Indenture of Trust (1996) - Laserfiche WebLink

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Section 2.09. CUSIP Numbers. The Trustee, the Authority and the Members shall not be liable for any defect or inaccuracy in the CUSIP number that appears on any Bond or in any redemption notice. The Trustee may, in its discretion, include in any redemption notice a statement to the effect that the CUSIP numbers on the Bonds have been assigned by an independent service and are included in such notice solely for the convenience of the Owners and that neither the Trustee,the Authority nor the Members shall be liable for any inaccuracies in such numbers. Section 2.10. Payment Procedure Pursuant to Municipal Bond Insurance Policy. (a) In the event that, on the second Business Day, and again on the Business Day, prior to each Interest Payment Date, the Trustee has not received sufficient moneys to pay all principal and interest due with respect to the Bonds due on the second following or following, as the case may be, Business Day, the Trustee shall immediately notify the Municipal Bond Insurer or its designee on the same Business Day by telephone or telegraph,confirmed in writing by registered or certified mail,of the amount of the deficiency. (b) If the deficiency is made up in whole or in part prior to or on the Interest Payment Date, the Trustee shall so notify the Municipal Bond Insurer or its designee. (c) In addition,if the Trustee has actual knowledge that any Owner has been required to disgorge payments of principal or interest with respect to the Bonds to a trustee in bankruptcy or creditors or others pursuant to a final judgment by a court of competent jurisdiction that such payment constitutes a voidable preference to such Owner within the meaning of any applicable bankruptcy laws, then the Trustee shall notify the Municipal Bond Insurer or its designee of such fact by telephone or telegraphic notice, confirmed in writing by registered or certified mail. (d) The Trustee is hereby irrevocably designated, appointed, directed and authorized to act as attorney-in-fact for the Owners as follows: (i) If and to the extent there is a deficiency in amounts required to pay interest with respect to the Bonds, the Trustee shall (A) execute and deliver to State Street Bank and Trust Company, N.A., or its successors under the Municipal Bond Insurance Policy (the "Insurance Trustee"), in form satisfactory to the Insurance Trustee, an instrument appointing the Municipal Bond Insurer as agent for such Owners in any legal proceeding related to the payment of such interest and an assignment to the Municipal Bond Insurer of the claims for interest to which such deficiency relates and which are paid by the Municipal Bond Insurer, (B) receive, as designee of the respective Owners (and not as Trustee)in accordance with the tenor of the Municipal Bond Insurance Policy,payment from the Insurance Trustee with respect to the claims for interest so assigned, and (C) disburse the same to such respective Owners,and (ii) If and to the extent of a deficiency in amounts required to pay principal with respect to the Bonds, the Trustee shall (A) execute and deliver to the Insurance Trustee in form satisfactory to the Insurance Trustee an instrument appointing the Municipal Bond Insurer as agent for such Owner in any legal proceeding relating to the payment of such principal and an assignment to the Municipal Bond Insurer of any of the Bond surrendered to the Insurance Trustee of so much of the principal amount thereof as has not previously been paid or for which moneys are not held by the Trustee and available for such payment (but such assignment shall be delivered only if payment from the Insurance Trustee is received), (B) receive,as designee of the respective Owners (and not -15-