Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the related Bond Account pursuant to Section 8.02(b) shall be made on behalf of the Issuer by the Indenture Trustee or another Paying Agent, and, except as provided in the related Terms Indenture, no amounts so withdrawn from a Bond Account for payments of Bonds shall be paid over to the Issuer except as provided in this Section 3.03 or as provided in Section 5.06 or 8.02 (and, in either such case, the related Terms Indenture). Any Paying Agent other than the Indenture Trustee shall be appointed by Issuer Order. The Issuer shall not appoint any Paying Agent that does not, at the time of such appointment, meet the qualification and eligibility standards for an Indenture Trustee set forth in Section 6.08. If, with respect to any Series, either (i) no other Paying Agent shall have been so appointed and shall have executed and delivered the instrument provided for in the second following paragraph or (iii) any such other Paying Agent shall have resigned or been discharged without a successor having been so appointed and having executed and delivered the instrument provided for in the second following paragraph, then the Indenture Trustee shall be the Paying Agent for such Series. Whenever the Issuer shall have one or more Paying Agents, it will deliver or contract to have delivered to such Paying Agent or Agents (subject to Section 2.07(g)), on or before the Business Day next preceding each Payment Date, Redemption Date and Special Redemption Date for each Series, an aggregate sum sufficient to pay the amounts then becoming due with respect to the Bonds of such Series, such sum to be deposited in the Bond Account and held in trust for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Indenture Trustee) the Issuer will promptly notify the Indenture Trustee of its action or failure so to act. Any monies deposited with a Paying Agent, other than the Indenture Trustee, in excess of an amount sufficient to pay the amounts then becoming due and payable on the Bonds with respect to which such deposit was made shall be retained by such Paying Agent or Agents for application in accordance with Article VIII. The Issuer will cause each such Paying Agent (other than the Indenture Trustee) to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the I...
Money for Bond Payments to Be Held in Trust. Repayment of --------------------------------------------------------- Unclaimed Money ---------------
(a) If money is on deposit in the Bond Fund on any Bond Payment Date sufficient to pay Debt Service on the Bonds due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond to the Trustee for payment of Debt Service due and payable on such Date, the Trustee shall segregate and hold in trust for the benefit of the person entitled thereto money sufficient to pay the Debt Service due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds to be paid on such Tender Date, but the Holder of any Bond fails to deliver such Bond to the Trustee or Tender Agent for payment of such purchase price on such Tender Date, the Trustee shall segregate and hold in trust for the benefit of the person entitled thereto money sufficient to pay such purchase price due and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such purchase price.
(c) Any money held in trust by the Trustee for the payment of Debt Service on or the purchase price of any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 years after such Debt Service has become due and payable shall be paid to the Users upon request of an Authorized User Representative; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users for payment thereof, and all liability of the Trustee with respect to such trust money, and all liability of the Issuer with respect thereto, shall thereupon cease; provided, however, that the Trustee, before being required to make any such payment to the Users, may at the expense of the Users cause to be published once, in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the ...
Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the Distribution Account pursuant to Section 8.02(c) or Section 5.08 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts so withdrawn from the Distribution Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 or in Section 5.
Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the related Bond Account pursuant to Section 8.02(b) shall be made on behalf of the Issuer by the Indenture Trustee or another Paying Agent, and no amounts so withdrawn from a Bond Account for payments of Bonds shall be paid over to the Issuer except as provided in this Section 3.03 or as provided in Section 5.06 or 8.
Money for Bond Payments to Be Held in Trust. (a) Not later than the Liquidity Date, the Issuer shall either (i) deliver to the Trustee an aggregate principal amount of Deposit Securities such that after such delivery, principal and interest payable on or before the Stated Maturity in respect of such Deposit Securities, plus the amount of Cash that will otherwise be available in the Distribution Account and the Reserve Fund on such date, shall at least equal the Selected Amount on such Liquidity Date, together with an Officers' Certificate Regarding Deposit Securities in the form of Exhibit G-1 and an Opinion of Counsel in the form of Exhibit C or (ii) make other arrangements acceptable to each Rating Agency (as evidenced by written confirmation from each Rating Agency) to deposit on the Business Day preceding the Stated Maturity an amount of Cash, together with the amount of Cash that will otherwise be available in the Distribution Account and the Reserve Fund on the Stated Maturity, at least equal to the Selected Amount and notify the Trustee of such
Money for Bond Payments to Be Held in Trust. The Trustee shall serve as Paying Agent for the Bonds. As Paying Agent, the Trustee agrees that it will (i) hold all sums held by it for the payment of principal or Redemption Price of or interest on Bonds in trust for the benefit of the Owners entitled thereto, until such sums shall be paid to such Owners or otherwise disposed of as herein provided; and (ii) give the Commission written notice of any default in the making of any such payment of principal or interest.
Money for Bond Payments to Be Held in Trust. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay to the Trustee all sums held in trust by the Issuer, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer. Any money deposited with the Trustee, or then held by the Issuer, in trust for the payment of the principal of, Make-Whole Premium, if any, or interest on, any Bond and remaining unclaimed for two (2) years after such principal, Make-Whole Premium, if any, or interest, has become due and payable shall be paid to the Issuer on Issuer Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Trustee with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease.
Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds that are to be made from amounts withdrawn from the Bond Account pursuant to Section 8.02(c) or Section 5.07 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts so withdrawn from the Bond Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 or in Section 5.07. If the Issuer shall have a Paying Agent that is not also the Bond Registrar, it shall furnish, or cause the Bond Registrar to furnish, no later than the fifth calendar day after each Record Date, a list, in such form as such Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds and of the number of Individual Bonds held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Trustee, it will, on or before the Business Day next preceding each Payment Date direct the Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Bond Account), such sum to be held in trust for the benefit of the Persons entitled thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the amounts then becoming due on the Bonds with
Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds that are to be made from amounts withdrawn from the Bond Account pursuant to Sections 8.02(c) or 5.08 hereof shall be made on behalf of the Issuer by the Indenture Trustee, and no amounts so withdrawn from a Bond Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 or in Section 5.08 hereof. Any money held by the Indenture Trustee in trust for the payment of any amount due with respect to any Bond and remaining unclaimed for two years after such amount has become due and payable to the Holder of such Bond shall be discharged from such trust and paid to the Issuer, and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease. The Indenture Trustee may adopt and employ, at the expense of the Trust Estate, any reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Bonds have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or any Agent, at the last address of record for each such Holder).
Money for Bond Payments to Be Held in Trust. All payments of amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the related Collection Account pursuant to Section 8.02(c) or Section 5.08 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts so withdrawn from a Collection Account for payments of Bonds shall be paid over to the Issuer except as provided in this Section 3.03 or in Section 5.08. Whenever the Issuer shall have a Paying Agent other than the Trustee, it will, on or before the Business Day next preceding each Payment Date, Special Redemption Date and Special Payment Date for each Series of Bonds, direct the Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay the amounts then becoming due (to the extent funds are then available for such purpose in the Collection Account for such Series), such sum to be held in trust for the benefit of the Persons entitled thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the amounts then becoming due on the Bonds with respect to which such deposit was made shall, upon Issuer Order, be paid over by the Paying Agent to the Trustee for application in accordance with Article VIII.
