Common use of Deposit of Funds for Payment of Bonds Clause in Contracts

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Price of any Bonds of a Series becoming due, either at maturity or by redemption or otherwise, together with all interest accruing thereon to the date of maturity or such prior redemption, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereof, interest on such Bonds of a Series shall cease to accrue on such date of maturity or prior redemption and all liability of the Issuer with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided; provided, however, that (a) if any Bonds are to be redeemed prior to the maturity thereof, notice of the redemption thereof shall have been duly given in accordance with the provisions of Section 8.02 hereof, or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of such notice, and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Series. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Escrow Agent shall hold such funds in trust for such Owners. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money so deposited with the Escrow Agent which remains unclaimed three (3) years after the date payment thereof becomes due shall, upon request of the Issuer, if the Issuer is not at the time to the knowledge of the Escrow Agent in default with respect to any covenant in the Indenture or the Bonds of the Series contained, be paid to the Issuer; and the Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Issuer; provided, however, that the Escrow Agent, before making payment to the Issuer, may, at the expense of the Issuer, cause a notice to be published in an Authorized Newspaper, stating that the money remaining unclaimed will be returned to the Issuer after a specified date.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Price redemption price of any Bonds of a Series becoming due, either at maturity or by call for redemption or otherwise, together with all interest accruing thereon to the date of maturity due date, has been paid or such prior redemptionprovision therefor made in accordance with Section 16.1, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereof, all interest on such Bonds of a Series shall cease to accrue on such the due date of maturity or prior redemption and all liability of the Issuer with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided; provided, however, that (a) if any Bonds are to be redeemed prior to the maturity thereof, notice of the redemption thereof shall have been duly given in accordance with the provisions of Section 8.02 hereof, or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of such notice, and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Series. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Escrow Agent Trustee shall hold such funds in trust for such Ownersowners. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money so deposited with the Escrow Agent Moneys which remains remain unclaimed three (3) two years after the due date payment thereof becomes due shall, upon at the written request of the IssuerCompany, and if the Issuer Company is not not, at the time time, to the knowledge of the Escrow Agent Trustee, in default with respect to any covenant in the Indenture Agreement or the Bonds of the Series containedBonds, be paid to the Issuer; Company pursuant to its payment instructions, and the Owners owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the IssuerCompany. Such moneys shall be held in trust uninvested without any obligation for the payment of interest thereon; provided, however, that before the Escrow Agent, before making payment repayment of such moneys to the IssuerCompany as aforesaid, may(i) the Trustee shall (at the cost of the Company) first mail to the Holders of any Bonds remaining unpaid, at the expense addresses shown on the registration books maintained by the Trustee, a notice, in such form as may be deemed appropriate by the Trustee with respect to the Bonds so payable and not presented and with respect to the provisions relating to the repayment to the Company of the Issuermoneys held for the payment thereof, cause a notice and (ii) the Company shall expressly agree to be published in an Authorized Newspaper, stating that indemnify the money remaining unclaimed will be returned Issuer and the Trustee with respect to the Issuer after a specified datepayment of any Bonds so payable and not presented for payment as of the date of such repayment to the Company.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, principal ------------------------------------- or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Price tender purchase price of any Bonds of a Series becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the date of maturity due date, has been paid or such prior redemptionprovision therefor made in accordance with Section 10.02, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereof, all interest on such Bonds of a Series shall cease to accrue on such the due date of maturity or prior redemption and all liability of the Issuer with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided; provided. Thereafter, however, that (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any any) on and actual interest accrued on such Bonds are to shall be redeemed prior paid to the maturity thereofBank as a return of excess funds drawn under the Letter of Credit (or, notice if the Rating Service shall have confirmed its rating of the redemption thereof shall have been duly given Bonds in accordance connection with the provisions provision for payment of Section 8.02 hereofthe Bonds, or irrevocable provision satisfactory to such surplus shall be paid as may otherwise be approved by the Trustee shall have been duly made for the giving of Rating Service in connection with such notice, confirmation) and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Series. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Escrow Agent Trustee shall hold such funds in trust for such OwnersHolders uninvested and without liability for interest thereon. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money Moneys so deposited with the Escrow Agent Trustee which remains remain unclaimed three (3) five years after the date payment thereof becomes due shall, upon at the written request of the Issuer, Borrower (or the Bank) and if neither the Issuer nor the Borrower is not at the time to the knowledge of the Escrow Agent Trustee in default with respect to any covenant contained in this Indenture, the Indenture Bonds or the Bonds of the Series containedFinancing Agreement, be paid to the Issuer; Borrower (or to the Bank as provided in Section 10.01 with respect to surplus balances), and the Owners Holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the IssuerBorrower; provided, however, provided that (i) such moneys shall not be remitted to the Borrower unless the Trustee shall have received an opinion of counsel experienced in matters pertaining to the United States Bankruptcy Code to the effect that the Escrow Agentcontemplated delivery of such moneys to the Borrower will not cause any other moneys paid to the Holders to be transfers of property voidable under Section 547 of the United States Bankruptcy Code should the Issuer or the Borrower become a debtor under the United States Bankruptcy Code, and (ii) the Trustee, before making payment to the IssuerBorrower, may, at the expense of the IssuerBorrower, cause a notice to be published in an Authorized Newspapergiven to the Holders at their registered addresses, stating that the money moneys remaining unclaimed will be returned to the Issuer Borrower after a specified date. Upon any such disposition to the Borrower, all liability of the Trustee with respect to such funds shall cease, and the Holders of the Bonds shall thereafter look to the Borrower for payment of any amounts then due. In the absence of any such written request of the Borrower, the Trustee shall from time to time deliver such unclaimed funds to or as directed by any pertinent escheat authority, as identified by the Trustee in its sole discretion, pursuant to and in accordance with applicable unclaimed property laws, rules or regulations. Any such delivery shall be in accordance with the customary practices and procedures of the Trustee and escheat authority. All moneys held by the Trustee and subject to this Section shall be held uninvested and without liability for interest thereon.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Price purchase price of any Bonds of a Series becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the date of maturity due date, has been paid or such prior redemptionprovision therefor made in accordance with Section 10.02, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereof, all interest on such Bonds of a Series shall cease to accrue on such the due date of maturity or prior redemption and all liability of the Issuer with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided; provided. Thereafter, however, that (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any any) on and actual interest accrued on such Bonds are to shall be redeemed prior paid to the maturity thereofAgent as a return of excess funds drawn under the Letters of Credit (or, notice if the Rating Agencies shall have confirmed their ratings of the redemption thereof shall have been duly given Bonds in accordance connection with the provisions provision for payment of Section 8.02 hereofthe Bonds, or irrevocable provision satisfactory to such surplus shall be paid as may otherwise be approved by the Trustee shall have been duly made for the giving of Rating Agencies in connection with such notice, confirmation) and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Series. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Escrow Agent Trustee shall hold such funds in trust for such OwnersHolders uninvested and without liability for interest thereon. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money Moneys so deposited with the Escrow Agent Trustee which remains remain unclaimed three (3) five years after the date payment thereof becomes due shall, upon at the request of the Issuer, Company (or the Agent) and if neither the Issuer nor the Company is not at the time to the knowledge of the Escrow Agent Trustee in default with respect to any covenant contained in the Indenture Indenture, the Bonds or the Bonds of the Series containedLease, be paid to the Issuer; Company (or to the Agent as provided in Section 10.01 with respect to surplus balances), and the Owners Holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the IssuerCompany; provided, however, provided that the Escrow AgentTrustee, before making payment to the IssuerCompany, may, at the expense of the IssuerCompany, cause a notice to be published in an Authorized Newspapergiven to the Holders at their registered addresses, stating that the money moneys remaining unclaimed will be returned to the Issuer Company after a specified date.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Redemption Purchase Price of any Bonds of a Series becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the date of maturity due date, has been paid or such prior redemptionprovision therefor made in accordance with Section 11.02, and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereof, all interest on such Bonds of a Series shall cease to accrue on such the due date of maturity or prior redemption and all liability of the Issuer Authority with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided; provided. Thereafter, however, that (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any any) on and actual interest accrued on such Bonds are to shall be redeemed prior paid to the maturity thereofBank as a return of excess funds drawn under the Letter of Credit (or, notice if each Rating Agency shall have confirmed its rating of the redemption thereof shall have been duly given Bonds in accordance connection with the provisions provision for payment of Section 8.02 hereofthe Bonds, or irrevocable provision satisfactory to such surplus shall be paid as may otherwise be approved by the Trustee shall have been duly made for the giving of Rating Agency in connection with such notice, confirmation) and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Series. Thereafter such Bonds shall be deemed not to be Outstanding hereunder and the Owners Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Escrow Agent Trustee shall hold such funds in trust for such OwnersHolders uninvested and without liability for interest thereon. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money Moneys so deposited with the Escrow Agent Trustee which remains remain unclaimed three (3) five years after the date payment thereof becomes due shall, upon at the request of the Issuer, Company (or the Bank) and if neither the Issuer Authority nor the Company is not at the time to the knowledge of the Escrow Agent Trustee in default with respect to any covenant contained in the Indenture Indenture, the Bonds or the Bonds of the Series containedLoan Agreement, be paid to the Issuer; Company (or to the Bank, as provided in Section 11.01 with respect to surplus balances), and the Owners Holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the IssuerCompany; provided, however, provided that the Escrow AgentTrustee, before making payment to the IssuerCompany, may, at the expense of the IssuerCompany, cause a notice to be published in an Authorized Newspapergiven to the Holders at their registered addresses, stating that the money moneys remaining unclaimed will be returned to the Issuer Company after a specified date.

Deposit of Funds for Payment of Bonds. (a) If the Issuer deposits with the Escrow Agent Trustee moneys sufficient, or Defeasance Securities, Government Obligations the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide which are sufficient moneys (without reinvestment) to pay the principal or Redemption Price redemption price and purchase price of any particular Bond or Bonds of a Series becoming due, either at maturity or by call for redemption or optional or mandatory purchase or otherwise, together with all interest accruing thereon (provided that interest shall be computed at the Maximum Rate to the extent that any interest accruing on the Bonds cannot be determined as of the date of maturity or such prior redemption, and reimburses or causes deposit) to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or paid under Section 14.01 hereofdue date, interest on such the Bond or Bonds of a Series shall cease to accrue on such the due date of maturity or prior redemption and all liability of the Issuer with respect to such Bond or Bonds of a Series shall likewise cease, except as hereinafter provided; provided in subsection (b) below, provided, however, that (a) if with respect to any Bonds which are to be redeemed prior to the maturity thereofcalled for redemption, notice of the redemption thereof of such Bonds shall have been duly given in accordance with the provisions of Section 8.02 hereof, or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of such notice, and (b) in notice for the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or specified redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, and interest on, said Bonds of a Seriesdate. Thereafter such Bond or Bonds shall be deemed not to be Outstanding hereunder and the Registered Owner or Registered Owners of such Bond or Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bond or Bonds, and the Escrow Agent Trustee shall hold such funds in trust for such Registered Owner or Registered Owners. At Notwithstanding the time foregoing, no deposit of funds or Government Obligations with the Trustee shall be deemed sufficient for the payment of any Bond or Bonds and the Bonds shall not be defeased hereunder until the Issuer or the Company has furnished to the Trustee a Favorable Opinion of Bond Counsel with respect to the deposit referred to above, there shall be delivered to of funds and/or Government Obligations and the Escrow Agent a verification from a firm defeasance of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without reinvestment to pay the remaining principal of, redemption premium, if any, and interest on such defeased Bonds. Money so Bonds thereby. (b) Moneys deposited with the Escrow Agent Trustee pursuant to Section 15.1 or 15.2(a) hereof shall after the maturity or specified redemption date be invested as set forth in Section 6.4 hereof, and any such moneys which remains remain unclaimed three two (32) years after the date payment thereof becomes due shall, upon written request of the IssuerCompany, if the Issuer Company is not at the time to the knowledge of the Escrow Agent Trustee in default with respect to any covenant in the Indenture or the Bonds of the Series Financing Documents contained, be paid to the IssuerCompany; and the Registered Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the IssuerCompany; provided, however, that the Escrow AgentTrustee, before making mailing payment to the IssuerCompany, may, at the expense of the IssuerCompany, cause a notice to be published in an Authorized Newspaper, stating that the money moneys remaining unclaimed will be returned to the Issuer Company after a specified date, such notice to be published in a newspaper or newspapers published at least once a day, six days a week, and generally circulated in the City of New York, New York. All payments made hereunder shall be subject to all applicable unclaimed property or similar laws of the State.