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ARTICLE VII <br /> THE TRUSTEE <br /> SECTION 7.01. Appointment and Acceptance of Duties. The Trustee <br /> hereby accepts and agrees to the trusts hereby created to all of which the Authority agrees <br /> and the respective owners of the Bonds, by their purchase and acceptance thereof, agree. <br /> SECTION 7.02. Duties, Immunities and Liabilities of Trustee. (a) The <br /> Trustee shall, prior to an Event of Default, and after the curing of all Events of Default <br /> which may have occurred, perform such duties and only such duties as are specifically and <br /> expressly set forth in this Indenture and no implied duties or obligations whatsoever shall be <br /> read into this Indenture against the Trustee. The Trustee shall, during the existence of any <br /> Event of Default (which has not been cured), exercise such of the rights and powers vested <br /> in it by this Indenture, and use the same degree of care and skill in their exercise as a <br /> prudent person would exercise or use under the circumstances in the conduct of his own <br /> affairs. <br /> (b) So long as no Event of Default has occurred and is continuing, the <br /> Authority and the Bond Insurer may remove the Trustee at any time and shall remove the <br /> Trustee if at any time requested to do so by an instrument or concurrent instruments in <br /> writing signed by the Owners of not less than a majority in aggregate principal amount of <br /> the Bonds then Outstanding (or their attorneys duly authorized in writing) or if at any time <br /> the Trustee shall cease to be eligible in accordance with subsection (e) of this Section, or <br /> shall become incapable of acting, or shall commence a case under any bankruptcy, <br /> insolvency or similar law, or a receiver of the Trustee or of its property shall be appointed, <br /> or any public officer shall take control or charge of the Trustee or its property or affairs for <br /> the purpose of rehabilitation, conservation or liquidation, in each case by giving written <br /> notice of such removal to the Trustee, and thereupon shall appoint a successor Trustee by <br /> an instrument in writing. <br /> (c) The Trustee may resign by giving written notice of such resignation to the <br /> Authority and the Bond Insurer and by giving notice of such resignation by mail, first class <br /> postage prepaid, to the Owners at the addresses listed in the bond register. Upon receiving <br /> such notice of resignation, the Authority shall promptly appoint a successor Trustee <br /> acceptable to the Bond Insurer by an instrument in writing. <br /> (d) Any removal or resignation of the Trustee and appointment of a successor <br /> Trustee shall become effective upon the written consent of the Bond Insurer and upon <br /> acceptance of appointment by the successor Trustee. If no successor Trustee shall have been <br /> appointed and shall have accepted appointment within 45 days of giving notice of removal <br /> or notice of resignation as aforesaid, the resigning Trustee, at the expense of the Authority, <br /> or any Owner (on behalf of himself and all other Owners) may petition any court of <br /> competent jurisdiction for the appointment of a successor Trustee, and such court may <br /> thereupon, after such notice (if any) as it may deem proper, appoint such successor Trustee. <br /> LAI-63221.5 45 <br />