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04-14-2021 Council Packet
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04-14-2021 Council Packet
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1/31/2022 4:05:19 PM
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13068670v2 <br /> <br /> <br />40 <br /> <br />ARTICLE VIII <br /> <br />CONCERNING THE TRUSTEE <br />Section 8.01 Acceptance of Trust and Prudent Performance Thereof. The Trustee, prior <br />to the occurrence of an Event of Default and after the curing of all such Events of Default as may <br />have occurred, undertakes to perform such duties and only such duties as are specifically set forth <br />in this Indenture. The Trustee shall during the existence of any such Event of Default (which has <br />not been cured) exercise such of the rights and powers vested in it by this Indenture, and use the <br />same degree of care and skill in its exercise, as a prudent persona would exercise or use under the <br />circumstances in the conduct of its own affairs. <br />The Trustee shall not be required to take notice or be deemed to have notice of any Default <br />or Event of Default hereunder except Default in the deposits or payments specified, unless the <br />Trustee shall be specifically notified in writing of such Default or Event of Default by the <br />Corporation, by the Issuer or by the Holders of at least twenty-five per centum (25%) in aggregate <br />principal amount of Bonds outstanding hereunder, and all notices or other instruments required by <br />this Indenture to be delivered to the Trustee must, in order to be effective, be delivered at the <br />principal office of the Trustee, and in the absence of such notice so delivered, the Trustee may <br />conclusively assume that there is no Default or Event of Default except as aforesaid. <br />No provision of this Indenture shall be construed to relieve the Trustee from liability for <br />its own negligent action, its own negligent failure to act, or its own willful misconduct, except that <br />(a) prior to such an Event of Default hereunder, and after the curing of all such <br />Events of Default which may have occurred: <br />(1) the duties and obligations of the Trustee shall be determined solely <br />by the express provisions of this Indenture, and the Trustee shall not be liable <br />except for the performance of such duties and obligations as are specifically set <br />forth in this Indenture, and no implied covenants or obligations shall be read into <br />this Indenture against the Trustee; and <br />(2) in the absence of bad faith on the part of the Trustee, the Trustee <br />may conclusively rely, as to the truth of the statements and to the correctness of <br />the opinions expressed therein, upon any certificate or opinion furnished to the <br />Trustee conforming to the requirements of this Indenture; but in the case of any <br />such certificate or opinion which by any provision hereof is specifically required <br />to be furnished to the Trustee, the Trustee shall be under a duty to examine the <br />same to determine whether or not it conforms to the requirements of this <br />Indenture; and <br />(b) at all times, regardless of whether or not any such Event of Default shall <br />exist: <br />(1) the Trustee shall not be liable for any error of judgment made in <br />good faith by a Responsible Officer or Officers of the Trustee unless it shall be <br />proved that the Trustee was negligent in ascertaining the pertinent facts, and
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