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1992-06-23 Resolution 57
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1992-06-23 Resolution 57
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7/18/2008 5:29:58 PM
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• by this Agreement, may be merged or converted or with which it or <br />any successor to it may be consolidated, or any corporation <br />resulting from any merger, conversion, consolidation or <br />reorganization to which the Escrow Trustee or any successor to it <br />shall be a party shall, if approved in writing by the Authority <br />(which approval shall not be unreasonably withheld), be the <br />successor Escrow Trustee under this Agreement and vested with all <br />of the title to the Trust Estate and all the estates, properties, <br />rights, immunities, powers, trusts, duties and obligations of its <br />predecessor without the execution or filing of any paper or any <br />further act, deed or conveyance on the part of any of the parties <br />hereto, anything herein to the contrary notwithstanding. <br />Section 14. Payments to Escrow Trustee. The Escrow <br />• Trustee shall be entitled to payment and reimbursement for fees <br />and for its services rendered hereunder and all advances, counsel <br />fees, and other expenses made or incurred by the Escrow Trustee in <br />connection with such services. The Escrow Trustee shall have no <br />lien, security interest or right of set-off whatsoever upon any of <br />the moneys or investments in the Escrow Fund for the payment of <br />fees and expenses for services rendered by the Escrow Trustee under <br />this Agreement. <br />Section 15. Escrow Trustee to Act as Trustee. The <br />moneys held by the Escrow Trustee in the Escrow Fund under this <br />Agreement are to be held by it as a trustee for the sole and <br />exclusive benefit of the holders from time to time of the 1988 <br /> <br />-15- <br />
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