Common use of Vesting of Powers in Successor Clause in Contracts

Vesting of Powers in Successor. Whenever the conditions of Section 11.1 shall have been duly observed and performed, any Successor formed by or resulting from such transaction shall succeed to, and be substituted for, and may exercise every right and power of the Trust under this Indenture with the same effect as though the Successor had been named as the Trust herein and thereafter, except in the case of a lease or other similar disposition of property to the Successor, the Trust shall be relieved of all obligations and covenants under this Indenture and the Debentures forthwith upon the Trust delivering to the Debenture Trustee an opinion of Counsel to the effect that the conditions of Section 11.1 will have been duly observed and performed on completion of the transaction and that the transaction shall not result in any material adverse tax consequences to the Trust or the Successor. The Debenture Trustee will, at the expense of the Successor, execute any documents which it may be advised by Counsel are necessary or advisable for effecting or evidencing such release and discharge.

Vesting of Powers in Successor. Whenever the conditions of Section 11.1 shall have been duly observed and performed, any Successor formed by or resulting from such transaction shall will succeed to, and be substituted for, and may exercise every right and power of the Trust Corporation under this Indenture with the same effect as though the Successor had been named as the Trust Corporation herein and thereafter, except in the case of a lease or other similar disposition of property to the Successor, the Trust shall Corporation will be relieved of all obligations and covenants under this Indenture other than provisions for the indemnity of the Debenture Trustee for anything occurring prior to the completion of the succession transaction, and the Debentures forthwith upon the Trust Corporation delivering to the Debenture Trustee an opinion of Counsel to the effect that the conditions of Section 11.1 transaction will have been duly observed and performed on completion of the transaction and that the transaction shall not result in any material adverse tax consequences to the Trust Corporation or the Successor. The Debenture Trustee will, at the expense of the Successor, execute any documents which it may be advised by Counsel are necessary or advisable for effecting or evidencing such release and discharge.

Vesting of Powers in Successor. Whenever the conditions of Section 11.1 9.1 shall have been duly observed and performed, any Successor formed by or resulting from such transaction or series of transactions shall succeed to, and be substituted for, and may exercise every right and power of the Trust Corporation under this Indenture with the same effect as though the Successor had been named as the Trust Corporation herein and thereafter, except in the case of a lease or other similar disposition of property to the Successor, the Trust Corporation shall be relieved of all obligations and covenants under this Indenture and the Debentures forthwith upon the Trust Corporation delivering to the Debenture Trustee an opinion of Counsel to the effect that the conditions transaction or series of Section 11.1 will have been duly observed and performed on completion of the transaction and that the transaction transactions shall not result in any material adverse tax consequences to the Trust Corporation or the Successor. The Debenture Trustee will, at the expense of the Successor, execute any documents which it may be advised by Counsel are necessary or advisable for effecting or evidencing such release and discharge.

Vesting of Powers in Successor. Whenever the conditions of Section 11.1 shall have been duly observed and performed, any Successor formed by or resulting from such transaction shall will succeed to, and be substituted for, and may exercise every right and power of the Trust REIT under this Indenture with the same effect as though the Successor had been named as the Trust REIT herein and thereafter, except in the case of a lease or other similar disposition of property to the Successor, the Trust shall REIT will be relieved of all obligations and covenants under this Indenture and the Debentures forthwith upon the Trust REIT delivering to the Debenture Trustee an opinion of Counsel to the effect that the conditions of Section 11.1 transaction will have been duly observed and performed on completion of the transaction and that the transaction shall not result in any material adverse tax consequences to the Trust REIT or the Successor. The Debenture Trustee will, at the expense of the Successor, execute any documents which it may be advised by Counsel are necessary or advisable for effecting or evidencing such release and discharge.