Ordinance 1988-94 - Laserfiche WebLink

Section 10. Successor Refunding Trustee. The obligations assumed by the Refunding Trustee pursuant to this Agreement may be transferred by the Refunding Trustee to a successor; provided that the Refunding Trustee has presented evidence satisfactory to the City and its bond counsel that the successor meets the requirements of RCW Chapter 39.53, as now in effect or hereafter amended, and has assumed all the obligations of the Refunding Trustee under this Agreement, and that all the Acquired Obligations and moneys held by the Refunding Trustee pursuant to this Agreement have been duly transferred to such successor. Section 11. Agreement to Remain in Force. The Refunding Trustee and the City recognize that the holders and owners from time to time of the Refunded Bonds have a beneficial interest in the Acquired Obligations and moneys to be held by the Refunding Trustee as herein provided. It is therefore understood and agreed that this irrevocable Agreement shall not be subject to amendment without the consent of the holders of the Refunded Bonds except for the purpose of(1) clarifying any ambiguity herein, or (2)to strengthen the security of the holders of the Refunded Bonds by means of revised or additional terms, conditions or covenants, (3)to strengthen the escrow by placing therein additional moneys or direct noncallable government obligations, or (4) making any amendments to the exhibits hereto or textual references herein to such exhibits necessary in connection with the deposit with the Refunding Trustee of any substitute Acquired Obligations. Section 12. Notices. All notices or requests required or permitted to be given hereunder shall, until further notice in writing, be given in writing at the following addresses: City: City of Everett, Washington 3002 Wetmore Everett, Washington 98201 Refunding Trustee: Key Bank of Washington 700 Fifth Avenue P.O. Box 12907 Seattle, Washington 98111-4907 A-9 ooTOBL.00c 94/o1/19