200510856 - Laserfiche WebLink

Browse

200510856 ARTICLE X THE TRUSTEE Section 10.01. The Trustee hereby accepts the trust imposed upon it by this Indenture and agrees to perform said trusts as an ordinarily prudent trustee under a corporate indenture. The Trustee may resign at any time by giving no less than sixty (60) days' notice to the Corporation and to the City and, within five (5) days after giving such notice, by mailing notice of such resignation to each of the registered owners of the bonds then outstanding under this Indenture. The Trustee may be removed at any time upon the written request of or upon the affirmative vote of the registered owners of fifty -one percent (51 %) or more in principal amount of bonds outstanding. In the event of such resignation or removal, a successor may be appointed by the registered owners of fifty -one percent (51%) or more in principal amount of the bonds outstanding, and such successor shall have all the powers and obligations of the Trustee theretofore vested in its predecessor; provided that unless and until the successor Trustee shall have been appointed by the registered owners of the bonds as aforesaid, the Corporation shall forthwith appoint a Trustee to fill such vacancy. Any successor Trustee shall be a bank or trust company located in Nebraska and any such successor Trustee's appointment shall receive the written approval of the Insurer as provided in Article XIV. Section 10.02. The duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this indenture. The Trustee shall be protected when acting in good faith upon the advice of its counsel. The Trustee may conclusively rely upon any certificate of the Corporation executed by any two of the directors of the Corporation. The Trustee may require of the Corporation full information and advice as to the performance of all covenants, conditions and agreements of the Corporation contained in this Indenture or any supplement hereto, but the Trustee shall not be required to ascertain or inquire as to the correctness of any information, statements, conclusions or opinions expressed in any certificate, resolution, report, opinion or other document furnished to it pursuant to any provision of this Indenture. The Trustee is not liable or responsible for any loss resulting from the investment of monies made in accordance with the Indenture and instructions provided by the Corporation through the Project Manager. Section 10.03. The Trustee in its individual capacity may become the owner or pledgee of any bonds with the same rights it would have if it were not a Trustee hereunder. Section 10.04. The Trustee shall be entitled to reasonable compensation for all services rendered by it in the execution, exercise or performance of any of the powers and duties to be exercised or performed by it pursuant to the provisions of this Indenture and for the reasonable expenses, charges and other disbursements incurred in connection with the exercise and performance of said powers and duties, all of which under the Agreement are to be paid to Trustee by the City. W