Ord 1987-110 - Laserfiche WebLink

Home Browse Search

funds deposited with it for payment of the principal of, premium, if any, and interest on the ObHgations to pay the ObHgations as the same shaH be come due and further agrees to estabHsh and maintain al1 accounts and funds as may be required for the Bank to function as Paying Agent. Section 5.02. Re1iance on Documents. Etc. (a) The Bank may conclusively rely, as to the truth of the statements and correctness of the opinions expressed therein, on certificates or opinions furnished to the Bank. (b) The Bank shaH not be Hable for any error of judgment made in good faith by a Responsible Officer, unless it shaH be proved that the Bank was negHgent in ascertaining the pertinent facts. (c) No provisions of this Agreement shaH require the Bank to expend or risk its own funds or otherwise incur any financial liability for performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shaH have reasonable grounds for beHeving that repayment of such funds or adequate indemnity satisfactory to it against such risks or Hability is not assured to it. (d) The Bank 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, 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 Hmiting the generality of the foregoing statement, the Bank need not examine the ownership of any ObHgations, but is protected in acting upon receipt of ObJigations 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. The Bank shaH 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 suppHed by Issuer. (e) The Bank may consult with counsel, and the written advice of such counselor any opinion of counsel shall be fun and complete authorization and protection with respect to any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. (0 The Bank may exercise any of the powers hereunder and perform any duties hereunder either directly or by or through agents or attorneys and the Bank. Section 5.03. Recitals of Issuer. (a) The recitals contained herein and in the ObHgations shaH be taken as the statements of the Issuer, and the Bank assumes no responsibility for their correctness. (b) The Bank shaH in no event be Hable to the Issuer, any Owner or Owners or any other Person for any amount due on any Obligation. Section 5.04. May Hold Obligations. The Bank, in its individual or any other capacity, may become the owner or pledgee of ObHgations and may otherwise deal 2060f -7-