorpe Power Corp)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, or in the Holder enforcement of any default or the exercise any of the Common Securities and powers, rights or remedies herein granted to the Administrative TrusteesTrustee, by agreed or any other action of which may be desirable or necessary in connection therewith, the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Owners of at least 25% in principal amount of the Series 2022B Bonds Outstanding, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person person or Persons persons in the capacity aforesaid, any property, title, protection, immunity, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event an event of Default default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:.
(1a) The Trust Securities Series 2022B Bonds shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trusteesthe Trustee.
(2b) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-co- trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event event of Default under the Subordinated Indenture default has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5e) The Property Trustee shall not be liable by reason of any Any request, demand, authorization, direction, notice, consent, waiver or other act of a co-trustee or separate trustee.
(6) Any Act of Holders Bondowners delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Trust Indenture
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, or of the Holders of Notes representing at least 25% of the aggregate principal amount of the Outstanding Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee 49 Trustee, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 7.12. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.Trustee;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee, appointed under this SectionSection 7.12, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.Section 7.12;
(4iv) No no co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14 hereof; and 50
(6v) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Indenture (Trendwest Resorts Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities and the Administrative Trustees, by agreed action of the majority of such Trustees, Depositor shall have power to appoint, and upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than [___%] of the principal balance of the Outstanding Bonds with respect to which a co-trustee or separate trustee is being appointed, the Depositor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days [__ days] after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any All fees and expenses of any co-trustee or separate trustee appointed pursuant to this Section shall satisfy be payable by the requirements of Section 8.07Depositor. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorDepositor evidenced by a Depositor Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon Depositor upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Bondholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least a majority in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Collateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property Trustee the Company and the Trustee, at any time, time by an instrument in writing writing, executed by it, with the written concurrence of the Depositorthem jointly, may accept the resignation of or remove any such separate trustee or co-trustee, and in that case, by an instrument in writing executed with the Trustee jointly, may appoint a successor to such separate trustee or separate trustee appointed under this Sectionco-trustee, andas the case may be, anything herein contained to the contrary notwithstanding. In the event that the Company shall not have joined in the execution of any instrument within 10 days after the receipt of a written request from the Trustee so to do, or in case an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have the power to accept the resignation of, of or remove, remove any such separate trustee or co-trustee or separate trustee and to appoint a successor without the concurrence of the Depositor. Upon the written request of the Property TrusteeCompany, the Depositor shall join with Company hereby irrevocably appointing the Property Trustee its agent and attorney to act for it in the execution, delivery, and performance such connection in either of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.contingencies;
(4d) No subject to Section 7.01, neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.; and
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 33% in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securitiesNotes, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any 52 such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.; and
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) . Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part item of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of a majority of the Note Principal Balances of all of the Outstanding Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any The reasonable fees and expenses of any such co-trustee or separate trustee appointed pursuant to this Section shall satisfy be paid by the requirements of Section 8.07Trust Estate. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such TrusteesIssuer.
(2) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Asset Investors Corp)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than [ ]% of the Bond Balance of the Outstanding Bonds with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join jointly with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within [15 days days] after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any All fees and expenses of any co-trustee or separate trustee appointed pursuant to this Section shall satisfy be payable by the requirements of Section 8.07Issuer. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities shall be executed and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such Trustees.
(2) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property security may at the time be located, the Holder of Borrower, the Common Securities Subsidiary Guarantor and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and upon the written request of the Administrative TrusteesTrustee, the Depositor Agent or of the Required Banks, the Borrower and the Subsidiary Guarantor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of and, if deemed necessary by the appointing party, as secured party with respect to all or any part of such Trust Propertythe security, or to act as separate trustee of and, if deemed necessary as aforesaid, as secured party with respect to any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does Borrower and the Subsidiary Guarantor do not join in such appointment within 15 fifteen days after the receipt by it them of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee acting alone shall have power to make such appointment. Any person appointed as co-trustee or separate trustee appointed pursuant to this Section hereunder shall satisfy the requirements qualifications prescribed in clauses (i), (iii), (iv) and (vi) of Section 8.074.06. Should any written instrument from the Depositor Borrower and the Subsidiary Guarantor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorBorrower and the Subsidiary Guarantor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities shall be executed and delivered and all All rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property the Security Documents held by, or required to be deposited or pledged with, by the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2b) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trusteeTrustee, except to the extent that under any law of or any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorBorrower and the Subsidiary Guarantor evidenced by separate resolutions of the board of directors of each of the Borrower and the Subsidiary Guarantor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee may act alone in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6e) Any Act notice of Holders instruction delivered to the Property Trustee by the Agent or the Required Banks shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Controlling Party, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the requirements of Section 7.08 hereof, either to act as co-trustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyCollateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities shall be executed and delivered and all rights, powers, duties, duties and obligations hereunder under this Indenture in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, Trustee under this Indenture shall be exercised, exercised solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee by this Indenture in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee -58- Indenture without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such Trustee hereunder nor shall the trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act or omission of a any co-trustee or separate trustee.trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14 hereof; and
(6e) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Financial Pacific Co)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the holders of at least 25% in principal amount of the Securities then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-co- trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Citicorp)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 33% in principal amount of the Debt Securities then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Debt Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property , and the Trustee shall not be liable by reason have no liability, personally or in its capacity as Trustee, for any act or omission of any act of a co-trustee or separate trustee.trustee hereunder; and
(6e) Any any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Pebblebrook Hotel Trust)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Mortgaged Property may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least thirty-three percent (33%) in principal amount of the Securities then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust the Mortgaged Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. DC1 - 221297.15
(c) Every co-trustee or separate trustee shall, to the extent permitted by applicable law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1i) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, with the Trustees specified hereunder, Trustee hereunder shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any applicable law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4iv) No neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5v) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Bond Indenture, Mortgage, Deed of Trust, Security Agreement (Aquila Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer, and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, or of the Holders of Notes representing at least 25% of the aggregate principal amount of the Outstanding Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee Trustee, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 7.12. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event -45- 51 of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee co- Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.Trustee;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee, appointed under this SectionSection 7.12, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.Section 7.12;
(4iv) No no co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14 hereof; and
(6v) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee co- Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Indenture (Trendwest Resorts Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least a majority in principal amount of the Notes then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Collateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property Trustee the Company and the Trustee, at any time, time by an instrument in writing writing, executed by it, with the written concurrence of the Depositorthem jointly, may accept the resignation of or remove any such separate trustee or co-trustee, and in that case, by an instrument in writing executed with the Trustee jointly, may appoint a successor to such separate trustee or separate trustee appointed under this Sectionco-trustee, andas the case may be, anything herein contained to the contrary notwithstanding. In the event that the Company shall not have joined in the execution of any instrument within 10 days after the receipt of a written request from the Trustee so to do, or in case an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have the power to accept the resignation of, of or remove, remove any such separate trustee or co-trustee or separate trustee and to appoint a successor without the concurrence of the Depositor. Upon the written request of the Property TrusteeCompany, the Depositor shall join with Company hereby irrevocably appointing the Property Trustee their agent and attorney to act for them in the execution, delivery, and performance such connection in either of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.contingencies;
(4d) No neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Amerco /Nv/)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of Company, the Common Securities Guarantor and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least thirty-three per centum (33%) in principal amount of the Debt Securities then Outstanding, the Depositor Company and the Guarantor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does Company and the Guarantor do not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Debt Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany and the Guarantor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany or the Guarantor. Upon the written request of the Property Trustee, the Depositor Company and the Guarantor shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Devon Energy Corp/De)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least a majority in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Collateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Administrative Trustees alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property Trustee the Company and the Trustee, at any time, time by an instrument in writing writing, executed by it, with the written concurrence of the Depositorthem jointly, may accept the resignation of or remove any such separate trustee or co-trustee, and in that case, by an instrument in writing executed with the Trustee jointly, may appoint a successor to such separate trustee or separate trustee appointed under this Sectionco-trustee, andas the case may be, anything herein contained to the contrary notwithstanding. In the event that the Company shall not have joined in the execution of any instrument within 10 days after the receipt of a written request from the Trustee so to do, or in case an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have the power to accept the resignation of, of or remove, remove any such separate trustee or co-trustee or separate trustee and to appoint a successor without the concurrence of the Depositor. Upon the written request of the Property TrusteeCompany, the Depositor shall join with Company hereby irrevocably appointing the Property Trustee its agent and attorney to act for it in the execution, delivery, and performance such connection in either of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.contingencies;
(4d) No subject to Section 7.01, neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Loral Orion Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of the Common Securities Depositor and the Administrative Trustees, by agreed action of the majority of such Administrative Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such property, in accordance with Section 310(a) of the Trust Indenture Act, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Administrative Trustees and the Property Trustee, respectively, alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities shall be executed and delivered delivered, and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such Trustees.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- co-trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in principal amount of the Securities then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 30 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for more fully confirming to confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the Holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, at the expense of the Corporation and for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Corporation and the Administrative Trustees, by agreed action of the majority of such Trustees, Debenture Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesDebenture Trustee or of the holders of at least 25% in principal amount of the Securities then outstanding, the Depositor Corporation shall for such purpose join with the Administrative Trustees Debenture Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Debenture Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, jointly with the Debenture Trustee, or to act as separate trustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Corporation does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Debenture Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Corporation be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCorporation. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Debenture Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Debenture Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Debenture Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Debenture Trustee or by the Property Debenture Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Debenture Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Debenture Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCorporation, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Debenture Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCorporation. Upon the written request of the Property Debenture Trustee, the Depositor Corporation shall join with the Property Debenture Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Debenture Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Debenture Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities and the Administrative Trustees, by agreed action of the majority of such Trustees, Depositor shall have power to appoint, and upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the principal balance of the Outstanding Bonds with respect to which a co-trustee or separate trustee is being appointed, the Depositor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any All fees and expenses of any co-trustee or separate trustee appointed pursuant to this Section shall satisfy be payable by the requirements of Section 8.07Depositor. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorDepositor evidenced by a Depositor Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon Depositor upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Bondholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of the Common Securities Depositor and the Administrative Trustees, by agreed action of the majority of such Administrative Trustees, shall have power to appoint, and upon the written request of the Administrative Trustees, the Depositor shall for such purpose join with the Administrative Trustees in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such property, in accordance with Section 310(a) of the Trust Indenture Act, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event of Default has occurred and is continuing, the Administrative Trustees and the Property Trustee, respectively, alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities shall be executed and delivered delivered, and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such Trustees.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of Company, the Common Securities Guarantor and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least thirty-three per centum (33%) in principal amount of the Debt Securities then Outstanding, the Depositor Company and the Guarantor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does Company and the Guarantor do not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Debt Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-co- trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany and the Guarantor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany or the Guarantor. Upon the written request of the Property Trustee, the Depositor Company and the Guarantor shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Devon Financing Trust Ii)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part portion of the any Series Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer, and the Administrative Trustees, by agreed action of the majority of Trustee for such Trustees, Series shall have power to appoint, and and, upon the written request of such Trustee, or of the Administrative TrusteesHolders representing at least 25% of the aggregate principal amount of the Controlling Class of Notes Outstanding of such Series, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee such Trustee, either to act as co-trusteeTrustee, jointly with the Property Trustee, such Trustee of all or any part of such Series Trust PropertyEstate for such Series, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 7.12. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuingcontinuing with respect to such Series, the Administrative Trustees Trustee for such Series alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee Trustee or separate trustee Trustee for any Series shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes of such Series shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee of such Series hereunder, shall be exercised, exercised solely by such Trustees.Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee of such Series in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property such Trustee or by the Property such Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property such Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.Trustee;
(3iii) The Property the Trustee for any Series at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee for such Series, appointed under this SectionSection 7.12, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property such Trustee shall have power to accept the resignation of, or remove, any such co-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property such Trustee, the Depositor Issuer shall join with the Property such Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.Section 7.12;
(4iv) No no co-trustee Trustee or separate trustee Trustee for any Series hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee for such Series or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee for any Series be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.Trustee selected by such Trustee with due care or appointed in accordance with directions to such Trustee pursuant to Section 6.14 hereof; and
(6v) Any any Act of Holders Noteholders for any Series delivered to the Property Trustee for such Series shall be deemed to have been delivered to each such the co-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteefor any Series.
Appears in 1 contract
Sources: Indenture (Trendwest Resorts Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Corporation and the Administrative Trustees, by agreed action of the majority of such Trustees, Debenture Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesDebenture Trustee or of the holders of at least 25% in principal amount of the Securities then outstanding, the Depositor Corporation shall for such purpose join with the Administrative Trustees Debenture Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Debenture Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, jointly with the Debenture Trustee, or to act as separate trustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Corporation does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Debenture Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Corporation be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCorporation. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Debenture Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Debenture Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Debenture Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Debenture Trustee or by the Property Debenture Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Debenture Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Debenture Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCorporation, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Debenture Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCorporation. Upon the written request of the Property Debenture Trustee, the Depositor Corporation shall join with the Property Debenture Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Debenture Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Debenture Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Fund may at the time be located, the Holder of the Common Securities Depositor and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Certificates representing more than [50%] [66%] of the Aggregate Current Principal Amount of the Outstanding Regular Certificates, the Depositor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyFund, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Certificates shall be executed and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder and the Trustee shall not be personally liable by reason of any act or omission of any co-trustee or other such separate trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Certificateholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Deposit Trust Agreement (Commerce Street Pantheon Mortgage Asset Securitizations LLC)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the eligibility standards for the Trustee specified in Section 7.08, either to act as co-trusteeCo‑Trustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyCollateral, or to act as separate trustee Trustee of any such propertyproperty (a “Co‑Trustee”), in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or or, in case a Debenture an Event of Default has occurred and is continuingexists, the Administrative Trustees Trustee alone shall have power to make such appointment. Any coThe Trustee shall not be liable for any action or inaction by a Co-trustee Trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. trustee.
(b) Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee Co‑Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Co‑Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Issuer.
(c) Every co-trustee Co‑Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Co‑Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Co‑Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Co‑Trustee or separate trustee.Trustee at the direction or with the consent of the Trustee;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by itit and, with prior to the written concurrence occurrence of an Event of Default, the DepositorIssuer, may accept the resignation of or remove any co-trustee Co‑Trustee or separate trustee Trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingexists, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee Co‑Trustee or separate trustee Trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Co‑Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4iv) No co-trustee no Co‑Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a co-trustee any Co‑Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14 provided, that the appointment of any Co‑Trustee or separate Trustee shall not relieve the Trustee from any of its express duties and obligations under this Indenture; and
(6v) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee Co‑Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Indenture (NewStar Financial, Inc.)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Transferor, MBIA and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, MBIA or, if an MBIA Default or Termination has occurred and is continuing, of the Holders representing at least 25% in Outstanding Principal Amount of all Certificates, the Depositor Transferor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the requirements of Section 7.08 hereof, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Transferor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Transferor be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorTransferor. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities the Certificates shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder under this Agreement in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunder, shall be exercised, solely by such Trustees.
(2) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Trust and Security Agreement (Granite Financial Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, if the Issuer, the Trustee or any Noteholder determines that it is necessary for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part assets of the Trust Property Granted Assets may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or the holders of a majority of the then Outstanding Principal Amount of the Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Granted Assets, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee, or the holders of a majority of the then Outstanding Principal Amount of the Notes, alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Issuer.
(c) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Issuer Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon Issuer; upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A 58 successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4iv) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trustee.trustee hereunder selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.12; and
(6v) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of the Common Securities Transferor and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, the Depositor Bond Insurer or of the Holders representing at least 25% in aggregate principal amount of all Outstanding Certificates, the Transferor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the requirements of Section 7.08 hereof, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust Property, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Transferor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Transferor be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorTransferor. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities the Certificates shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder under this Agreement in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunderTrustee under this Agreement, shall be exercised, exercised solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee by this Agreement in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.Trustee;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorTransferor evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorTransferor. Upon the written request of the Property Trustee, the Depositor Transferor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14; and
(6e) Any any Act of Holders Certificateholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event [Subject to the rights of Default shall have occurred and be continuing, the Insurer under Article XII hereof,] at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Notes representing more than 50% of the aggregate Principal Amount of the Notes with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Each notice shall include the name and address of any such co-trustee or successor trustee. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case of an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so which has resigned or has been removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee shall be required to satisfy the eligibility requirements under Sections 6.08 and 6.09. No Trustee, co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt .
(6) The Issuer and the Trustee may each at any time accept the resignation of such Act or remove any co-trustee or separate trustee, except that following an Event of HoldersDefault, the Property Trustee shall promptly deliver a copy thereof to each such co- acting alone may accept the resignation of or remove any co-trustee and or separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least a majority in principal amount of the Notes then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Collateral, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property Trustee the Company and the Trustee, at any time, time by an instrument in writing writing, executed by it, with the written concurrence of the Depositorthem jointly, may accept the resignation of or remove any such separate trustee or co-trustee, and in that case, by an instrument in writing executed with the Trustee jointly, may appoint a successor to such separate trustee or separate trustee appointed under this Sectionco-trustee, andas the case may be, anything herein contained to the contrary notwithstanding. In the event that the Company shall not have joined in the execution of any instrument within 10 days after the receipt of a written request from the Trustee so to do, or in case an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have the power to accept the resignation of, of or remove, remove any such separate trustee or co-trustee or separate trustee and to appoint a successor without the concurrence of the Depositor. Upon the written request of the Property TrusteeCompany, the Depositor shall join with Company hereby irrevocably appointing the Property Trustee its agent and attorney to act for it in the execution, delivery, and performance such connection in either of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.contingencies;
(4d) No neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Amerco /Nv/)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 33% in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securitiesNotes, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.; ▇▇▇-▇▇▇▇-▇▇▇▇/7/AMERICAS
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.; and
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) . Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be locatedlocated (including for purposes of foreclosure), the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Notes representing at least 25% of the aggregate Outstanding Note Balance of any Class, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Company be required by any co-co- trustee or separate trustee so appointed for more fully confirming to such co-co- trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee that has so resigned or been removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder nor shall the Trustee be liable by reason of any act or omission of any co-trustee or separate trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Sunterra Corp)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the Bond Balance of the Outstanding Bonds with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join jointly with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any All fees and expenses of any co-trustee or separate trustee appointed pursuant to this Section shall satisfy be payable by the requirements of Section 8.07Issuer. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the a Trust Property Estate may at the time be located, or the Holder requirements of the Common Securities Series Supplement with respect to any Series of Bonds, the Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the Aggregate Current Principal Amount of the Outstanding Bonds of the Series or Class, as the case may be, secured by the Trust Estate with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Act, in which event such rights, powers, duties, and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.or
(43) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property , and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trusteetrustee hereunder.
(64) Any Act of Holders Bondholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (CMC Securities Corp Iv)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, if the Trust, the Trustee or any Noteholder determines that it is necessary for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Trust and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or the holders of a majority of the then Outstanding Principal Amount of the Notes, the Depositor Trust shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Trust does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee, or the holders of a majority of the then Outstanding Principal Amount of the Notes, alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Trust be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Trust.
(i) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1ii) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2iii) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3iv) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorTrust evidenced by a Trust Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorTrust. Upon the written request of the Property Trustee, the Depositor Trust shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4v) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trusteetrustee hereunder selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.12.
(6vi) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Mortgaged Property may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least thirty-three percent (33%) in principal amount of the Securities then Outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and, if no Event of Default shall have occurred and be continuing, by the Company either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust the Mortgaged Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Company.
(c) Every co-trustee or separate trustee shall, to the extent permitted by applicable law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1i) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, with the Trustees specified hereunder, Trustee hereunder shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any applicable law of any jurisdiction in which any particular act is to be performed, performed the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4iv) No neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.; and
(5v) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture of Mortgage and Deed of Trust (Aquila Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in principal amount of the Securities then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for more fully confirming to confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-co- trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the Holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder of the Common Securities Issuers and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have the power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in principal amount of the Notes outstanding, the Depositor Issuers shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Propertythe Collateral, or to act as separate trustee trustees of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 7.13. If The Issuers and the Depositor does not join in such appointment within 15 days after the receipt by it Trustee hereby appoint The Bank of a request so New York Trust Company, N.A. to do, or in case a Debenture Event of Default has occurred and is continuing, the Administrative Trustees alone shall have power to make such appointment. Any act co-trustee or separate trustee appointed pursuant Trustee with respect to this Section shall satisfy the requirements Deed to Secure Debt, Security Agreement and Assignment of Section 8.07. Leases and Rents made by Great Manufacturing, LLC, as Grantor, to The Bank of New York Trust Company, N.A., as Grantee dated March 16, 2004.
(b) Should any written instrument from the Depositor Issuers be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Issuers.
(c) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trusteesthe Trustee.
(2ii) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointlytrustee, jointly as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3iii) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuers evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this SectionSection 7.13, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuers. Upon the written request of the Property Trustee, the Depositor Issuers shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this SectionSection 7.13.
(4iv) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6v) Any Act act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and or separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in aggregate principal amount of the Junior Subordinated Debentures then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 9.15. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Junior Subordinated Debentures shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee trustee, or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this SectionSection 9.15, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the Holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Junior Subordinated Debentures delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 25% in principal amount of the Securities then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust the Securities shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements agreements, necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.; and
(5e) The Property Trustee shall not be liable by reason any notice from the Holders of any act of a co-trustee or separate trustee.
(6) Any Act of Holders Securities delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Junior Subordinated Indenture (Owens Corning Capital Ii)
Co-Trustees and Separate Trustees. Unless an Event Subject to the rights of Default shall have occurred and be continuingMBIA under Article XII hereof, at any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the aggregate Principal Amount of the Bonds with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every Each notice shall include the name and address of any such co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:successor trustee.
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case of an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so which has resigned or has been removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of required to satisfy the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.eligibility requirements under
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer, and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, or of the Holders of Notes representing at least 25% of the aggregate principal amount of the Outstanding Notes, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee Trustee, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 7.12. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.Trustee;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the Depositor. Upon the written request of the Property Trustee, the Depositor shall join with the Property Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Trendwest Resorts Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, or in the Holder enforcement of any default or the exercise any of the Common Securities and powers, rights or remedies herein granted to the Administrative TrusteesTrustee, by agreed or any other action of which may be desirable or necessary in connection therewith, the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the owners of at least 25% in principal amount of the Bonds Outstanding, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture Event an event of Default default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, and delivered by the Depositor. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:.
(1a) The Trust Securities Bonds shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trusteesthe Trustee.
(2b) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3c) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by a resolution, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event event of Default under the Subordinated Indenture default has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4d) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5e) The Property Trustee shall not be liable by reason of any Any request, demand, authorization, direction, notice, consent, waiver or other act of a co-trustee or separate trustee.
(6) Any Act of Holders Owners delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Loan Agreement
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Transferor, MBIA and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, MBIA or, if an MBIA Default or Termination has occurred and is continuing, of the Holders representing at least 25% in Outstanding Principal Amount of all Certificates, the Depositor Transferor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the requirements of Section 7.08 hereof, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Transferor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Transferor be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorTransferor. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities the Certificates shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder under this Agreement in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunderTrustee under this Agreement, shall be exercised, exercised solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee by this Agreement in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.
Trustee; (3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorTransferor evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorTransferor. Upon the written request of the Property Trustee, the Depositor Transferor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4d) No no co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14; and
(6e) Any any Act of Holders Certificateholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Trust and Security Agreement (Granite Financial Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 33% in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this SectionSection 8.12. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. 55 Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securitiesNotes, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this SectionSection 8.12, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.Section 8.12; and
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) . Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Nextera Energy Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate securing a Series may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have the power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the then Aggregate Current Principal Amount of the Bonds of such Series secured by the Trust Estate with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved by the Property Trustee either to act as separate trustee or trustees, or co-trustee, trustee or co-trustees jointly with the Property Trustee, Trustee of all or any part of such Trust Property, or to act as separate trustee of any such propertyEstate, in either case with such powers as may be provided in the instrument of the appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power 117 deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment trustees hereunder shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate separate, trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the Depositor, Issuer evidenced by an Issuer Order may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, if the Issuer does not join in such action within 15 days after the receipt by it of a request to do so, or in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4) No Neither the Trustee nor any co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property any other Trustee, or any other trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(65) Any Act of Holders Bondholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof trustee as effectually as if delivered to each such co- trustee and separate trusteeof them.
Appears in 1 contract
Sources: Standard Indenture Provisions (Fund America Investors Corp Ii)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act TIA or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Issuer and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of Bonds representing more than 50% of the aggregate Class Principal Amount of the Controlling Class with respect to which a co-trustee or separate trustee is being appointed, the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such the Trust PropertyEstate, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to dodo so, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Issuer be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorIssuer. Each notice shall include the name and address of any such co-trustee or successor trustee. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1) The Trust Securities Bonds shall be executed authenticated and delivered and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2) The rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorIssuer evidenced by an Issuer Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case of an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so which has resigned or has been removed may be appointed in the manner provided in this Section.
(4) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of required to satisfy the Property Trustee, or any other trustee hereundereligibility requirements under Sections 6.08 and 6.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Collateral may at the time be located, the Holder Issuer and the Trustee shall (with the prior written consent of the Common Securities and the Administrative Trustees, by agreed action of the majority of such Trustees, shall Control Party) have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, the Depositor Note Insurer or of the Noteholders representing at least fifty-one percent (51%) of the Outstanding Note Balance of the Class A Notes, the Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and the Control Party and meeting the eligibility standards for the Trustee specified in Section 7.08, either to act as coCo-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyCollateral, or to act as separate trustee Trustee of any such propertyproperty (a “Co-Trustee”), in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 fifteen (15) days after the receipt by it of a request so to do, or or, in case a Debenture an Event of Default has occurred and is continuingexists, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Issuer be reasonably required by any coCo-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such coCo-trustee Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Issuer.
(c) Every coCo-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities the Notes shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trustees.the Trustee;
(2ii) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such coCo-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such coCo-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such coCo-trustee Trustee or separate trustee.Trustee at the direction or with the consent of the Trustee;
(3iii) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorControl Party and, prior to the occurrence of an Event of Default, the Issuer, may accept the resignation of or remove any coCo-trustee Trustee or separate trustee Trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingexists, the Property Trustee shall shall, at the direction of the Control Party, have power to accept the resignation of, or remove, any such coCo-trustee Trustee or separate trustee Trustee without the concurrence of the DepositorIssuer. Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any coCo-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.;
(4iv) No cono Co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a coany Co-trustee Trustee or separate trustee.Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14 provided, that the appointment of any Co-Trustee or separate Trustee shall not relieve the Trustee from any of its express duties and obligations under this Indenture; and
(6v) Any any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such coCo-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Indenture (Lease Equity Appreciation Fund II, L.P.)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Estate may at the time be located, the Holder of the Common Securities Transferor, MBIA and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee, MBIA or, if an MBIA Default or Termination has occurred and is continuing, of the Holders representing at least 25% of the Certificate Balance of all Certificates, the Depositor Transferor shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee and meeting the requirements of Section 7.08 hereof, either to act as co-trusteeTrustee, jointly with the Property Trustee, Trustee of all or any part of such Trust PropertyEstate, or to act as separate trustee Trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Transferor does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument from the Depositor Transferor be reasonably required by any co-trustee Trustee or separate trustee Trustee so appointed for more fully confirming to such co-trustee co- Trustee or separate trustee Trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorTransferor. Every co-trustee Trustee or separate trustee Trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1a) The Trust Securities the Certificates shall be executed authenticated and delivered by, and all rights, powers, duties, duties and obligations hereunder under this Agreement in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified hereunderTrustee under this Agreement, shall be exercised, exercised solely by such Trustees.
the Trustee; (2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee by this Agreement in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee Trustee or separate trustee Trustee jointly, as shall be provided in the instrument appointing such co-trustee Trustee or separate trusteeTrustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee Trustee or separate trustee.
Trustee; (3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorTransferor evidenced by a Board Resolution, may accept the resignation of or remove any co-trustee Trustee or separate trustee Trustee, appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee co- Trustee or separate trustee Trustee without the concurrence of the DepositorTransferor. Upon the written request of the Property Trustee, the Depositor Transferor shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee Trustee or separate trustee Trustee that has so resigned or been removed may be appointed in the manner provided in this Section.
; (4d) No no co-trustee Trustee or separate trustee Trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other trustee hereunder.
(5) The Property such Trustee hereunder nor shall not the Trustee be liable by reason of any act or omission of a any co-trustee Trustee or separate trustee.
Trustee selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.14; and (6e) Any any Act of Holders Certificateholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee Trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trusteeTrustee.
Appears in 1 contract
Sources: Trust and Security Agreement (Granite Financial Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be located, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or the holders of Notes evidencing more than 50% of the aggregate outstanding principal amount of the Class A and B Notes, taken together, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, appoint one or more Persons approved approve by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Indenture Event of Default has occurred and is continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Company be required by any co-trustee or separate trustee so appointed for more fully confirming to such co-trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Company.
(c) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1i) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, exercised solely by such Trusteesthe Trustee.
(2ii) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3iii) The Property Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany evidenced by a Company Order, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Indenture Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without 69 the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4iv) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trusteetrustee hereunder selected and supervised by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to Section 6.12.
(6v) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Fidelity Leasing Inc)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at (a) At any time or times, if the Issuer, the Trustee or any Noteholder determines that it is necessary for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property Asset Pool may at the time be located, the Holder Issuer and the Trustee (with the written consent of the Common Securities Insurer, if no Insurer Default has occurred and the Administrative Trustees, by agreed action of the majority of such Trustees, is continuing) shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or the Insurer (if no Insurer Default has occurred and is continuing) or the holders of a majority of the then Outstanding Principal Amount of the Notes (if an Insurer Default has occurred and is continuing), the Depositor Issuer shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, and performance of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust PropertyAsset Pool, or to act as separate trustee of any such property, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Issuer does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture an Event of Default has occurred and is continuing, the Administrative Trustees Trustee (if no Insurer Default has occurred and is continuing), or the holders of a majority of the then Outstanding Principal Amount of the Notes (if an Insurer Default has occurred and is continuing), alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. .
(b) Should any written instrument from the Depositor Issuer be required by any co-co- trustee or separate trustee so appointed for more fully confirming to such co-co- trustee or separate trustee such property, title, right, or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the Depositor. Issuer.
(i) Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namely:
(1ii) The Trust Securities Notes shall be executed authenticated and delivered and all rights, powers, duties, and obligations hereunder in respect of the custody of securities, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercised, solely by such Trusteesthe Trustee.
(2iii) The rights, powers, duties, and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that that, under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.
(3iv) The Property Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order and the written concurrence of the DepositorInsurer (if no Insurer Default has occurred and is continuing), may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case an Event of Default under the Subordinated Indenture has occurred and is con- tinuingcontinuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorIssuer (if no Insurer Default has occurred and is continuing). Upon the written request of the Property Trustee, the Depositor Issuer shall join with the Property Trustee in the execution, delivery, delivery and performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.
(4v) No co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, Trustee or any other such trustee hereunder.
(5) The Property hereunder and the Trustee shall not be personally liable by reason of any act or omission of a any co-trustee or other such separate trusteetrustee hereunder selected by the Trustee with due care or appointed in accordance with directions to the Trustee pursuant to this Section 8.11.
(6vi) Any Act of Holders Noteholders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract
Sources: Indenture (Ikon Receivables LLC)
Co-Trustees and Separate Trustees. Unless an Event of Default shall have occurred and be continuing, at At any time or times, for the purpose of meeting the legal requirements of the Trust Indenture Act or of any jurisdiction in which any part of the Trust Property may at the time be locatedapplicable jurisdiction, the Holder of the Common Securities Company and the Administrative Trustees, by agreed action of the majority of such Trustees, Trustee shall have power to appoint, and and, upon the written request of the Administrative TrusteesTrustee or of the Holders of at least 33% in principal amount of the Notes then outstanding, the Depositor Company shall for such purpose join with the Administrative Trustees Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to appoint, one or more Persons approved by the Property Trustee either to act as co-trustee, jointly with the Property Trustee, of all or any part of such Trust Property, or to act as separate trustee of any such propertytrustee, in either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons Persons, in the capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this Section. If the Depositor Company does not join in such appointment within 15 days after the receipt by it of a request so to do, or in case a Debenture if an Event of Default has shall have occurred and is be continuing, the Administrative Trustees Trustee alone shall have power to make such appointment. Any co-trustee or separate trustee appointed pursuant to this Section shall satisfy the requirements of Section 8.07. Should any written instrument or instruments from the Depositor Company be required by any co-trustee or separate trustee so appointed for to more fully confirming confirm to such co-trustee or separate ▇▇▇-▇▇▇▇-▇▇▇▇/13/AMERICAS trustee such property, title, right, right or power, any and all such instruments shall, on request, be executed, acknowledged, acknowledged and delivered by the DepositorCompany. Every co-trustee or separate trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms, namelyconditions:
(1a) The Trust Securities the Notes shall be executed authenticated and delivered delivered, and all rights, powers, duties, duties and obligations hereunder in respect of the custody of securitiesNotes, cash and other personal property held by, or required to be deposited or pledged with, the Trustees specified Trustee hereunder, shall be exercisedexercised solely, solely by such Trustees.the Trustee;
(2b) The the rights, powers, duties, duties and obligations hereby conferred or imposed upon the Property Trustee in respect of any property covered by such appointment shall be conferred or imposed upon and exercised or performed either by the Property Trustee or by the Property Trustee and such co-trustee or separate trustee jointly, as shall be provided in the instrument appointing such co-trustee or separate trustee, except to the extent that under any law of any jurisdiction in which any particular act is to be performed, the Property Trustee shall be incompetent or unqualified to perform such Actact, in which event such rights, powers, duties, duties and obligations shall be exercised and performed by such co-trustee or separate trustee.;
(3c) The Property the Trustee at any time, by an instrument in writing executed by it, with the written concurrence of the DepositorCompany, may accept the resignation of or remove any co-trustee or separate trustee appointed under this Section, and, in case if an Event of Default under the Subordinated Indenture has shall have occurred and is con- tinuingbe continuing, the Property Trustee shall have power to accept the resignation of, or remove, any such co-trustee or separate trustee without the concurrence of the DepositorCompany. Upon the written request of the Property Trustee, the Depositor Company shall join with the Property Trustee in the execution, delivery, execution and performance delivery of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any co-trustee or separate trustee so resigned or removed may be appointed in the manner provided in this Section.; and
(4d) No no co-trustee or separate trustee hereunder shall be personally liable by reason of any act or omission of the Property Trustee, or any other such trustee hereunder.
(5) The Property Trustee shall not be liable by reason of any act of a co-trustee or separate trustee.
(6) . Any Act of Holders delivered to the Property Trustee shall be deemed to have been delivered to each such co-trustee and separate trustee. Upon receipt of such Act of Holders, the Property Trustee shall promptly deliver a copy thereof to each such co- trustee and separate trustee.
Appears in 1 contract