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1994-06-21 Minutes
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1994-06-21 Minutes
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and the successor Trustee shall become such Trustee, Registrar and <br />• Paying Agent unless a separate Paying Agent or Agents are appointed <br />by the Authority in connection with the appointment of any <br />successor Trustee. <br />Section 1016. Designation and Succession of Paying <br />Agents; Appointment and Acceptance of Duties; Removal. (a) Subject <br />to Section 1017 hereof, the Trustee is hereby designated and. agrees <br />to act as principal-Paying Agent and as Registrar for and in <br />respect of the Bonds. <br />(b) The Authority may appoint one or more additional <br />Paying Agents for the Bonds. Any such Paying Agent shall be a <br />commercial bank with trust powers or trust company organized under <br />the laws of the United States of America or one of the states <br />thereof. Each Paying Agent other than the Trustee shall signify <br />its acceptance of the duties and obligations imposed upon it by the <br />Indenture by executing and delivering to the Authority and the <br />Trustee a written acceptance thereof. The Authority may remove any <br />Paying Agent other than the Trustee and any successors thereto, and <br />appoint a successor or successors thereto; provided that any such <br />Paying Agent designated by the Authority shall continue to be a <br />Paying Agent of the Authority for the purpose of paying the <br />principal of, premium, if any, and interest on the Bonds until the <br />designation of a successor as such Paying Agent. Each Paying Agent <br />is hereby authorized to pay or redeem Bonds when duly presented to <br />• it for payment or redemption, which Bonds shall thereafter be <br />delivered to the Trustee for cancellation. <br />(c) The Paying Agents shall enjoy the same protective <br />provisions in the performance of their duties hereunder as are <br />specified in Section 1001 hereof with respect to the Trustee <br />insofar as such provisions may be applicable. <br />Section 1017. Tender Agent. The Trustee may, at all <br />times on or before the final Conversion Date applicable to all of <br />the Bonds, appoint a Tender Agent with the power to act, on or <br />prior to such Conversion Date, on the Trustee's behalf and subject <br />to its direction in the authentication and delivery of the Bonds <br />and in connection with registration of transfers and exchanges, <br />tenders, redemptions, notices and purchases thereof and payments <br />thereon, as fully to all intents and purposes as though the Tender <br />Agent had been expressly authorized hereunder to authenticate, <br />deliver, pay, transfer and exchange Bonds; receive notices pursuant <br />to Section 501, purchase tendered Bonds and make payments on the <br />Bonds. The Trustee and the Tender Agent may enter into an <br />agreement whereby the Tender Agent agrees to calculate the interest <br />to be paid on each Interest Payment Date, and will relay such <br />information to the Trustee for its confirmation. In the absence <br />of such an agreement, the Trustee shall calculate such interest. <br />For all purposes, any such Tender Agent shall be deemed to be <br />acting solely as the Agent of the Trustee and the authentication, <br />• 95 <br />
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