RES 94045A - Laserfiche WebLink

respectively for principal and interest, to the Persons entitled thereto without any discrimination or privilege; and Second: To the payment of amounts, if any, payable to the United States Treasury in respect of rebate. Whenever moneys are to be applied pursuant to the provisions of this Section, such moneys shall be applied at such times, and from time to time, as the Tmstee shat] determine, having due regard For the amount of such moneys available for such application in the future. Whenever the Trustee shall apply such moneys (which shall not include the application of moneys upon the occurrence of any acceleration pursuant to the provisions hereof), it shall fix [he date (which shall be an Interest Payment Date unless it shall deem another date more suitable) upon which date such application is to commence and upon such date interest on the amounts of principal and interest to be paid on such date shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with i[ of any such moneys and of the fixing of any such date and of [he special record date in accordance with Article II hereof. The Trustee shall not be requved to make payment to the holder of any unpaid Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid ARTICLE VII THE TRUSTEE Section 7.01. Trustee; Duties, Removal and Resignation. By executing and delivering the Trust Agreement, the Tmstee accepts the duties and obligations of the Trustee provided in the Trust Agreement, but only upon the.[erms and conditions set forth ircthe Trust Agreement. The Authority, the L'iry 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 Tmstee resigns, the Authority shall appoint a successor Tmstee, but any such successor shall be a bank or trust tympany 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 referzed to, then for the purposes of [his 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. The Trustee may at any time resign by giving written notice to [he Authority and the City and by giving to the Bond Owners notice by mailing a notice of such resignation to their addresses appearing in the Bond Register. Upon receiving any such notice of resignation, the Authority shall promptly appoint a successor Trustee by an instrument in writing; provided, however, that in the event that [he Authority does not appoint a successor Trustee within thirty (30) days following receipt of such notice of resignation, the resigning Trustee may petition an 26 9406NIIL.LA1