Certain Limitations After Due Date Sample Clauses
The 'Certain Limitations After Due Date' clause sets specific restrictions or conditions that come into effect once a particular deadline or due date has passed. Typically, this clause may limit the rights of a party to take certain actions, such as making claims, requesting changes, or enforcing remedies, after the specified date. For example, a party might lose the ability to dispute an invoice or demand performance if they fail to act before the due date. The core function of this clause is to provide finality and certainty by establishing clear cut-off points for actions or rights, thereby reducing ongoing risk and potential disputes after deadlines have lapsed.
Certain Limitations After Due Date. If sufficient money or Escrow Obligations shall have been deposited in accordance with the terms hereof with the Registrar in trust for the purpose of paying the Notes or any portion thereof when the same becomes due, whether at maturity or upon earlier redemption, all liability of the Authority for such payment shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Registrar to hold such money or Escrow Obligations, without liability to the Owners, in trust for the benefit of the Owners, who thereafter shall be restricted exclusively to such money or Escrow Obligations for any claim for such payment of whatsoever nature on his part.