|
thereupon such successor, without any further act, deed or conveyance, shall become fully vested
<br /> with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but
<br /> such predecessor shall, nevertheless, on the written request of the Issuer, or of its successor,
<br /> execute and deliver an instrument transferring to such successor all the estates, properties, rights,
<br /> powers and trusts of such predecessor hereunder; and every predecessor Trustee shall deliver all
<br /> securities and money held by it as the Trustee hereunder, together with an electronic copy of the
<br /> bond transcript, to its successor. Should any instrument in writing from the Issuer be required by
<br /> any successor Trustee for more fully and certainly vesting in such successor the estate, rights,
<br /> powers, and duties hereby vested or intended to be vested in the predecessor, any and all such
<br /> instruments in writing shall, on request, be executed, acknowledged, and delivered by the Issuer.
<br /> The resignation of any Trustee and the instrument or instruments removing any Trustee and
<br /> appointing a successor hereunder, together with all other instruments provided for in this Article,
<br /> shall be filed or recorded by the successor Trustee in each recording office where this Indenture
<br /> shall have been filed or recorded, if any.
<br /> SECTION 9.10. Rioht of the Trustee to Pay Assessments and Other Charges. In
<br /> case any assessment, governmental or other charge upon, with respect to, any part of the School
<br /> Facilities is not paid as required herein or in the Loan Agreement or the Mortgage, the Trustee
<br /> may, but shall not be required to, pay such assessment, governmental or other charge, without
<br /> prejudice,however,to any rights of the Trustee or the Bondholders arising in consequence of such
<br /> failure; and any amount at any time so paid under this Section, with interest thereon from the date
<br /> of payment, shall become so much additional indebtedness (to the Trustee) secured by this
<br /> Indenture, and the same shall be given a preference in payment over any of the Bonds, and shall
<br /> be paid out of the proceeds of revenues collected from the School Facilities,if not otherwise caused
<br /> to be paid; but the Trustee shall not be under any obligation to make any such payment unless it
<br /> shall have been requested to do so by the Majority Bondholder(s) and shall have been provided
<br /> with adequate funds for the purpose of such payment.
<br /> SECTION 9.11. Appointment of Co-Trustee. It is the purpose of this Indenture that
<br /> there shall be no violation of any law of any jurisdiction (including particularly the law of the
<br /> State) denying or restricting the right of banking corporations or associations to transact business
<br /> as the Trustee in such jurisdiction. It is recognized that in case of litigation under this Indenture,
<br /> the Loan Agreement or any other Security Document, and in particular in case of the enforcement
<br /> of any of them upon an Event of Default, or in case the Trustee deems that by reason of any present
<br /> or future law of any jurisdiction it may not exercise any of the powers, rights or remedies herein
<br /> granted to the Trustee or hold title to the properties, in trust, as herein granted, or take any other
<br /> action which may be desirable or necessary in connection therewith, after receipt of an opinion of
<br /> counsel confirming its decision, it may be necessary that the Trustee appoint an additional
<br /> individual or institution as a separate or co-Trustee. The following provisions of this Section are
<br /> adapted to these ends.
<br /> The Trustee, after consultation with the Majority Bondholder(s),may appoint an additional
<br /> individual or institution as a separate or co-Trustee, in which event each and every remedy,power,
<br /> right,claim,demand, cause of action,immunity,estate,title,interest and lien expressed or intended
<br /> by this Indenture to be exercised by or vested in or conveyed to the Trustee with respect thereto
<br /> shall also be exercisable by and vest in such separate or co-Trustee,but only to the extent necessary
<br /> to enable such separate or co-Trustee to exercise such powers, rights and remedies, and every
<br /> 69
<br /> 735810810
<br />
|