1991-11-13 Resolution 45 - Laserfiche WebLink

Home Browse Search

Section 14. Escrow Trustee to Act as Trustee. The moneys held by the Escrow Trustee in the Escrow Fund under this Agreement are to be held by it as a trustee for the sole and exclusive benefit of the holders from time to time of the 1988 Bonds and are to be used by the Escrow Trustee, as trustee for such bondholders, only as set forth in this Agreement. Section 15. Permitted Acts. The Escrow Trustee and its affiliates may become the owner of or may deal in the 1988 Bonds as fully and with the same rights as if it were not the Escrow Trustee. Section 16. Unclaimed Monevs. Upon termination hereof in accordance with Section 17 hereof, any moneys then held by the Escrow Trustee under the terms hereof shall be transferred and applied in accordance with Section 8 hereof. • Section 17. Term. This Agreement shall commence upon its execution and delivery and shall terminate when the 1988 Bonds have been paid and discharged in accordance with the provisions of the 1988 Resolution and the 1988 Trust Agreement and all duties and obligations of the Escrow Trustee pursuant to this Agreement have been fulfilled and satisfied, and any remaining moneys, together with any increment thereto and interest earned thereon in the Escrow Fund have been transferred by the Escrow Trustee to the South Bend Redevelopment Authority Stadium Facility Sinking Fund in accordance with Section 8 hereof. If any 1988 Bonds are not presented for payment, the Escrow Trustee shall retain funds for -14-