RES 94045A - Laserfiche WebLink

(c) Nonouroose Oblieations. All amounts received from investments in the Rebate Account shall be credited to and retained in the Earnings Account upon the receipt thereof. Investments held in the Rebate Account shall be valued in the manner provided in the Rebate Memorandum. (d) Credits. On or before the first day of each Rebate Year (as defined in the Rebate Memorandum), upon Authority's written directioq an amount shall be credited to the Rebate Fund, if and to the extent required, so that the balance of [he Rebate Fund shall equal the Aggregate Rebate Amount (as defined in the Rebate Memorandum) for the Rebate Year commencing on such first day. In the event that on the first day of any Rebate Year the amount credited to the Rebate Account exceeds the Aggregate Rebate Amount, the Trustee, upon written instructions from the Authority, shall withdraw the excess from the Rebate Account and credit the excess to the Payment Fund. (e) Termination. The Trustee shall cease to maintain the Rebate Fund upon receipt of a Certificate of the Authority so instructing the Trustee accompanied by an opinion of nationally recognized bond counsel that the Au[horiTy or the transaction contemplated by this Trust Agreement is not subject to the Rebate Amount (as defined in the Rebate Memorandum). In that event, the Trustee shall credit any remaining monies in the Rebate .Fund to the Lease Payment Fund. ARTICLE IV THE TRUSTEE Section 401. Trustee; Du[iea, Removal and Resignation. By executing and delivering the Trust Agreement, the Trustee accepts the duties and obligations of the Trustee provided in the Trust Agreement, but only upon the terms and conditions set forth in the Trust Agreement. The Authority, the City or the Owners of a majority in aggregate principal amount of all Bonds Outstanding may, by thirty (30) days prior written request, remove the Trustee initially a party hereto, and any successor thereto, and in such event, or in the event the Trustee resigns, the Authority shall appoint a successor Trustee, but any such successor shall be a bank or trust company in good standing doing business and having an office in Los Angeles or San Francisco, California, having a combined capital (exclusive of borrowed capital) and surplus of at least Fifty Million Dollars ($50,000,000) and subject to supervision or examination by federal or state authority. If such bank or trust company publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this Section the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of conditions so published. 15 9406901M.IA1