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ARTICLE VII <br />THE TRUSTEE <br />Section 7.01 Appointment and Acceptance of Duties. The Trustee hereby accepts and <br />agrees to the trusts hereby created to all of which the Agency agrees and the respective Owners <br />of the Bonds, by their purchase and acceptance thereof, agree. <br />Section 7.02 Duties. Immunities and Liability of Trustee. <br />(a) The Trustee shall, prior to an Event of Default, and after the curing or <br />waiver of all Events of Default which may have occurred, perform such duties and only <br />such duties as are specifically set forth in the Indenture, and no implied ditties or <br />obligations shall be read into the Indenture against the Trustee, The Trustee shall, during <br />the existence of any Event of Default (which has not been cured or waived), exercise the <br />rights and powers vested in it by the Indenture, and use the same degree of care and skill <br />in their exercise as a reasonable individual would exercise or use under the circumstances <br />in the conduct of his own affairs. <br />(b) Subject to Section 12.15, the Agency may, in the absence of an Event of <br />Default, and upon receipt of an instrument or concurrent instruments in writing signed by <br />the Owners of not less than a majority in aggregate principal amount of the Bonds then <br />Outstanding (or their attorneys duly authorized in writing) or upon receipt of a written <br />request of the Bond Insurer stating good cause, or upon receipt of a written request of any <br />Bond Insurer following an Event of Default (irrespective of cause), or if at any time the <br />Trustee shall cease to be eligible in accordance with subsection (e) of this section, or shall <br />become incapable of acting, or shall commence a case under any bankruptcy, insolvency <br />or similar law, or a receiver of the Trustee or of its property shall be appointed, or any <br />public officer shall take control or charge of the Trustee or its property or affairs for the <br />purpose of rehabilitation, conservation or liquidation, shall, remove the Trustee by giving <br />written notice of such removal to the Trustee, and thereupon the Agency shall promptly <br />appoint a successor Trustee by an instrument in writing. <br />(c) The Trustee may, subject to (d) below, resign by giving written notice of <br />such resignation to the Agency and the Bond Insurer and by giving notice of such <br />resignation by mail, first class postage prepaid, to the Owners at the addresses listed in <br />the Bond Register. Upon receiving such notice of resignation, the Agency shall promptly <br />appoint a successor Trustee by an instrument in writing, and shall notify the Bond Insurer <br />of such appointment. <br />(d) Any removal or resignation of the Trustee and appointment of a successor <br />Trustee shall become effective only upon acceptance of appointment by the successor <br />Trustee. If no successor Trustee shall have been appointed and shall have accepted <br />appointment within thirty (30) days of giving notice of removal or notice of resignation <br />as aforesaid, the resigning Trustee or any Owner (on behalf of himself and all other <br />Owners) may petition, at the expense of the Agency, any court of competent jurisdiction <br />for the appointment of a successor Trustee, and such court may thereupon, after such <br />41 <br />3 -59 <br />