Common use of Effect of Payment Clause in Contracts

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Bonds of the Ninety-second Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Bonds of the Ninety-second Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A NYSERDA Bonds have been redeemed in whole or in part, the Bonds of the Ninety-second Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Bonds of the Ninety-second Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Bonds of the Ninety-second Series or the Series 1986A NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A NYSERDA Trustee or the holders of the Series 1986A NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Bonds of the Ninety-second third Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Bonds of the Ninety-second third Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1987A NYSERDA Bonds have been redeemed in whole or in part, the Bonds of the Ninety-second third Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Bonds of the Ninety-second third Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Bonds of the Ninety-second third Series or the Series 1986A 1987A NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1987A NYSERDA Trustee or the holders of the Series 1986A 1987A NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Amended and Restated Bonds of the NinetySixty-second ninth Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Amended and Restated Bonds of the NinetySixty-second ninth Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1991A NYSERDA Bonds have been redeemed in whole or in part, the Amended and Restated Bonds of the NinetySixty-second ninth Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Amended and Restated Bonds of the NinetySixty-second ninth Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Amended and Restated Bonds of the NinetySixty-second ninth Series or the Series 1986A 1991A NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1991A NYSERDA Trustee or the holders of the Series 1986A 1991A NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Amended and Restated Bonds of the NinetyEighty-second fourth Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Amended and Restated Bonds of the NinetyEighty-second fourth Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1985A NYSERDA Bonds have been redeemed in whole or in part, the Amended and Restated Bonds of the NinetyEighty-second fourth Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Amended and Restated Bonds of the NinetyEighty-second fourth Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Amended and Restated Bonds of the NinetyEighty-second fourth Series or the Series 1986A 1985A NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1985A NYSERDA Trustee or the holders of the Series 1986A 1985A NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Bonds of the Ninety-second first Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx 1985B NYSERDA Indenture is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Bonds of the Ninety-second first Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1985B NYSERDA Bonds have been redeemed in whole or in part, the Bonds of the Ninety-second first Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Bonds of the Ninety-second first Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Bonds of the Ninety-second first Series or the Series 1986A 1985B NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1985B NYSERDA Trustee or the holders of the Series 1986A 1985B NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Bonds of the NinetyEighty-second ninth Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Bonds of the NinetyEighty-second ninth Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1988A NYSERDA Bonds have been redeemed in whole or in part, the Bonds of the NinetyEighty-second ninth Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Bonds of the NinetyEighty-second ninth Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Bonds of the NinetyEighty-second ninth Series or the Series 1986A 1988A NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1988A NYSERDA Trustee or the holders of the Series 1986A 1988A NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Amended and Restated Bonds of the NinetyEighty-second fifth Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx 1985C NYSERDA Indenture is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Amended and Restated Bonds of the NinetyEighty-second fifth Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1985C NYSERDA Bonds have been redeemed in whole or in part, the Amended and Restated Bonds of the NinetyEighty-second fifth Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Amended and Restated Bonds of the NinetyEighty-second fifth Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Amended and Restated Bonds of the NinetyEighty-second fifth Series or the Series 1986A 1985C NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1985C NYSERDA Trustee or the holders of the Series 1986A 1985C NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Amended and Restated Bonds of the NinetyEighty-second third Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx 1987B NYSERDA Indenture is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Amended and Restated Bonds of the NinetyEighty-second third Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1987B-1 NYSERDA Bonds have been redeemed in whole or in part, the Amended and Restated Bonds of the NinetyEighty-second third Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Amended and Restated Bonds of the NinetyEighty-second third Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Amended and Restated Bonds of the NinetyEighty-second third Series or the Series 1986A 1987B-1 NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1987B NYSERDA Trustee or the holders of the Series 1986A 1987B-1 NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.

Effect of Payment. On or prior to the redemption date specified in any such notice, the Company shall deposit with the Trustee a sum of money, of the character specified as the medium of payment in the Bonds of the Ninety-second Ninetieth Series called for redemption, which together with any moneys available therefor under the Series 0000X XXXXXXX Xxxxxxxxx 1987B NYSERDA Indenture is sufficient to redeem, at the redemption price payable as hereinbefore provided, the Bonds of such series designated for redemption and the called part of any Bond of such series called only in part, and to pay the interest accrued thereon up to said redemption date, to be applied by the Trustee to the payment of such Bonds (and the called part of any such Bond) and such accrued interest thereon upon presentation and surrender of such Bonds, together with duly executed instruments of transfer, at the corporate trust office of the Trustee, or at such other office or agency as shall be maintained by the Company for such purpose; and, after such deposit shall have been made, such Bonds so called in whole and the called part of any such Bonds called only in part, whether or not presented for redemption shall cease to be entitled to any benefit, lien or security under the Indenture, no interest will accrue thereon on or after the redemption date duly specified in said notice, and claims for interest, if any, appertaining to such Bonds, and the called part of any such Bond called only in part, maturing after that date shall be void. All Bonds so redeemed shall forthwith be cancelled and, upon its written request, delivered to the Company or otherwise disposed of; and no Bonds shall be issued hereunder in place of any such Bonds, except as otherwise provided in Article Fourth of the Indenture and except that, if less than the entire principal amount of any Bond shall be so redeemed, upon presentation of such Bond so called in part, with proper instruments of transfer if required, at or after the time fixed for the payment of said Bonds so called for redemption, payment of the principal amount of the part thereof so called shall be made upon surrender and cancellation of said Bond so presented, and one or more Bonds of the Ninety-second Ninetieth Series, for a principal amount equal to the uncalled and unpaid balance of the principal amount of such Bond, will be executed by the Company and shall be authenticated and delivered by the Trustee to the owner of such Bond, without expense to such owner. If the Series 1986A 1987B-2 NYSERDA Bonds have been redeemed in whole or in part, the Bonds of the Ninety-second Ninetieth Series shall be deemed to have been redeemed in whole or in part in the equivalent principal amount. The Trustee shall be entitled and authorized to rely conclusively on a certificate of the Company as to such redemption, together with the surrender by the Bondholder of such redeemed Bonds for cancellation or for exchange for one or more replacement Bonds in the aggregate principal amount of such unredeemed portion of the Bonds as evidence of such redemption. Notwithstanding the foregoing, the principal and interest due on the Bonds of the Ninety-second Ninetieth Series shall continue or be reinstated, as the case may be, if at any time any payment of principal or interest (whether under the Bonds of the Ninety-second Ninetieth Series or the Series 1986A 1987B-2 NYSERDA Bonds) is rescinded or must otherwise be returned by the Series 1986A 1987B NYSERDA Trustee or the holders of the Series 1986A 1987B-2 NYSERDA Bonds or any other person upon the insolvency, bankruptcy or reorganization of the Company or by operation of law, all as though payment had not been made.