Ord 1988-018 - Laserfiche WebLink

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MTrust will, within a reasonable time after receipt of written request from the Issuer, furnish the Issuer information as to the Bonds it has paid pursuant to Section 3.01, the Bonds that it has de1ivered upon the transfer or exchange of any Bonds pursuant to Section 4.01, and the Bonds that it has de1ivered in exchange for or in 1ieu of mutilated, destroyed, lost or stolen Bonds pursuant to Section 4.06. ARTICLE FIVE MTRUST Section 5.01. Duties of MTrust. MTrust undertakes to perform the duties set forth herein and in accordance with the Bond Resolution and agrees to use reasonable care in the performance thereof. MTrust hereby agrees to use the funds deposited with it for payment of the principal of, premium, if any, and interest on the Bonds to pay the Bonds as the same shall become due and further agrees to estab1ish and maintain all accounts and funds as may be required for MTrust to function as Paying Agent. Section 5.02. Re1iance on Documents. (a) MTrust may conclusively rely, as to the truth of the statements and correctness of the opinions expressed therein, on certificates or opinions furnished to MTrust. (b) MTrust shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that MTrust was negligent in ascertaining the pertinent facts. (c) No provisions of this Agreement shall require MTrust to expend or risk its own funds or otherwise incur any financial 1iability for performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risks .or liability is not assured to it. (d) MTrust may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, certificate, note, security, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. Without limiting the generality of the foregoing statement, MTrust need not examine the ownership of any Bonds, but is protected in acting upon receipt of Bonds containing an endorsement or instruction of transfer or power of transfer which appears on its face to be signed by the Owner or an attorney-in-fact of the Owner. MTrust shall not be bound to make any investigation into the facts or matters stated in a resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, certificate, note, security or other paper or document supp1ied by Issuer. 243lf -7-