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<br />l <br /> <br />I <br />l <br /> <br />authorization and protection in respect of any action taken or suffered hereunder <br />in good faith and in accordance therewith. <br /> <br />The Servicing Agent shall not be bound to recognize any person as the Owner <br />of any Bond unless and until such Bond is submitted for inspection, if required, <br />and title thereto satisfactorily established, if disputed. <br /> <br />Section 9.04. Compensation and Expenses. The Company shall be required to <br />pay to the Servicing Agent, pursuant to the Agreement, an administration fee of <br />$2,000 to be paid on the Delivery Date together with a monthly servicing fee equal <br />to 1/12 of 3/8 of 1% of the outstanding principal amount of the Bonds, in <br />compensation for all of the the services rendered under this Resolution, and the <br />Company also shall be required to payor reimburse all reasonable expenses, <br />charges, legal and consulting fees and other disbursements and those of attorneys, <br />agents and employees, incurred by the Servicing Agent in and about the performance <br />of its powers and duties under this Resolution. The Authority further covenants <br />and agrees to indemnify and save the Servicing Agent harmless against any loss, <br />expense, and liabilities which it may incur arising out of or in the exercise and <br />performance of its powers and duties hereunder, including the costs and expenses of <br />defending against any claim of liability, including liabilities based on the <br />Servicing Agent's ordinary negligence, but excluding liabilities which are due to <br />its gross negligence or willful default. <br /> <br />24 <br />