Laserfiche WebLink
The Agency acknowledges that to the extent regulations of the Comptroller of the <br />Currency or other applicable regulatory entity grant the Agency the right to receive brokerage <br />confirmations of security transactions as they occur, the Agency will not receive such <br />confirmations to the extent permitted by law. The Trustee will furnish the Agency periodic cash <br />transaction statements which shall include detail for all investment transactions made by the <br />Trustee hereunder. <br />The Trustee or any of its affiliates may act as agent, sponsor or advisor in connection <br />with any investment made by the Trustee hereunder. To the extent Permitted Investments are <br />registrable, such investments shall be registered in the name of the Trustee. The Trustee may sell <br />or present for redemption, any securities so purchased whenever it shall be necessary to provide <br />moneys to meet any required payment, transfer, withdrawal or disbursement from the fund or <br />account to which such securities are credited, and the Trustee shall not be responsible for any <br />loss resulting from such investment, The Trustee is hereby authorized t, in making or disposing <br />of any investment permitted by this Section, to deal with itself (in its individual capacity) or with <br />any one or more of its affiliates, whether it or such affiliate is acting as an agent of the Trustee or <br />for any third person or dealing as principal for its own account. The Trustee shall have no <br />investment discretion. <br />Section 5.05 2016 Reserve Policy Payment and Reimbursement Provisions. <br />[TAE FOLLOWING ARE SAMPLE BOND INSURER PROVISIOINS] <br />The following provisions shall govern in the event of a conflict with any contrary provision of <br />the Indenture. <br />(a) The Agency shall repay from available Tax Revenues any draws under the <br />2016 Reserve Policy and pay all related reasonable expenses incurred by the 2016 Bond <br />Insurer and shall pay interest thereon from the date of payment by the 2016 Bond Insurer <br />at the Late Payment Rate, "Late Payment Rate" means the lesser of (x) the greater of (i) <br />the per annum rate of interest, publicly announced from time to time by JPMorgan Chase <br />Bank at its principal office in the City of New York, as its prime or base lending rate <br />( "Prime Rate ") (any change in such Prime Rate to be effective on the date such change is <br />announced by JPMorgan Chase Bank) plus 3.00 %, and (ii) the then applicable highest <br />rate of interest on the outstanding Series 2016 Bonds and (y) the maximum rate <br />permissible under applicable usury or similar laws limiting interest rates, The Late <br />Payment Rate shall be computed on the basis of the actual number of days elapsed over a <br />year of 360 days. In the event JPMorgan Chase Bank ceases to announce its Prime Rate <br />publicly, Prime Rate shall be the publicly announced prime or base lending rate of such <br />national bank as the 2016 Bond Insurer shall specify. If the interest provisions of this <br />subparagraph (a) shall result in an effective rate of interest which, for any period, exceeds <br />the limit of the usury or any other laws applicable to the indebtedness created herein, then <br />all suns in excess of those lawfully collectible as interest for the period in question shall, <br />without Rather agreement or notice between or by any party hereto, be applied as <br />additional interest for any later periods of time when amounts are outstanding hereunder <br />to the extent that interest otherwise due hereunder for such periods plus such additional <br />interest would not exceed the limit of the usury or such other laws, and any excess shall <br />32 <br />3 -50 <br />