NEW TRUSTEE. (A) THE power to appoint a new trustee of these presents shall be vested in the Issuers jointly but no person shall be appointed who shall not previously have been approved by an Extraordinary Resolution. One or more persons may hold office as trustee or trustees of these presents but such trustee or trustees shall be or include a Trust Corporation. Whenever there shall be more than two trustees of these presents the majority of such trustees shall be competent to execute and exercise all the duties, powers, trusts, authorities and discretions vested in the Trustee by these presents provided that a Trust Corporation shall be included in such majority. Any appointment of a new trustee of these presents shall as soon as practicable thereafter be notified by the Issuers to the Agent and the Noteholders.
NEW TRUSTEE. Any new Trustee appointed under this Section must be a corporation authorized to carry on the business of a transfer agent or trust company in the Provinces of Ontario and British Columbia and, if required by the Applicable Legislation of any other province, in such other province. On any such appointment, the new Trustee will be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee without any further assurance, conveyance, act or deed, but there will be immediately executed, at the expense of the Company, all such conveyances or other instruments as, in the opinion of counsel, are necessary or advisable for the purpose of assuring the transfer of such powers, rights, duties and responsibilities to the new Trustee. The predecessor Trustee will transfer, deliver and pay over to the successor new Trustee, who will be entitled to receive, all monies, securities, records or other property held by the predecessor Trustee pursuant to the terms hereof and the predecessor Trustee will thereupon be discharged as Trustee hereunder. Any new Trustee so appointed by the Company or by the Court will be subject to removal as aforesaid by the Special Warrantholders and by the Company.
NEW TRUSTEE. State Street Bank and Trust Company is acting ----------- hereunder solely in its capacity as New Trustee under the New Indenture, and all of the rights of New Trustee set forth in the New Indenture shall apply to New Trustee's actions hereunder. To the extent this agreement contemplates payments by the Secured Party, the New Trustee shall have no liability therefor, such liability continuing to be the liability of Debtor or realized through the value of any collateral for the Obligations.
NEW TRUSTEE. The Bank of New York is acting hereunder solely in its capacity as Trustee under the Indenture, and all of the rights of Trustee set forth in the Indenture shall apply to Trustee's actions hereunder. To the extent this agreement contemplates payments by the Secured Party, the Trustee shall have no liability therefor, such liability continuing to be the liability of Debtors or realized through the value of any collateral for the Obligations.
NEW TRUSTEE. 32 23. TRUSTEE'S RETIREMENT AND REMOVAL....................................................................................33 24. TRUSTEE'S POWERS TO BE ADDITIONAL...................................................................................33 25. NOTICES.............................................................................................................34 26. GOVERNING LAW.......................................................................................................34 27.
NEW TRUSTEE. As defined in the preamble hereto and shall include any replacement or successor Trustee under the New Indenture.
NEW TRUSTEE. Any new Trustee appointed under this section must be a corporation authorized to carry on the business of a transfer agent or trust company in the Province of British Columbia and, if required by the Applicable Legislation of any other province, in such other province. On any such appointment, the new Trustee will be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Trustee without any further assurance, conveyance, act or deed, but there will be immediately executed, at the expense of the Corporation, all such conveyances or other instruments as, in the opinion of counsel, are necessary or advisable for the purpose of assuring the transfer of such powers, rights, duties and responsibilities to the new Trustee. Any new Trustee so appointed by the Corporation or by the Court will be subject to removal as aforesaid by the Special Warrantholders and by the Corporation.
NEW TRUSTEE. 29 26 SEPARATE AND CO-TRUSTEES............................................30
NEW TRUSTEE. The New Trustee warrants, represents and undertakes to ICC and PCRD that it is a financial institution of recognised standing and is carrying on the business described in part 2 of the Schedule.
NEW TRUSTEE. See preamble. Partnership. See preamble.
