Common use of Delivery of Bonds; Effect of Failure to Surrender Bonds Clause in Contracts

Delivery of Bonds; Effect of Failure to Surrender Bonds. All Bonds to be purchased on any date shall be delivered to the Payment Office of the Paying Agent for receipt at or before 11:00 a.m. on the Purchase Date. If the Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section fails to deliver such Bond to the Paying Agent for purchase on the Purchase Date, and if the Paying Agent is in receipt of the purchase price therefor, such Bond (or portion thereof) shall nevertheless be deemed tendered and purchased on the Purchase Date fixed for purchase thereof and registration of the ownership of such Bond (or portion thereof) shall be transferred to the purchaser thereof as provided in Section 2B.1(j). Any Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section who so fails to deliver such Bond for purchase on (or before) the Purchase Date (1) shall have no further rights thereunder, except the right to receive the purchase price thereof upon presentation and surrender of such Bond to the Paying Agent properly endorsed for transfer in blank and with all signatures guaranteed to the satisfaction of the Paying Agent, and (2) shall thereafter hold such Bond as agent for the Paying Agent. The Paying Agent shall, as to any tendered Bonds (or portions thereof) which have not been delivered to it (“Undelivered Bonds”), (i) promptly notify the Remarketing Agent of such non-delivery and (ii) place a stop transfer against an appropriate amount of Bonds registered in the name of the Owner(s) on the Bond Register. The Paying Agent shall place such stop transfer(s) commencing with the lowest serial number Bond registered in the name of such Owner(s) (until stop transfers have been placed against an appropriate amount of Bonds) until the appropriate tendered Bonds are delivered to the Paying Agent. Upon such delivery, the Paying Agent shall make any necessary adjustments to the Bond Register. The Paying Agent shall hold moneys representing the purchase price of Undelivered Bonds in one or more separate accounts or subaccounts for the sole benefit of the former Owner(s) of such Undelivered Bonds.

Delivery of Bonds; Effect of Failure to Surrender Bonds. All Bonds to be purchased on any date the Purchase Date shall be delivered to the Payment Office of the Paying Agent for receipt at or before 11:00 a.m. on the Purchase Datesuch date. If the Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section fails to deliver such Bond to the Paying Agent for purchase on the Purchase Date, and if the Paying Agent is in receipt of the purchase price therefor, such Bond (or portion thereof) shall nevertheless be deemed tendered and purchased on the Purchase Date fixed for the purchase thereof thereof, and registration of the ownership of such Bond (or portion thereof) shall be transferred to the purchaser thereof as provided in Section 2B.1(j2B.2(i). Any Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section who so fails to deliver such Bond for purchase on (or before) the Purchase Date (1) shall have no further rights thereunder, except the right to receive the purchase price thereof upon presentation and surrender of such Bond to the Paying Agent properly endorsed for transfer in blank and with all signatures guaranteed to the satisfaction of the Paying Agent, Agent and (2) shall thereafter hold such Bond as agent for the Paying Agent. The Paying Agent shall, as to any tendered Bonds (or portions thereof) which have not been delivered to it (“Undelivered Bonds”), (i) promptly notify the Remarketing Agent of such non-delivery and (ii) place a stop transfer against an appropriate amount of such Bonds registered in the name of the Owner(s) on the Bond Register. The Paying Agent shall place such stop transfer(s) commencing with the lowest serial number Bond registered in the name of such Owner(s) (until stop transfers have been placed against an appropriate amount of Bonds) until the appropriate tendered Bonds they are delivered to the Paying Agent. Upon such delivery, the Paying Agent shall make any necessary adjustments to the Bond Register. The Paying Agent shall hold moneys representing the purchase price of Undelivered Bonds in one or more separate accounts or subaccounts for the sole benefit of the former Owner(s) of such Undelivered Bonds.

Delivery of Bonds; Effect of Failure to Surrender Bonds. All Bonds to be purchased on any the mandatory purchase date shall be delivered to the Payment Office of the Paying Agent for receipt at or before 11:00 a.m. on the Purchase Datesuch date. If the Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section fails to deliver such Bond to the Paying Agent for purchase on the Purchase Date, and if the Paying Agent is in receipt of the purchase price therefor, such Bond (or portion thereof) shall nevertheless be deemed tendered and purchased on the Purchase Date fixed for the purchase thereof and registration of the ownership of such Bond (or portion thereof) shall be transferred to the purchaser thereof as provided in Section 2B.1(j2B.4(i). Any Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section who so fails to deliver such Bond for purchase on (or before) the Purchase Date (1) shall have no further rights thereunder, except the right to receive the purchase price thereof upon presentation and surrender of such Bond to the Paying Agent properly endorsed for transfer in blank and with all signatures guaranteed to the satisfaction of the Paying Agent, Agent and (2) shall thereafter hold such Bond as agent for the Paying Agent. The Paying Agent shall, as to any tendered Bonds (or portions thereof) which have not been delivered to it (“Undelivered Bonds”), (i) promptly notify the Remarketing Agent of such non-delivery and (ii) place a stop transfer against an appropriate amount of such Bonds registered in the name of the Owner(s) on the Bond Register. The Paying Agent shall place such stop transfer(s) commencing with the lowest serial number Bond registered in the name of such Owner(s) (until stop transfers have been placed against an appropriate amount of Bonds) until the appropriate tendered Bonds they are delivered to the Paying Agent. Upon such delivery, the Paying Agent shall make any necessary adjustments to the Bond Register. The Paying Agent shall hold moneys representing the purchase price of Undelivered Bonds in one or more separate accounts or subaccounts for the sole benefit of the former Owner(s) of such Undelivered Bonds.

Delivery of Bonds; Effect of Failure to Surrender Bonds. All Bonds to be purchased on any the mandatory purchase date shall be required to be delivered to the Payment Principal Office of the Paying Tender Agent for receipt at or before 11:00 a.m. on the Purchase Datesuch date. If the Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section fails to deliver such Bond Bonds to the Paying Tender Agent for purchase on the Purchase Datemandatory tender date, and if the Paying Tender Agent is in receipt of the purchase price therefor, such Bond (or portion thereof) shall nevertheless be deemed tendered and purchased on the Purchase Date fixed for mandatory purchase thereof date and registration of the ownership of such Bond (or portion thereof) shall be transferred to the purchaser thereof as provided in Section 2B.1(j4.03(h). Any Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section who so fails to deliver such Bond for purchase on (or before) the Purchase Date (1) mandatory purchase date shall have no further rights thereunder, except the right to receive the purchase price thereof upon presentation and surrender of such Bond to the Paying Tender Agent properly endorsed for transfer in blank and with all signatures guaranteed to the satisfaction of the Paying Agent, and (2) shall thereafter hold such Bond as agent for the Paying Agentblank. The Paying Tender Agent shall, as to any tendered Bonds (or portions thereof) which have not been delivered to it (“Undelivered Bonds”)it, (i) promptly notify the Remarketing Agent of such non-delivery and (ii) place a stop transfer against an appropriate amount the serial number(s) of Bonds registered in the name of the Owner(s) on the Bond RegisterRegister and not specified in the notice described in Section 4.03(c). The Paying Tender Agent shall place such stop transfer(s) commencing with the lowest serial number Bond registered in the name of such Owner(s) (until stop transfers have been placed against an appropriate amount of Bonds) until the appropriate tendered Bonds are delivered to the Paying Tender Agent. Upon such delivery, the Paying Tender Agent shall make any necessary adjustments to the Bond Register. The Paying Agent shall hold moneys representing the purchase price of Undelivered Bonds in one or more separate accounts or subaccounts for the sole benefit of the former Owner(s) of such Undelivered Bonds.

Delivery of Bonds; Effect of Failure to Surrender Bonds. All Bonds to be purchased on any the mandatory purchase date shall be delivered to the Payment Office of the Paying Agent for receipt at or before 11:00 a.m. on the Purchase Datesuch date. If the Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section fails to deliver such Bond to the Paying Agent for purchase on the Purchase Date, and if the Paying Agent is in receipt of the purchase price therefor, such Bond (or portion thereof) shall nevertheless be deemed tendered and purchased on the Purchase Date fixed for the purchase thereof and registration of the ownership of such Bond (or portion thereof) shall be transferred to the purchaser thereof as provided in Section 2B.1(j2B.3(j). Any Owner of any Bond (or portion thereof) that is subject to purchase pursuant to this Section who so fails to deliver such Bond for purchase on (or before) the Purchase Date (1) shall have no further rights thereunder, except the right to receive the purchase price thereof upon presentation and surrender of such Bond to the Paying Agent properly endorsed for transfer in blank and with all signatures guaranteed to the satisfaction of the Paying Agent, Agent and (2) shall thereafter hold such Bond as agent for the Paying Agent. The Paying Agent shall, as to any tendered Bonds (or portions thereof) which have not been delivered to it (“Undelivered Bonds”), (i) promptly notify the Remarketing Agent of such non-delivery and (ii) place a stop transfer against an appropriate amount of such Bonds registered in the name of the Owner(s) on the Bond Register. The Paying Agent shall place such stop transfer(s) commencing with the lowest serial number Bond registered in the name of such Owner(s) (until stop transfers have been placed against an appropriate amount of Bonds) until the appropriate tendered Bonds they are delivered to the Paying Agent. Upon such delivery, the Paying Agent shall make any necessary adjustments to the Bond Register. The Paying Agent shall hold moneys representing the purchase price of Undelivered Bonds in one or more separate accounts or subaccounts for the sole benefit of the former Owner(s) of such Undelivered Bonds.