Common use of Bonds Not Presented for Payment Clause in Contracts

Bonds Not Presented for Payment. In the event any Bonds shall not be presented for payment when the final principal repayment thereof becomes due, whether at Maturity, or upon the acceleration of Maturity, if monies sufficient to pay such Bonds are held by the Issuer, the Issuer shall deliver such funds to the Trustee who will segregate and hold such monies in trust, and the Holders of such Bonds shall, except as provided in the following paragraph, thereafter be restricted exclusively to such funds for the satisfaction of any claim of whatever nature on their part under this Indenture or relating to said Bonds. Any money deposited with the Trustee or any paying agent in trust for the payment of the principal of or interest on any Bond and remaining unclaimed for one (1) year after such principal or interest has become due and payable shall be paid to the Issuer; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money (but only to the extent of the amounts so paid to the Issuer), shall thereupon cease; provided, however, that no such release of payment shall be made unless the Trustee or such paying agent, before being required to make any such release of payment, may at the expense of the Issuer cause to be published once, in The Wall Street Journal, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

Bonds Not Presented for Payment. In the event any Bonds shall not be presented for payment when the final principal repayment thereof becomes and premium, if any, thereon become due, whether either at Maturity, maturity or upon at the acceleration of Maturitydate fixed for redemption thereof or otherwise, if monies moneys sufficient to pay such Bonds are held by the IssuerPaying Agent or any Co-Paying Agent for the benefit of the Owners thereof, the Issuer Paying Agent shall deliver such funds to the Trustee who will segregate and hold such monies moneys in trust, and without liability for interest thereon, for the Holders benefit of the Owners of such Bonds Bonds, who shall, except as provided in the following paragraph, thereafter be restricted exclusively to such fund or funds for the satisfaction of any claim of whatever nature on their part under this Indenture or relating to said Bonds. Any money deposited with moneys which the Trustee or any paying agent Paying Agent shall segregate and hold in trust for the payment of the principal of and premium, if any, or interest on any Bond and remaining unclaimed for one (1) year after such principal principal, premium, if any, or interest has become due and payable shall shall, upon the Company's written request to the Paying Agent, be paid to the Issuer; and Company, with notice to the Holder Trustee of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money (but only to the extent of the amounts so paid to the Issuer), shall thereupon ceaseaction; provided, however, that no such release of payment before the Paying Agent shall be made unless the Trustee or such paying agent, before being required to make any such release repayment, the Paying Agent may, and at the request of paymentthe Trustee shall, may at the expense of the Issuer Company cause notice to be published once, in The Wall Street Journal, notice given once by Publication to the effect that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publicationnotice by Publication, any unclaimed balance of such money moneys then remaining will be repaid paid to the IssuerCompany. After the payment of such unclaimed moneys to the Company, the Owner of such Bond shall thereafter look only to the Company for the payment thereof, and all liability of the Pollution Control Corporation, the Trustee and the Paying Agent with respect to such moneys shall thereupon cease.

Bonds Not Presented for Payment. In the event any Bonds shall not be presented for payment when the final principal repayment thereof becomes and premium, if any, thereon become due, whether either at Maturity, maturity or upon at the acceleration of Maturitydate fixed for redemption thereof or otherwise, if monies moneys sufficient to pay such Bonds are held by the IssuerPaying Agent or any Co-Paying Agent for the benefit of the Owners thereof, the Issuer Paying Agent shall deliver such funds to the Trustee who will segregate and hold such monies moneys in trust, and without liability for interest thereon, for the Holders benefit of the Owners of such Bonds Bonds, who shall, except as provided in the following paragraph, thereafter be restricted exclusively to such fund or funds for the satisfaction of any claim of whatever nature on their part under this Indenture or relating to said Bonds. Any money deposited with moneys which the Trustee or any paying agent Paying Agent shall segregate and hold in trust for the payment of the principal of and premium, if any, or interest on any Bond and remaining unclaimed for one (1) year after such principal principal, premium, if any, or interest has become due and payable shall shall, upon the Company's written request to the Paying Agent, be paid to the Issuer; and Company, with notice to the Holder Trustee of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money (but only to the extent of the amounts so paid to the Issuer), shall thereupon ceaseaction; provided, however, that no such release of payment before the Paying Agent shall be made unless the Trustee or such paying agent, before being required to make any such release of paymentrepayment, may the Paying Agent shall, at the expense of the Issuer Company cause notice to be published once, in The Wall Street Journal, notice given once by Publication to the effect that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publicationnotice by Publication, any unclaimed balance of such money moneys then remaining will be repaid paid to the IssuerCompany. After the payment of such unclaimed moneys to the Company, the Owner of such Bond shall thereafter look only to the Company for the payment thereof, and all liability of the Authority, the Trustee and the Paying Agent with respect to such moneys shall thereupon cease.

Bonds Not Presented for Payment. In the event any Bonds shall not be presented for payment when the final principal repayment thereof becomes due, whether at Maturity, or upon the acceleration of Maturity, if monies sufficient to pay such Bonds are held by the Issuer, the Issuer shall deliver such funds to the Trustee who will segregate and hold such monies in trust, and the Holders of such Bonds shall, except as provided in the following paragraph, thereafter be restricted exclusively to such funds for the satisfaction of any claim of whatever nature on their part under this Indenture or relating to said Bonds. Any money deposited with the Trustee or any paying agent in trust for the payment of the principal of or interest on any Bond and remaining unclaimed for one (1) year after such principal or interest has become due and payable shall be paid to the Issuer; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money (but only to the extent of the amounts so paid to the Issuer), shall thereupon cease; provided, however, that no such release of payment shall Shall be made unless the Trustee or such paying agent, before being required to make any such release of payment, may at the expense of the Issuer cause to be published once, in The Wall Street Journal, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

Bonds Not Presented for Payment. In the event any Bonds Bond shall not be presented for payment when the final principal repayment thereof (or any portion of such principal) becomes due, whether either at Maturity, maturity or upon at the acceleration of Maturitydate fixed for redemption thereof or otherwise or in the event that any interest payment remains unclaimed, if monies moneys sufficient to pay such Bonds or portions thereof or such interest are held by the IssuerPaying Agent for the benefit of the Owners thereof, the Issuer Paying Agent shall deliver such funds to the Trustee who will segregate and hold such monies moneys in trusttrust uninvested without liability for interest thereon, and for the Holders benefit of Owners of such Bonds Bonds, who shall, except as provided in the following paragraph, thereafter be restricted exclusively to such fund or funds for the satisfaction of any claim of whatever nature on their part under this Indenture or relating to said Bonds. Any money deposited with moneys which the Trustee or any paying agent Paying Agent shall segregate and hold in trust for the payment of the principal of or interest or any premium on any Bond and remaining unclaimed for one (1) year three years after such principal principal, interest or interest has any premium shall have become due and payable shall be paid to the Issuer; extent legally permissible (i) if, at the time, there shall be amounts due and payable to the Holder Bank pursuant to the Reimbursement Agreement, to the Bank, or (ii) if no such amounts shall be due and payable, to the Borrower, with notice to the Trustee of such action. For purposes of this Indenture, the Paying Agent may conclusively assume that no such indebtedness, liability or obligation is owing to the Bank unless the Bank shall otherwise give written notice to the Paying Agent. After the payment of such unclaimed moneys to the Bank or the Borrower, the Owner of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer Borrower for the payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money (but only to the extent of the amounts so paid to the Issuer), shall thereupon cease; provided, however, that no such release of payment shall be made unless the Trustee or such paying agent, before being required to make any such release of payment, may at the expense of the Issuer cause to be published once, in The Wall Street Journal, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.