O-1991-1754 - Laserfiche WebLink

Browse Search

e e ARTICLE FIVE THE BANK SECTION 5.01. Duties or Bank. The Dank undertakes to perform the duties set forth herein and agrees to use reasonable care In the performance thereof. SECTION 5.02. ReUance OD Documents, Etc. (a) The Bank may conclusively rely, as to the truth of the statements and correctness of the opinions expressed therein, on certificates or opinions furnished to the Bank. (b) The Dank shall not be liable Cor any error of judgment made in good faith by a Responsible Officer, unless It shall be proved that the Bank was negllgent in ascertaining the pertinent facts. (c) No provisions of this Agreement shall require' 'the Bank to expend or risk its own funds or otherwise incur any financial Ilablllty for performance of any of its duties hereunder, or in the exercise of any of Its rights or powers, If it shall have reasonable grounds for believing that re"payment of such funds or adequate Indemnity saUsfactory to it against such risks or liablllty is not assured to it... (d) 'rhe Bank may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, Instrument, opinion, report, notice, request, direction, consent, order, bond, note, security, or other paper or document believed by It to be genuine and" to have been signed or presented by the proper party or p.arties. Without limiting the generality of the foregoing statement, the Dank need not examine the ownership of any Securities, but is protected in acting upon receipt of Securities containing an endorsement or Instruction of transfer or power of transfer which appears on Its face to be ~'gned by the Holder or An agent of the Holder. The Bank shall not be bound to make any investigation into the facts or matters stated In a resolution, certificate, statement, Instrument, opinion, report, notice, request, direction, consent, order, bond, note, security, or other paper or document supplied by Issuer. (e) The Dank may consult with counsel, and the written advice of such counselor any opinIon of counsel shall be full and complete authorization and protection wIth respect to any action taken, suffered, or omitted by it hereunder in good faith and in reliance thereon. (C) The Bank may exercise any of the powers hereunder and perform any duties hereunder either directly or by or through agents or attorneys of the Bank. SECTION 5.03. Recitals or Issuer. The recitals contained herein with respect to the Issuer and in the Securities shall be taken as the statements of the Issuer, and the Bank assumes no responsiblllty for their correctness. The Dank shall in no event be liable to the Issuer, any Holder or Holders of any Security t or any other Person for any amount due on any Security from its own funds. 6