Common use of Bonds Deemed to be Paid Clause in Contracts

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid within the meaning of this Article when payment of the principal of and interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1) have been made or caused to be made in accordance with the terms thereof, or (2) have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State in trust and irrevocably set aside exclusively for such payment (A) moneys sufficient to make such payment or (B) Government Securities maturing as to principal and interest in such amount and at such times as will ensure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are deemed to be paid hereunder, as aforesaid, they shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of such payment from such moneys or Government Securities. (b) Notwithstanding the foregoing, in the case of Bonds which by their terms may be redeemed before the stated maturities thereof, no deposit under clause (2) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, proper notice of such redemption has been given in accordance with Article III or irrevocable instructions have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds shall be applied to and used solely for the payment of the particular Bonds, with respect to which such moneys and Government Securities have been so set aside in trust.

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid within the meaning of this Article Indenture when payment of the principal of and the applicable premium, if any, on such Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1i) shall have been made or caused cause to be made in accordance with the terms thereof, or (2ii) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State Trustee, in trust and irrevocably set aside exclusively for such payment (A1) moneys sufficient to make such payment or (B2) Government Securities maturing as to principal and interest in such amount and at such times as will ensure insure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of any such payment from such moneys or Government Securities. (b) Notwithstanding the foregoing, in the case of the redemption of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2ii) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, until proper notice of such redemption has shall have been given in accordance with Article III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section Section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds (including premium thereon, if any) and interest thereon shall be applied to and used solely for the payment of the particular BondsBonds (including premium thereon, if any) and interest thereon with respect to which such moneys and Government Securities have been so set aside in trust.

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid paid, discharged and defeased within the meaning of this Article Indenture and shall cease to be Outstanding under this Indenture when payment of the principal of and the applicable premium, if any, on such Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1i) shall have been made or caused to be made in accordance with the terms thereof, or (2ii) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State Paying Agent, in trust and irrevocably set aside exclusively for such payment (A) payment, moneys and Defeasance Obligations in an amount, together with the income or increment to accrue thereon, without consideration of any reinvestment thereof, sufficient to make such payment or (B) Government Securities maturing payment. At such time as to principal and interest in such amount and at such times as will ensure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of any such payment from such moneys or Government SecuritiesObligations. (b) Notwithstanding the foregoing, in the case of the redemption of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2ii) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, until proper notice of such redemption has shall have been given in accordance with Article ARTICLE III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section of this Indenture which may be contrary anything to the provisions of contrary contained in this SectionIndenture, all moneys or Government Securities Obligations set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds (including premium thereon, if any) and interest thereon shall be applied to and used solely for the payment of the particular BondsBonds (including premium thereon, if any) and interest thereon with respect to which such moneys and Government Securities Obligations have been so set aside in trust.

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid within the meaning of this Article Indenture when payment of the principal of and the applicable premium, if any, on such Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1i) shall have been made or caused to be made in accordance with the terms thereof, or (2ii) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State Trustee, in trust and irrevocably set aside exclusively for such payment (A1) moneys sufficient to make such payment or (B2) non-callable Government Securities maturing as to principal and interest in such amount and at such times as will ensure insure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of any such payment from such moneys or Government Securities. (b) Notwithstanding the foregoing, in the case of the redemption of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2ii) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, until proper notice of such redemption has shall have been given in accordance with Article III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section Section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds (including premium thereon, if any) and interest thereon shall be applied to and used solely for the payment of the particular BondsBonds (including premium thereon, if any) and interest thereon with respect to which such moneys and Government Securities have been so set aside in trust.

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid within the meaning of this Article when payment of the principal of and interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1) shall have been made or caused to be made in accordance with the terms thereof, or (2) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State in trust and irrevocably set aside exclusively for such payment (Ai) moneys sufficient to make such payment or (Bii) Government Securities maturing as to principal and interest in such amount and at such times as will ensure insure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of such payment from such moneys or Government Securities. (b) Notwithstanding the foregoing, in the case of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before prior to their respective stated maturities, proper notice of such redemption has shall have been given in accordance with Article ARTICLE III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds and coupons shall be applied to and used solely for the payment of the particular BondsBonds and coupons, if any, with respect to which such moneys and Government Securities have been so set aside in trust.

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid within the meaning of this Article Indenture when payment of the principal of and the applicable premium, if any, on such Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1i) shall have been made or caused cause to be made in accordance with the terms thereof, or (2ii) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State Trustee, in trust and irrevocably set aside exclusively for such payment (A1) moneys sufficient to make such payment or (B2) Government Securities maturing as to principal and interest in such amount and at such times as will ensure insure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are At such time as a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of any such payment from such moneys or Government Securities. (b) . Notwithstanding the foregoing, in the case of the redemption of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2ii) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, until proper notice of such redemption has shall have been given in accordance with Article III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) . Notwithstanding any provision of any other section Section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds (including premium thereon, if any) and interest thereon shall be applied to and used solely for the payment of the particular BondsBonds (including premium thereon, if any) and interest thereon with respect to which such moneys and Government Securities have been so set aside in trust.. MISCELLANEOUS PROVISIONS

Bonds Deemed to be Paid. (a) Bonds shall be deemed to be paid paid, discharged and defeased within the meaning of this Article Indenture and shall cease to be Outstanding under this Indenture when payment of the principal of and the applicable premium, if any, on such Bonds, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1i) shall have been made or caused to be made in accordance with the terms thereof, or (2ii) shall have been provided for by depositing with the Trustee or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State Paying Agent, in trust and irrevocably set aside exclusively for such payment (A) payment, moneys and Defeasance Obligations in an amount, together with the income or increment to accrue thereon, without consideration of any reinvestment thereof, sufficient to make such payment or (B) Government Securities maturing payment. At such time as to principal and interest in such amount and at such times as will ensure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are a Bond shall be deemed to be paid hereunder, as aforesaid, they it shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of any such payment from such moneys or Government SecuritiesDefeasance Obligations. (b) Notwithstanding the foregoing, in the case of the redemption of Bonds which by their terms may be redeemed before prior to the stated maturities thereof, no deposit under clause (2ii) of the immediately preceding paragraph shall be deemed a payment of such Bonds as aforesaid until, as to all such Bonds which are to be redeemed before their respective stated maturities, until proper notice of such redemption has shall have been given in accordance with Article III of this Indenture or irrevocable instructions shall have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section of this Indenture which may be contrary anything to the provisions of contrary contained in this SectionIndenture, all moneys or Government Securities Obligations set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds (including premium thereon, if any) and interest thereon shall be applied to and used solely for the payment of the particular BondsBonds (including premium thereon, if any) and interest thereon with respect to which such moneys and Government Securities Defeasance Obligations have been so set aside in trust.

Bonds Deemed to be Paid. (a) All outstanding Bonds shall shall, prior to the maturity or redemption date thereof, be deemed to be have been paid within the meaning and with the effect expressed in Section 1001 if (a) in case said Bonds are to be redeemed on any date prior to their maturity, the Issuer shall have given to the Trustee in form satisfactory to it irrevocable instructions to mail on a date in accordance with the provisions of Section 402 hereof notice of redemption of such Bonds on said redemption date, such notice to be given in accordance with the provisions of Section 402 hereof, (b) there shall have been deposited with the Trustee either moneys in an amount, or obligations of or guaranteed as to principal and interest by the United States of America, which shall not contain provisions permitting the redemption thereof at the option of the Issuer, the principal of and the interest on which when due, and without any reinvestment thereof, will provide moneys which together with the moneys, if any, deposited with or held by the Trustee at the same time, shall be sufficient to pay when due the principal of and premium, if any, and interest due and to become due on said Bonds on and prior to the redemption date or maturity date thereof, as the case may be, and (c) in the event all or any part of said Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days, the Issuer shall have given the Trustee in form satisfactory to it irrevocable written instructions to mail, as soon as practicable in the same manner as a notice of redemption is mailed pursuant to Section 402 hereof, a notice to the holders of such Bonds that the deposit required by (b) above has been made with the Trustee and that the said Bonds are deemed to have been paid in accordance with this Article when Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal of and premium, if any, and interest thereon to on said Bonds. Neither the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in this Indenture, or otherwise), either (1) have been made or caused to be made in accordance with the terms thereof, or (2) have been provided for by depositing obligations nor moneys deposited with the Trustee pursuant to this Section nor principal or other commercial bank or trust company having full trust powers and authorized to accept trusts in the State in trust and irrevocably set aside exclusively for interest payments on any such payment (A) moneys sufficient to make such payment or (B) Government Securities maturing as to principal and interest in such amount and at such times as will ensure the availability of sufficient moneys to make such payment, or (C) have been provided for by surrendering the Bonds to the Trustee for cancellation. When the Bonds are deemed to be paid hereunder, as aforesaid, they shall no longer be secured by or entitled to the benefits of this Indenture, except for the purposes of such payment from such moneys or Government Securities. (b) Notwithstanding the foregoing, in the case of Bonds which by their terms may be redeemed before the stated maturities thereof, no deposit under clause (2) of the immediately preceding paragraph securities shall be deemed a payment of such Bonds as aforesaid untilwithdrawn or used for any purpose other than, as to all such Bonds which are to and shall be redeemed before their respective stated maturities, proper notice of such redemption has been given in accordance with Article III or irrevocable instructions have been given to the Trustee to give such notice. (c) Notwithstanding any provision of any other section of this Indenture which may be contrary to the provisions of this Section, all moneys or Government Securities set aside and held in trust pursuant to the provisions of this Section for the payment of Bonds shall be applied to and used solely for for, the payment of the particular principal of and premium, if any, and interest on said Bonds; provided that any cash received from such principal or interest payments on such obligations deposited with the Trustee, with respect if not then needed for such purpose, shall, to which the extent practicable, be reinvested in obligations of the type described in clause (b) of this paragraph maturing at times and in amounts sufficient to pay when due the principal of and premium, if any, and interest to become due on said Bonds on and prior to such moneys redemption date or maturity date thereof, as the case may be, and Government Securities have been so set aside in the interest earned from such reinvestments may be paid over to the Lessee, as received by the Trustee, free and clear of any trust, lien and pledge. Any release under this Section 1002 shall be conditioned upon payment to the Trustee of all reasonable compensation for all services rendered by it under this Indenture and all its reasonable expenses, charges and other disbursements and those of its attorneys, agents and employees, incurred on and about the administration of trusts by this Indenture created and the performance of its powers and duties under this Indenture.