Ord 1999-003 - Laserfiche WebLink

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(c) Any successor Escrow Agent shall (i) be a corporation organized and doing business under the laws of the United States or the State of Texas; (ii) be authorized under such laws to exercise corporate trust powers; (iii) have its principal office and place of business in the State of Texas; (iv) have a combined capital and surplus of at least $5,000,000; (v) be subject to the supervision or examination by Federal or State authority; and (vi) be qualified to serve as Escrow Agent under the provisions of TEx. REv. CIv. STAT. ANN. art. 717k, as amended. Any successor Escrow Agent shall execute, acknowledge and deliver to the Issuer and the Escrow Agent an instrument accepting such appointment hereunder, and the Escrow Agent shall execute and deliver an instrument transferring to such successor Escrow Agent, subject to the terms of this Agreement, all the rights, powers and trusts of the Escrow Agent hereunder. Upon the request of any such successor Escrow Agent, the Issuer shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor Escrow Agent all such rights, powers and duties. The Escrow Agent shall pay over to its successor Escrow Agent a proportional part of the Escrow Agent's fee hereunder. ARTICLE VIII REDEMPTION OF REFUNDED BONDS Section 8.01. Redemption of Refunded Bonds. Pursuant to the proceedings that authorized the issuance of the Bonds, the Issuer has called the Refunded Bonds for redemption on the dates and at the prices set forth in Exhibit A. Section 8.02. Notice of Redemption. The Escrow Agent, as the successor to the initial paying agent/registrar for the Refunded Bonds, is hereby authorized and directed to cause notice of defeasance and redemption of the Refunded Bonds to be given at the time and in the form and manner prescribed in the proceedings that authorized the issuance of the Refunded Bonds. Section 8.03. Acknowledgment of Notice of Redemption. The Escrow Agent, by its execution hereof, as paying agent/registrar for the Refunded Bonds, acknowledges receipt of written notice of the redemption of the Refunded Bonds, as required by the proceedings that authorized the issuance of the Refunded Bonds, and agrees to provide or cause to be provided notice of defeasance and redemption of such refunded bonds as required by the proceedings that authbrized the issuance of such refunded bonds. ARTICLE IX MISCELLANEOUS Section 9.01. Notice. Any notice, authorization, request, or demand required or permitted to be given hereunder, shall be in writing and shall be deemed to have been duly given when mailed by registered or certified mail, postage prepaid, to the addresses set forth on Exhibit F attached hereto and incorporated herein by reference. The United States Post Office registered or certified mail receipt showing delivery ofthe aforesaid shall be conclusive evidence of the date and fact of delivery. Either party hereto may change the address to which notices are to be delivered by giving to the other party not less than ten (10) days prior notice thereof. R.ISANMARlGORI.99\DOCS\ESCROW.WPD 9