Description of Standard Bonds Sample Clauses

Description of Standard Bonds. The Standard Bonds shall be dated the date of original delivery, shall be issued only in fully registered form in denominations of five thousand dollars ($5,000) or any integral multiple of five thousand dollars ($5,000) (not exceeding the principal amount of Standard Bonds maturing at any one time), and shall mature on the dates and in the principal amounts and bear interest at the rates as set forth in Schedule I hereto or the Supplemental Trust Agreement authorizing the Standard Bonds. The Standard Bonds shall bear interest at the rates (based on a 360-day year of twelve 30-day months) set forth in Schedule I hereto or the Supplemental Trust Agreement authorizing the Standard Bonds, payable on the Interest Payment Dates for the Standard Bonds. The Standard Bonds shall bear interest from the Interest Payment Date next preceding the date of authentication thereof, unless such date of authentication is an Interest Payment Date or during the period from the sixteenth day of the month preceding an Interest Payment Date to such Interest Payment Date, in which event they shall bear interest from such Interest Payment Date, or unless such date of authentication is prior to the first Record Date, in which event they shall bear interest from their dated date; provided, however, that if at the time of authentication of any Standard Bond interest is then in default on the Outstanding Standard Bonds, such Standard Bond shall bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment on the Outstanding Standard Bonds. Payment of interest on the Standard Bonds due on or before the maturity or prior redemption thereof shall be made to the person whose name appears in the Bonds registration books kept by the Trustee pursuant to Section 2.08 as the registered owner thereof as of the close of business on the Record Date for an Interest Payment Date, whether or not such day is a Business Day, such interest to be paid by check mailed on the Interest Payment Date by first-class mail to such registered owner at the address as it appears in such books; provided that upon the written request of a Holder of $1,000,000 or more in aggregate principal amount of Bonds received by the Trustee prior to the applicable Record Date, interest shall be paid by wire transfer in immediately available funds. Any such written request shall remain in effect until rescinded in writing by the Holder. The principal of the Standard Bonds sh...
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Related to Description of Standard Bonds

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