Common use of Discharge of Trust Agreement Clause in Contracts

Discharge of Trust Agreement. (a) If there shall be paid (i) to the Owners of all Outstanding Certificates the principal, interest and premium, if any, evidenced thereby at the times and in the manner stipulated herein and therein, and (ii) all other amounts due hereunder and under the Lease Agreement, then the Owners shall cease to be entitled to the pledge of the assets provided for herein, and, except as otherwise provided in Section 8.03(j) hereof, all agreements, covenants and other obligations of the Corporation and the County hereunder shall thereupon cease, terminate and become void and this Trust Agreement shall be discharged and satisfied. In such event, the Trustee shall execute and deliver to the Corporation and the County all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the County all money or securities held by it pursuant hereto which are not required for the payment of the principal, interest and premium, if any, evidenced by the Certificates. (b) Subject to the provisions of subsection (a) of this Section, when any Certificate shall have been paid and if, at the time of such payment, each of the Corporation and the County shall have kept, performed and observed all of the covenants and promises in this Trust Agreement and the Lease Agreement required or contemplated to be kept, performed and observed by it or on its part on or prior to that time, then this Trust Agreement shall be considered to have been discharged in respect of such Certificate and such Certificate shall cease to be entitled to the pledge of the assets provided for herein, and all agreements, covenants and other obligations of the Corporation and the County hereunder shall cease, terminate, become void and be completely discharged and satisfied as to such Certificate. (c) Notwithstanding the discharge and satisfaction of this Trust Agreement or the discharge and satisfaction of this Trust Agreement in respect of any Certificate, those provisions of this Trust Agreement relating to the payment of the principal, interest and premium, if any, evidenced by Certificates, exchange and transfer of Certificates, replacement of mutilated, destroyed, lost or stolen Certificates, the safekeeping and cancellation of Certificates, and the duties of the Trustee in connection with all of the foregoing, shall remain in effect and shall be binding upon the Trustee and the Owners of such Certificate, and the Trustee shall continue to be obligated to hold in trust any moneys or investments then held by the Trustee for the payment of the principal, interest and premium, if any, evidenced by such Certificate, and to pay to the Owner of such Certificate the funds so held by the Trustee as and when such payment becomes due.

Discharge of Trust Agreement. (a) If there shall Bonds of any Series or a portion thereof may be paid by the Authority in any of the following ways: (iA) by paying or causing to be paid the Bond Obligation of and interest on such Outstanding Bonds, as and when they become due and payable; (B) by depositing with the Trustee, an escrow agent or other fiduciary, in trust, at or before maturity, money or securities in the necessary amount (as provided in Section 10.03) to pay or redeem such Outstanding Bonds; or (C) by delivering to the Owners of Trustee, for cancellation by it, such Outstanding Bonds. If the Authority shall pay all Series for which any Bonds are Outstanding Certificates and also pay or cause to be paid all other sums payable hereunder by the principalAuthority with respect to Parity Obligations, interest Subordinate Obligations and premiumJunior Subordinate Obligations, if anythen and in that case, evidenced thereby at the times election of the Authority (evidenced by a Certificate of the Authority, filed with the Trustee, signifying the intention of the Authority to discharge all such indebtedness and in the manner stipulated herein and thereinthis Trust Agreement), and (ii) all other amounts due hereunder notwithstanding that any Bonds shall not have been surrendered for payment, this Trust Agreement and under the Lease Agreement, then the Owners shall cease to be entitled to the pledge of the Pledged Revenues and other assets provided for hereinmade under this Trust Agreement and all covenants, and, except as otherwise provided in Section 8.03(j) hereof, all agreements, covenants agreements and other obligations of the Corporation and the County hereunder shall thereupon cease, terminate and become void and Authority under this Trust Agreement shall cease, terminate, become void and be completely discharged and satisfied. In such event, upon Request of the Authority, the Trustee shall cause an accounting for such period or periods as may be requested by the Authority to be prepared and filed with the Authority and shall execute and deliver to the Corporation and the County Authority all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee shall pay over over, transfer, assign or deliver to the County Authority all money moneys or securities or other property held by it pursuant hereto to this Trust Agreement which, as evidenced by a verification report, upon which the Trustee may conclusively rely, from an independent certified public accountant, a firm of independent certified public accountants or other independent consulting firm, are not required for the payment or redemption of the principal, interest and premium, if any, evidenced by the Certificates. (b) Subject to the provisions of subsection (a) of this Section, when any Certificate shall have been paid and if, at the time of such payment, each of the Corporation and the County shall have kept, performed and observed all of the covenants and promises in this Trust Agreement and the Lease Agreement required or contemplated to be kept, performed and observed by it or on its part on or prior to that time, then this Trust Agreement shall be considered to have been discharged in respect of such Certificate and such Certificate shall cease to be entitled to the pledge of the assets provided Bonds not theretofore surrendered for herein, and all agreements, covenants and other obligations of the Corporation and the County hereunder shall cease, terminate, become void and be completely discharged and satisfied as to such Certificate. (c) Notwithstanding the discharge and satisfaction of this Trust Agreement or the discharge and satisfaction of this Trust Agreement in respect of any Certificate, those provisions of this Trust Agreement relating to the payment of the principal, interest and premium, if any, evidenced by Certificates, exchange and transfer of Certificates, replacement of mutilated, destroyed, lost or stolen Certificates, the safekeeping and cancellation of Certificates, and the duties of the Trustee in connection with all of the foregoing, shall remain in effect and shall be binding upon the Trustee and the Owners of such Certificate, and the Trustee shall continue to be obligated to hold in trust any moneys or investments then held by the Trustee for the payment of the principal, interest and premium, if any, evidenced by such Certificate, and to pay to the Owner of such Certificate the funds so held by the Trustee as and when such payment becomes dueor redemption.

Discharge of Trust Agreement. (a) If there the Commission shall well and truly pay, or cause to be paid (i) to paid, all of the Owners principal and Redemption Price of all Outstanding Certificates and interest on the principalBonds, interest and premium, if any, evidenced thereby at the times and in the manner stipulated provided herein and thereinin the Bonds according to the true intent and meaning hereof and thereof, and (ii) all other amounts due shall cause the payments to be made into the Funds and Accounts established hereunder and under in the Lease Agreementamounts required hereby, then or shall provide, as permitted hereby, for the Owners shall cease payment thereof by depositing with or for the account of the Trustee an amount sufficient to be entitled provide for payment of the entire amount due or to become due thereon (including any amount due or to become due with respect to the pledge Bonds under Section 148 of the assets provided for hereinCode), andand shall well and truly keep, except as otherwise provided in Section 8.03(j) hereof, perform and observe all agreements, the covenants and other obligations conditions pursuant to the terms of the Corporation and the County hereunder shall thereupon cease, terminate and become void and this Trust Agreement to be kept, performed and observed by it on or prior to the date such payments are made, and shall pay or cause to be discharged paid to the Trustee all sums of money due or to become due to it in accordance with the terms and satisfiedprovisions hereof, then, upon such payment and performance, this Trust Agreement and the rights, pledges and liens hereby granted shall cease, determine and be void; provided, that the Commission’s obligations under Section 7.10, the Trustee’s obligation under Section 3.04, the Trustee’s rights and protections hereunder shall survive such discharge; otherwise, this Trust Agreement is to be and shall remain in full force and effect. In such eventthe event that this Trust Agreement is discharged as herein provided, the Trustee shall cause an accounting for such period or periods as shall be requested by the Commission to be prepared and filed with the Commission and, upon the Request of the Commission, shall execute and deliver to the Corporation and the County Commission all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee Agents shall pay over or deliver to the County Commission all money moneys or securities held by it them pursuant hereto to this Trust Agreement which are not required for the payment of principal or Redemption Price of and interest on the principal, interest and premium, if any, evidenced by the CertificatesBonds. (b) Subject to the provisions of subsection (a) of this Section, when any Certificate shall have been paid and if, at the time of such payment, each of the Corporation and the County shall have kept, performed and observed all of the covenants and promises in this Trust Agreement and the Lease Agreement required or contemplated to be kept, performed and observed by it or on its part on or prior to that time, then this Trust Agreement shall be considered to have been discharged in respect of such Certificate and such Certificate shall cease to be entitled to the pledge of the assets provided for herein, and all agreements, covenants and other obligations of the Corporation and the County hereunder shall cease, terminate, become void and be completely discharged and satisfied as to such Certificate. (c) Notwithstanding the discharge and satisfaction of this Trust Agreement or the discharge and satisfaction of this Trust Agreement in respect of any Certificate, those provisions of this Trust Agreement relating to the payment of the principal, interest and premium, if any, evidenced by Certificates, exchange and transfer of Certificates, replacement of mutilated, destroyed, lost or stolen Certificates, the safekeeping and cancellation of Certificates, and the duties of the Trustee in connection with all of the foregoing, shall remain in effect and shall be binding upon the Trustee and the Owners of such Certificate, and the Trustee shall continue to be obligated to hold in trust any moneys or investments then held by the Trustee for the payment of the principal, interest and premium, if any, evidenced by such Certificate, and to pay to the Owner of such Certificate the funds so held by the Trustee as and when such payment becomes due.

Discharge of Trust Agreement. (a) If there shall be paid (i) to the Owners of all Outstanding Certificates the principal, interest and premium, if any, evidenced thereby at the times and in the manner stipulated herein and therein, and (ii) all other amounts due hereunder and under the Lease Agreement, then the Owners shall cease to be entitled to the pledge of the assets provided for herein, and, except as otherwise provided in Section 8.03(j) hereof, and all agreements, covenants and other obligations of the Corporation and the County District hereunder shall thereupon cease, terminate and become void and this Trust Agreement shall be discharged and satisfied. In such event, the Trustee shall execute and deliver to the Corporation and the County District all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the County District all money or securities held by it pursuant hereto which are not required for the payment of the principal, interest and premium, if any, evidenced by the Certificates. (b) Subject to the provisions of subsection (a) of this Section, when any Certificate shall have been paid and if, at the time of such payment, each of the Corporation and the County District shall have kept, performed and observed all of the covenants and promises in this Trust Agreement and the Lease Agreement required or contemplated to be kept, performed and observed by it or on its part on or prior to that time, then this Trust Agreement shall be considered to have been discharged in respect of such Certificate and such Certificate shall cease to be entitled to the pledge of the assets provided for herein, and all agreements, covenants and other obligations of the Corporation and the County District hereunder shall cease, terminate, become void and be completely discharged and satisfied as to such Certificate. (c) Notwithstanding the discharge and satisfaction of this Trust Agreement or the discharge and satisfaction of this Trust Agreement in respect of any Certificate, those provisions of this Trust Agreement relating to the payment of the principal, interest and premium, if any, evidenced by Certificates, exchange and transfer of Certificates, replacement of mutilated, destroyed, lost or stolen Certificates, the safekeeping and cancellation of Certificates, and the duties of the Trustee in connection with all of the foregoing, shall remain in effect and shall be binding upon the Trustee and the Owners of such Certificate, and the Trustee shall continue to be obligated to hold in trust any moneys or investments then held by the Trustee for the payment of the principal, interest and premium, if any, evidenced by such Certificate, and to pay to the Owner of such Certificate the funds so held by the Trustee as and when such payment becomes due.

Discharge of Trust Agreement. If the Authority shall pay and discharge the entire indebtedness on all Bonds Outstanding in any one or more of the following ways: (a) If there shall by well and truly paying or causing to be paid the principal of (i) to the Owners of all Outstanding Certificates the principal, interest and premiumincluding redemption premiums, if any) and interest on all Bonds Outstanding, evidenced thereby as and when the same become due and payable; (b) by depositing with the Trustee, or with an independent escrow agent for the benefit of the Trustee, in trust, at or before maturity, money in the necessary amount to pay or redeem all Bonds Outstanding; (c) by delivering to the Trustee, for cancellation by it, all Bonds Outstanding; or (d) by depositing with the Trustee, or with an independent escrow agent for the benefit of the Trustee, in trust, Defeasance Obligations not subject to call prior to the date they would be used to pay the Bonds hereunder in such amount as will, together with the income or increment to accrue thereon, be fully sufficient, in the opinion of an independent certified public accountant, to pay and discharge the indebtedness on all Bonds at or before their respective maturity dates; and if the Authority shall also pay or cause to be paid all other sums payable hereunder by the Authority including, without limitation, all fees and expenses of the Trustee due hereunder, including reasonable attorneys’ fees, then and in that case, at the times election of the Authority (evidenced by a Certificate of the Authority signifying its intention to pay and in discharge all such indebtedness and that this Trust Agreement and all other obligations of the manner stipulated herein Authority under this Trust Agreement shall cease and thereinterminate, which shall be filed with the Trustee), and (ii) all other amounts due hereunder and under the Lease Agreementnotwithstanding that any Bonds shall not have been surrendered for payment, then the Owners shall cease to be entitled to the pledge of the assets Revenues provided for herein, andin this Trust Agreement and all other obligations of the Authority under this Trust Agreement shall cease and terminate, except as otherwise provided in Section 8.03(j) hereofSections 6.20, 8.06 and 10.03 hereof and except for the obligation of the Authority to pay or cause to be paid to the Owners of the Bonds not so surrendered and paid all agreements, covenants and other sums due thereon. The discharge of the obligations of the Corporation and the County hereunder shall thereupon cease, terminate and become void and Authority under this Trust Agreement shall be discharged and satisfied. In such event, the Trustee shall execute and deliver without prejudice to the Corporation and the County all such instruments as may be necessary or desirable to evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the County all money or securities held by it pursuant hereto which are not required for the payment of the principal, interest and premium, if any, evidenced by the Certificates. (b) Subject to the provisions of subsection (a) of this Section, when any Certificate shall have been paid and if, at the time of such payment, each of the Corporation and the County shall have kept, performed and observed all of the covenants and promises in this Trust Agreement and the Lease Agreement required or contemplated to be kept, performed and observed by it or on its part on or prior to that time, then this Trust Agreement shall be considered to have been discharged in respect of such Certificate and such Certificate shall cease to be entitled to the pledge of the assets provided for herein, and all agreements, covenants and other obligations of the Corporation and the County hereunder shall cease, terminate, become void and be completely discharged and satisfied as to such Certificate. (c) Notwithstanding the discharge and satisfaction of this Trust Agreement or the discharge and satisfaction of this Trust Agreement in respect of any Certificate, those provisions of this Trust Agreement relating to the payment of the principal, interest and premium, if any, evidenced by Certificates, exchange and transfer of Certificates, replacement of mutilated, destroyed, lost or stolen Certificates, the safekeeping and cancellation of Certificates, and the duties rights of the Trustee to charge for and be reimbursed by the Authority for any expenditures which it may thereafter incur in connection with all of the foregoing, shall remain in effect and shall be binding upon the Trustee and the Owners of such Certificate, and the Trustee shall continue herewith. The Authority may at any time surrender to be obligated to hold in trust any moneys or investments then held by the Trustee for cancellation by it any Bonds previously issued and delivered, which the payment of the principal, interest and premium, if any, evidenced by such CertificateAuthority may have acquired in any manner whatsoever, and such Bonds, upon such surrender and cancellation, shall be deemed to pay to the Owner of such Certificate the funds so held by the Trustee as be paid and when such payment becomes dueretired.