Common use of Non-presentment of Bonds Clause in Contracts

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimed, if moneys sufficient to pay such Bond or interest shall have been deposited in the Bond Fund, all liability of the Issuer to the Owner thereof for the payment of such Bond or interest shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneys, without liability for interest thereon, for the benefit of the Owner of such Bond who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds or such interest, if any, within one (1) year after the date on which the same shall have become due shall be paid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative and thereafter Bondholders shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys and the Trustee shall have no further responsibility with respect to such moneys.

Non-presentment of Bonds. In the event If any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwisematurity, or at the date fixed for redemption thereof thereof, or in the event any interest payment thereon is unclaimedotherwise, if moneys funds sufficient to pay any such Bond or interest shall have been deposited in made available to Paying Agent for the Bond Fundbenefit of the holder or holders thereof, all liability of the Issuer to the Owner holder thereof for the payment of such Bond or interest shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee Paying Agent to hold such moneys, funds for five (5) years without liability for interest thereon, for the benefit of the Owner holder of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfunds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said such Bond. Any moneys so deposited with and held by the Trustee Paying Agent not so applied to the payment of Bonds or such interest, if any, within one five (15) year years after the date on which the same shall have become due shall be paid repaid by the Trustee Paying Agent to the Borrower upon the written direction of an Authorized Borrower Representative and thereafter Bondholders shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys and the Trustee shall have no further responsibility with respect to such moneysmoney.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof thereof, or in the event any check for the payment of interest payment thereon is unclaimedshall not be cashed, then if moneys funds sufficient to pay such Bond or interest shall have been deposited in made available to the Bond FundTrustee, all liability of the Issuer to the Owner thereof for the payment of such Bond or interest shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneysfunds uninvested, without liability for interest thereon, for the benefit of the Owner owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfunds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said BondBond or interest. Any moneys so deposited with and held by the Trustee not so applied to for the payment benefit of Bonds or such interestpersons, if any, within one (1) year for two years after the date on upon which the same shall have become due such moneys were so deposited, shall be paid by the Trustee to the Borrower upon as provided in Section 6.13 hereof, subject to the written direction provisions of an Authorized Borrower Representative Section 10.2 of the Loan Agreement, and thereafter Bondholders such persons shall be entitled to look only to the Borrower for payment, and then only to the extent purpose of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of payment from such moneys and the Trustee shall have no further responsibility liability with respect to such moneys.

Non-presentment of Bonds. In the event any Bond Bonds (or any portion thereof) shall not be presented for payment when the principal thereof and redemption premium, if any, thereon becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof (including, for such purpose, any conversion to a Fixed Rate) or in the event any interest payment thereon is unclaimedotherwise, if moneys funds sufficient to pay such Bond Bonds (or interest portions thereof) and redemption premiums, if any, shall have been deposited in be held by the Bond FundTrustee for the benefit of the owner or owners thereof, all liability of the Issuer Authority to the Owner owner or owners thereof for the payment of such Bond Bonds (or interest portions thereof) and redemption premiums, if any, shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneysfunds (without investment thereof) in the Bond Fund for a period of at least two years, without liability for interest thereon, for the benefit of the Owner owner or owners of such Bond Bonds who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his such owner's or owners' part under this the Indenture or on, or with respect to, said Bondsuch Bonds. Any moneys so deposited with and held by On December 1 of each year in which the Bonds are outstanding, the Trustee will pay any funds (other than moneys resulting from a draw on the Letter of Credit) which it has then held in respect of Bonds not so applied presented for payment for two years or more to the payment of Bonds or such interestCompany, if any, within one (1) year after the date on which the same shall have become due shall be paid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative and thereafter Bondholders the owners of such Bonds shall be entitled to look only to the Borrower Company for payment, the payment thereof and then only to the extent of the amount so repaidreceived without any interest thereon, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys Authority, the Trustee and the Trustee Paying Agent shall have no further responsibility with respect to such moneys.

Non-presentment of Bonds. In the event If any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwisematurity, or at the date fixed for redemption thereof thereof, or in the event any interest payment thereon is unclaimedotherwise, if moneys funds sufficient to pay any such Bond or interest shall have been deposited in made available to Paying Agent for the Bond Fundbenefit of the Bondholder or Bondholders thereof, all liability of the Issuer to the Owner Bondholder thereof for the payment of such Bond or interest shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee Paying Agent to hold such moneys, funds for five (5) years without liability for interest thereon, for the benefit of the Owner Bondholder of such Bond Xxxx, who shall thereafter be restricted exclusively to such moneysfunds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said such Bond. Any moneys so deposited with and held by the Trustee Paying Agent not so applied to the payment of Bonds or such interest, if any, within one five (15) year years after the date on which the same shall have become due shall be paid repaid by the Trustee Paying Agent to the Borrower upon the written direction of an Authorized Borrower Representative WLCDC and thereafter Bondholders shall be entitled to look only to the Borrower WLCDC for payment, and then only to the extent of the amount so repaid, and the Borrower WLCDC shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys and the Trustee shall have no further responsibility with respect to such moneysmoney.

Non-presentment of Bonds. In the event any Bond Bonds shall not be presented for payment when the principal thereof becomes due, either at maturity maturity, upon redemption or otherwise, or at the date fixed a check or draft for redemption thereof or in the event any interest payment thereon is unclaimednot cashed, if moneys funds sufficient to pay such Bond Bonds or interest such check or draft shall have been deposited in made available to the Bond FundTrustee for the benefit of the Holders thereof, all liability of the Issuer to the Owner Holders thereof for the payment of such Bond Bonds or interest such check or draft shall forthwith cease, determine and be completely discharged, discharged as of the time such funds are made available to the Trustee and thereupon it shall be the duty of the Trustee to hold such moneysfunds, without liability for interest thereonuninvested, in a separate account of the Bond Fund or Bond Purchase Fund, as appropriate, for the benefit of the Owner Holders of such Bond Bonds, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his their part under this Indenture or on, or with respect to, said Bondsuch Bonds. Any of those moneys which shall be so deposited with and held by the Trustee Trustee, and which remain unclaimed by the Holder of a Bond not so applied to the presented for payment or check or draft not cashed for a period of Bonds or such interest, if any, within one three (13) year years after the due date on which the same shall have become due thereof, shall be paid by the Trustee to the Borrower upon Company free of any trust or lien. Thereafter, the written direction Holder of an Authorized Borrower Representative and thereafter Bondholders that Bond shall be entitled to look only to the Borrower Company for payment, payment and then only to the extent of amounts so received by the amount so repaid, and the Borrower shall not be liable for Company without any interest thereon and shall not be regarded as a trustee of such moneys thereon, and the Trustee shall not have no further any responsibility with respect to such those moneys.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption Redemption thereof or otherwise, if Available Moneys in the event any interest payment thereon is unclaimed, if moneys Bond Fund sufficient to pay the principal of, redemption premium, if any, and interest on such Bond shall be available to the Trustee for the benefit of the Holder or interest shall have been deposited in the Bond FundHolders thereof, all liability of the Issuer Authority to the Owner Holder thereof for the payment of such Bond Bond, or interest portion thereof, as the case may be, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneys, fund or funds uninvested and without liability to the Holder of such Bond for interest thereon, for the benefit of the Owner Holder of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfund or funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said Bond, or portion thereof. Any moneys so deposited with and such funds held by the Trustee not so applied to the payment of Bonds remaining unclaimed by such Holder or former Holder for two (2) years after such interestprincipal, or premium, if any, within one (1) year after the date on which the same shall have has become due and payable and made available to the Trustee and, upon written instructions of the Borrower, shall be paid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative and such Holder or former Holder shall thereafter Bondholders shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaidpayment thereof, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys Authority and the Trustee shall have no further responsibility or liability with respect to such moneysfunds.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either whether at maturity or otherwisematurity, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimedotherwise, if moneys sufficient to pay such Bond or interest shall have been deposited in made available to the Bond FundTrustee for the benefit of the Registered Owner thereof, subject to the provisions of the immediately following paragraph, all liability of the Issuer City to the Registered Owner thereof for the payment of such Bond or interest shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneys, without liability for interest thereon, for the benefit of the Registered Owner of such Bond who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature on his or her part under this Indenture or on, or with respect to, said such Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds or such interest, if any, within one (1) year two years after the date on which the same shall have become due shall be paid repaid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative City, and thereafter Bondholders the Registered Owners of such Bonds shall be entitled to look only to the Borrower City for payment, and then only to the extent of the amount so repaid, and all liability of the Borrower Trustee with respect to such moneys shall thereupon cease, and the City shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys and moneys. The obligation of the Trustee under this Section to pay any such funds to the City shall have no further responsibility with respect be subject, however, to any provisions of law applicable to the Trustee or to such moneysfunds providing other requirements for disposition of unclaimed property.

Non-presentment of Bonds. In the event If any Bond shall is not be presented for ----------- ------------------------ payment when the principal thereof becomes duedue (whether at maturity, either at maturity by acceleration or call for redemption or otherwise, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimed, if moneys sufficient to pay such Bond or interest shall have been deposited in the Bond Fund), all liability of the Issuer to the Owner thereof registered owner of the Bond for the payment of such Bond or interest shall forthwith cease, determine and be completely dischargeddischarged if funds (Available Moneys when required so to be by the terms of this Indenture) sufficient to pay such Bond and interest due thereon to its maturity or redemption date shall be held by the Trustee for the benefit of the registered owner thereof, and thereupon it shall be the duty of the Trustee to hold such moneysfunds, without liability for interest thereon, for the benefit of the Owner registered owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said on such Bond. Any moneys so deposited with and held which shall have been set aside by the Trustee not so applied to for the payment of the principal or redemption price of and interest on, the Bonds or such interest, if any, within one and which shall remain unclaimed by the Registered Owner of any of the Bonds for a period of five (15) year years after the date on which such principal or redemption price of, and interest on, the same Bonds shall have become due shall payable, shall, unless otherwise required by law, be paid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative Borrower, and thereafter Bondholders the registered owners of such Bond shall be entitled to look only to the Borrower as unsecured creditors for payment, the payment thereof and then only to the extent of the amount so repaidreceived, without any interest thereon, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys Issuer and the Trustee shall have no further responsibility with respect to such moneys.

Non-presentment of Bonds. In the event any Bond Bonds shall not be presented for payment when the principal thereof becomes due, either at maturity maturity, upon tender, redemption or otherwise, or at the date fixed a check or draft for redemption thereof or in the event any interest payment thereon is unclaimednot cashed, if moneys funds sufficient to pay such Bond Bonds or interest such check or draft shall have been deposited in made available to the Bond FundTrustee for the benefit of the Holders thereof, all liability of the Issuer to the Owner Holders thereof for the payment of such Bond Bonds or interest such check or draft shall forthwith cease, determine and be completely discharged, discharged as of the time such funds are made available to the Trustee and thereupon it shall be the duty of the Trustee to hold such moneysfunds, without liability for interest thereonuninvested, in a separate account of the Bond Fund or Bond Purchase Fund, as appropriate, for the benefit of the Owner Holders of such Bond Bonds, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his their part under this Indenture or on, or with respect to, said Bondsuch Bonds. Any of those moneys which shall be so deposited with and held by the Trustee Trustee, and which remain unclaimed by the Holder of a Bond not so applied to the presented for payment or check or draft not cashed for a period of Bonds or such interest, if any, within one (1) year three years after the due date on which the same shall have become due thereof, shall be paid by the Trustee to the Borrower upon Company free of any trust or lien. Thereafter, the written direction Holder of an Authorized Borrower Representative and thereafter Bondholders that Bond shall be entitled to look only to the Borrower Company for payment, payment and then only to the extent of amounts so received by the amount so repaid, and the Borrower shall not be liable for Company without any interest thereon and shall not be regarded as a trustee of such moneys thereon, and the Trustee shall not have no further any responsibility with respect to such those moneys.

Non-presentment of Bonds. In the event If any Bond or evidence of beneficial ownership of such Bond shall not be presented for payment when the principal thereof becomes duedue (whether at maturity, either at maturity by acceleration, upon call for redemption, upon purchase or otherwise, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimed, if moneys sufficient to pay such Bond or interest shall have been deposited in the Bond Fund), all liability of the Issuer to the Registered Owner thereof for the payment of such Bond or interest Bond, shall forthwith cease, determine and be completely dischargeddischarged if funds sufficient to pay such Bond and interest due thereon, and thereupon if any, shall be held by the Trustee. Thereupon it shall be the duty of the Trustee to segregate and hold such moneysfunds, uninvested and without liability for interest thereon, for the benefit of the Owner holder of such Bond Bond, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said such Bond. Any moneys so deposited with and held by which the Trustee not so applied to segregates and holds in trust for the payment of Bonds or such interestthe principal of, premium (if any) or interest on or the purchase price of, within any Bond and which remain unclaimed for one (1) year after the date on which the same shall have such principal, premium (if any), interest or purchase price has become due shall be paid by and payable, upon the Trustee Borrower's written request to the Borrower upon the written direction of an Authorized Borrower Representative and thereafter Bondholders shall be entitled to look only to the Borrower for paymentTrustee, and then but only to the extent of permitted by law, shall be paid to the amount so repaidBorrower, and with notice to the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee Credit Facility Issuer of such moneys and the Trustee shall have no further responsibility with respect to such moneys.payment; provided, however, that:

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either whether at maturity or otherwisematurity, or at the date fixed for redemption thereof thereof, or in the event any interest payment thereon is unclaimedotherwise, if moneys funds sufficient to pay such Bond or interest shall have been deposited in made available to the Bond FundTrustee for the benefit of the holder or holders thereof, all liability of the Issuer to the Owner holder thereof for the payment of such Bond or interest shall forthwith cease, determine thereupon cease and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneysfunds, without liability for interest thereon, in a separate account in the Bond Fund for the benefit of the Owner holder of such Bond Bond, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said Bond. Any moneys ; provided that any funds which shall be so deposited with and held by the Trustee and which remain unclaimed by the holder of the Bond not so applied to the presented for payment for a period of Bonds or three years after such interestdie date thereof, if any, within one (1) year after the date on which the same shall have become due shall be paid by the Trustee first to the Borrower upon Letter of Credit Bank to the written direction extent of an Authorized Borrower Representative any amounts due and payable to the Letter of Credit Bank under the Reimbursement Agreement and then to the Borrowers free of any trust or lien and thereafter Bondholders the holder of such Bond shall be entitled to look only to the Borrower Borrowers for payment, payment and then only to the extent amounts so received by the Letter of Credit Bank or the amount so repaid, and the Borrower shall not be liable for Borrowers without any interest thereon and shall not be regarded as a trustee of such moneys thereon, and the Trustee shall have no further responsibility with respect to such moneys.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwisematurity, or at the date fixed for redemption thereof thereof, or in the event any interest payment thereon is unclaimedotherwise, if moneys and funds sufficient to pay any such Bond or interest shall have been deposited in made available to the Bond FundTrustee for the benefit of the Holder or Holders thereof, together with interest to the date on which principal is due, all liability of the Issuer to the Owner Holder thereof for the payment of such Bond or interest shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to pay such funds to the Person entitled thereto or if the Person is not known to the Trustee, to hold such moneysfunds, without liability for interest thereon, for the benefit of the Owner Holder of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfunds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said such Bond. Any moneys Such amounts so deposited held shall, pending payment to the Holder of such Bond, (y) be subject to any rebate requirement as set forth in the Tax Regulatory Agreement or this Indenture, and (z) shall be uninvested, or, if invested, invested or re-invested only in Government Obligations maturing within thirty (30) days. Funds remaining with and held by the Trustee not so applied as above and unclaimed for the earlier of two (2) years or one month less than the applicable statutory escheat period shall be paid to the Company. After the payment of Bonds or such interest, if any, within one (1) year after the date on which the same shall have become due shall be paid by the Trustee unclaimed moneys to the Borrower upon Company, the written direction Holder of an Authorized Borrower Representative and such Bond shall thereafter Bondholders shall be entitled to look only to the Borrower Company for paymentthe payment thereof, and then only to the extent all obligations of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of Trustee or such moneys and the Trustee shall have no further responsibility Paying Agent with respect to such moneysmoneys shall thereupon cease.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimedotherwise, if moneys funds sufficient to pay the principal of, premium (if any) and interest on such Bond or interest shall have been deposited in made available to the Bond Fund, all liability Trustee for the benefit of the Issuer to the Owner thereof for the or Owners thereof, payment of such Bond or interest portion thereof as the case may be, shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneysfund or funds uninvested in the Bond Fund, without liability to the Owner of such Bond for interest thereon, for the benefit of the Owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfund or funds, for any claim of whatever nature on his his/her part under this Indenture or on, or with respect to, said Bond, or portion thereof, or premium, if any. Any moneys so monies deposited with and the Trustee or then held by the Trustee not so applied to in trust for the payment of Bonds or such interestthe principal of and redemption premium, if any, within one (1) year or interest on the Bonds and remaining unclaimed for five years after the date on which the same shall have such principal and premium, if any, or interest has become due shall be paid by treated as abandoned property pursuant to the provisions of Section 116B-18 of the North Carolina General Statutes and the Trustee shall report and remit this property to the Borrower upon Escheat Fund according to the written direction requirements of an Authorized Borrower Representative Article 3 of Chapter 116B of the North Carolina General Statutes, and thereafter Bondholders the Owners shall be entitled to look only to the Borrower Escheat Fund, or to any successor fund, as the case may be, for payment, payment and then only to the extent of the amount amounts so repaidreceived, without any interest thereon, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys Issuer, the Remarketing Agent, the Trustee and the Trustee Company shall have no further responsibility with respect to such moneysmoney.

Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof or in the event any interest payment thereon is unclaimed, if moneys sufficient to pay such Bond or interest shall have been deposited in the Bond Fund, all liability of the Issuer to the Owner thereof for the payment of such Bond or interest shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such moneys, without liability for interest thereon, for the benefit of the Owner of such Bond who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature on his part under this Indenture or on, or with respect to, said Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds or such interest, if any, within one (1) year after the date on which the same shall have become due shall be paid by the Trustee to the Borrower upon the written direction of an Authorized Borrower Representative and thereafter Bondholders shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaid, and the Borrower shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneys and the Trustee shall have no further responsibility with respect to such moneys. Section 6.13.