PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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pledgee of,Bonds and otherwise deal with the City or the Borrower in the same manner and to the same extent and with like effect as though it were not Trustee. Except for the initial Trustee,and any successor or assign to such Trustee,there shall at all times be a trustee under the Indenture which shall be an association or a corporation organized and doing business under the laws of the United States or any State thereof, authorized under such laws to exercise corporate trust powers, having a combined capital, surplus and undivided profits of at least Seventy-Five Million Dollars ($75,000,000) and subject to supervision or examination by Federal or State authority. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of Section 8.13 of the Indenture summarized in this Appendix, and another association or corporation is eligible, the Trustee shall resign immediately in the manner and with the effect specified in Section 8.16 of the Indenture. In case at any time the Trustee shall resign or shall be removed or otherwise shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or if a receiver of the Trustee or of its property shall be appointed, or if a public supervisory office shall take charge or control of the Trustee or of its property or affairs, a vacancy shall forthwith and ipso facto be created in the office of such Trustee under the Indenture, and a successor may be appointed by a Majority of Holders by an instrument or instruments in writing filed with the Trustee and executed by such Bondholders,notification thereof being given to the City, but until a new Trustee shall be appointed by the Bondholders as authorized under the Indenture, the City shall, subject to the provisions, appoint a Trustee to fill such vacancy. After any such appointment by the City, it shall cause notice of such appointment to be mailed within 30 days of such appointment to the Holders of all outstanding Bonds,but any new Trustee so appointed by the City shall immediately and without further act be superseded by a Trustee appointed in the manner above provided by a Majority of Holders whenever such appointment by said Bondholders shall be made. If, in a proper case,no appointment of a successor Trustee shall be made pursuant to the foregoing provisions within six months after a vacancy shall have occurred in the office of Trustee, the Holder of any Bond secured by the Indenture or any retiring Trustee may apply to any court of competent jurisdiction to appoint a successor Trustee. Said court may thereupon, after such notice, if any, as such court may deem proper and prescribe, appoint a successor Trustee. Discharge of Lien If the Borrower shall (a) pay or cause to be paid the principal of and premium, if any, and interest on the Bonds at the time and in the manner stipulated therein and in the Indenture, or (b) provide for the payment of principal and premium, if any, of the