Agenda - 03-02-2006-8bTA - Laserfiche WebLink

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Section 12.04. Non-Business Days. If a Certificate Payment Date is not a Business Day, then payment will be made on the next Business Day, and no interest will accrue for the intervening period. When any other action is provided in this Trust Agreement to be done on a day or within a time period named, and the day or the last day of the period is not a Business Day, the action may be done on the next ensuing Business Day. Section 12.05. Governing La~v. The parties intend that North Carolina law will govern tlus Trust Agreement. To the extent permitted by law, the parties agree that any action brought with respect to this Tnist Agreement will be brought in the North Carolina General Court of Justice in Orange County, North Carolina. Section 12.06. Limitation on Liability of Officers and Agents. No officer, agent or employee of the Company, the County or the LGC will be subject to any personal liability or accountability by reason of lus execution of this Trust Agreement., the Certificates or any other documents related to the transactions contemplated hereby. Such officers or agents will be deemed to execute such documents in their official capacities only, and not in their individual capacities. This Section will not relieve an officer, agent or emplo~ree of the County or the Company from the performance of any official duty pro~jided by lauT or tlus Trust Agreement.. Section 12.07. Records. The Trustee will keep complete and accurate records of all moneys received and disbursed by it under this Trust Agreement, which will be available for inspection by the County, the Company and any Owner, or any of their agents at any time during regular business hours upon reasonable prior notice. Section 12.08. Binding Effect. This Trust Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors and assigns. Section 12.09. Waiver of Notice. Whenever in this Trust Agreement the giving of notice is required, the giving of such notice may be waived in writing by the person entitled to receive such notice and in any case the giving or receipt of such notice ti~jill not be a condition precedent to the validity of any action taken in reliance upon such uJaiver. Section 12.10. References to Insurer. All references to the Insurer herein shall be disregarded and deemed to have been deleted if the Insurer is then in default with respect to its obligations under the Policy, is insolvent or is in bankruptcy, or if the Policy has been declared in~jalid by any court of competent jurisdiction. 93362v2 36