RES 94045A - Laserfiche WebLink

Installment Payments by the City, or with respect to the performance by the City of the other agreements and covenants required to be performed by it contained in the Installment Purchase Contracts or herein, or with respect to the performance by the Trustee of any right or obligation required to be performed by it contained herein. Section 6.06. No Liability by the City to the Owners. Except for the payment when due of the Installment Payments and the interest thereon, and the performance of the other agreements and covenants required to be performed by it contained in the Installment Purchase Contracts or herein, the City will not have any obligation or liability to the Owners with respect to this Trust Agreement or the preparation, execution, delivery or transfer of the Bonds or the disbursement of the Installment Payments, and the interest thereon, by [he Trustee, or with respect to the performance by the Trustee of any right or obligation required to be performed by it contained herein. Section 6.07. No Liability by the Trustee to the Owners. Except for the duty of the Trustee to make payments of principal, redemption premiums and interest with respect to the Bonds from moneys received from [he City, the Trustee will not have any obligation or liability to the Owners with respect to the payment when due of the Installment Payments and the interest thereon by the City, or with respect to the performance by the City of the other agreements and covenants required to be performed by it contained in the Installment Purchase Contracts or herein. Section 6.08 Linvtation on Owners' Right to Bring Suit. No Owner of any Bond shall have any right to institute any proceeding, judicial or otherwise, under or with respect [o this Trust Agreement, or for the appointment of a receiver or trustee or for any other remedy hereunder, at law or in equity, unless: (1) such Owner has previously given written notice to the Trustee of a continuing event of default; (2) the owners of not less than a majority in principal amount of the Bonds Outstanding shall have made written request to the Trustee to institute proceedings in respect of such event of default in its own name as Trustee hereunder, (3) such Owner or Owners have offered to the Trustee reasonable indemnity, satisfactory to the Trustee, against the vests, expenses and liabilities to be incurred in compliance with such request; and (4) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding. It being understood and intended that no one or more Owners shall have any right in any manner whatever by virtue of; or by availing of, any provision of this Trust Agreement to affect, disturb or prejudice the lien of this Trust Agreement or the rights of any other Owners or to obtain or to seek to obtain priority or preference over any other Owners or to enforce any right under this Trust Agreement, except in the manner herein provided and for the equal and ratable benefit of all Bonds. Notwithstanding the foregoing, the Owner of any Bond shall have the right which is absolute and unconditional to receive payment of interest on such Bond when due in accordance with the terms 94067612LA1 24