Replacement of Debenture Trustee. The Debenture Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Trust 90 days notice in writing or such shorter notice as the Trust may accept as sufficient. If at any time a material conflict of interest exists in the Debenture Trustee's role as a fiduciary hereunder the Debenture Trustee shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 15.2. The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the event of the Debenture Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Trust shall forthwith appoint a new Debenture Trustee unless a new Debenture Trustee has already been appointed by the Debentureholders. Failing such appointment by the Trust, the retiring Debenture Trustee or any Debentureholder may apply to a Judge of the Court of Queen's Bench of Alberta, on such notice as such Judge may direct at the Trust's expense, for the appointment of a new Debenture Trustee but any new Debenture Trustee so appointed by the Trust or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Debenture Trustee shall be effective only upon such new Debenture Trustee becoming bound by this Indenture. Any new Debenture Trustee appointed under any provision of this Section 15.2 shall be a corporation authorized to carry on the business of a trust company in all of the Provinces of Canada. On any new appointment the new Debenture Trustee shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Debenture Trustee. Any company into which the Debenture Trustee may be merged or, with or to which it may be consolidated, amalgamated or sold, or any company resulting from any merger, consolidation, sale or amalgamation to which the Debenture Trustee shall be a party, shall be the successor trustee under this Indenture without the execution of any instrument or any further act. Nevertheless, upon the written request of the successor Debenture Trustee or of the Trust, the Debenture Trustee ceasin...
Replacement of Debenture Trustee. Each of the Canadian Trustee and the U.S. Trustee may resign its trust and be discharged from all further duties and liabilities hereunder by giving to the Company 30 days notice in writing or such shorter notice as the Company may accept as sufficient. If at any time a material conflict of interest exists in either the Canadian Trustee’s or the U.S. Trustee’s role as a fiduciary hereunder the Canadian Trustee or the U.S. Trustee, as the case may be, shall, within 30 days after ascertaining that such a material conflict of interest exists, either eliminate such material conflict of interest or resign in the manner and with the effect specified in this Section 15.2. The validity and enforceability of this Indenture and of the Debentures issued hereunder shall not be affected in any manner whatsoever by reason only that such a material conflict of interest exists. In the event of the Canadian Trustee or the U.S. Trustee resigning or being removed or being dissolved, becoming bankrupt, going into liquidation or otherwise becoming incapable of acting hereunder, the Company shall forthwith appoint a new Canadian Trustee or U.S. Trustee, as applicable, unless a new Canadian Trustee or U.S. Trustee, as applicable, has already been appointed by the Debentureholders. Failing such appointment by the Company, the retiring Canadian Trustee or U.S. Trustee, as the case may be, or any Debentureholder may apply to a Judge of the Ontario Superior Court of Justice, on such notice as such Judge may direct at the Company’s expense, for the appointment of a new Canadian Trustee or U.S. Trustee, as applicable, but any new Canadian Trustee or U.S. Trustee, as applicable, so appointed by the Company or by the Court shall be subject to removal as aforesaid by the Debentureholders and the appointment of such new Canadian Trustee or U.S. Trustee, as applicable, shall be effective only upon such new Canadian Trustee or U.S. Trustee, as applicable, becoming bound by this Indenture. Any new Canadian Trustee appointed under any provision of this Section 15.2 shall be a corporation authorized to carry on the business of a trust company in all of the provinces and territories of Canada. Any new U.S. Trustee appointed under any provision of this Section 15.2 shall be a corporation authorized to carry on the business of a trust company in the United States. On any new appointment the new Canadian Trustee or U.S. Trustee, as the case may be, shall be vested with the same powers, rights, dut...
