Ordinance 1858-92 - Laserfiche WebLink

which it was received. Neither the Trustee nor any paying agent shall be under any liability for interest on any money received by it hereunder. Section 6. 03 . Compensation. The Trustee shall receive from the City (as Additional Rent) as compensation for its services hereunder the initial fee of $ and an annual fee of $ , paid in advance, for so long as the Certificates are Outstanding. In the event all the Lease Payments represented by the Certificates are prepaid in full prior to their scheduled maturity, the Trustee shall promptly remit to the City an amount equal to the annual fees for such years remaining of the original lease term for which services of the Trustee are no longer required. In addition, in accordance with the Lease the Trustee shall be entitled to payment and/or reimbursement from the City for reasonable fees for its services rendered hereunder; disbursements and all advances, counsel fees and other expenses reasonably and necessarily made or incurred by the Trustee (including the reasonable compensation and the expenses and disbursements of its counsel and all persons not regularly in its employ) , in connection with such services hereunder and, in the event that it should become necessary that the Trustee perform extraordinary services, it shall be entitled to reasonable extra compensation therefor from the City, and to reimbursement from the City for reasonable and necessary extraordinary expenses in connection therewith; provided, that if such extraordinary services is due to the willful misconduct or negligence of the Trustee, it shall not be entitled to compensation or reimbursement therefor. Section 6. 04 . Notice of Default; Right to Investigate. The Trustee shall, within thirty (30) days after the occurrence of an event of default, give written notice by first class mail to Owners of Certificates, of all defaults known to the Trustee and send a copy of such notice to the City unless such defaults have been remedied (the term "defaults" for purposes of this Section 6. 04 and Section 6. 05 hereof being defined to include the events specified in Clauses A through C of Section 5. 01 hereof, not including any notice or periods of grace provided for therein) ; provided that, except in the case of a default under Clauses A or B of Section 5 . 01, the Trustee may withhold such notice so long as it in good faith determines that such withholding is in the interest of the Owners. The Trustee shall not be deemed to have notice of any default unless it has actual knowledge thereof or has been notified in writing of such default by the Owners of at least a majority in principal amount of the Certificates then Outstanding. The Trustee may, however, at any time require of the City full information as to the performance of any covenant hereunder; and, if information satisfactory to it is not forthcoming, the Trustee may make or cause to be made an investigation into the affairs of the City related to this Agreement. C-20 KR173 92/01/27