Common use of Non-presentment of Bonds Clause in Contracts

Non-presentment of Bonds. (a) If any Owner fails to present his or her Bond for payment when its principal becomes due (whether at maturity, by mandatory or optional redemption, by acceleration, or otherwise), all liability of NVTC to the Owner for the payment of the Bond shall be completely discharged if the Trustee holds for the Owner's benefit money sufficient to pay the principal of and premium, if any, and interest due on such Bond to its maturity or redemption date and thereupon it shall be the Trustee's duty to hold this money, without liability to the Owner for interest on it, for the Owner's benefit, who shall thereafter be restricted exclusively to this money for any claim under this Master Indenture or on the Bond.

Non-presentment of Bonds. (a) If any Owner fails to present his or her Bond for payment when its principal becomes due (whether at maturity, by mandatory or optional redemption, by acceleration, or otherwise), all liability of NVTC HRTAC to the Owner for the payment of the Bond shall be completely discharged if the Trustee holds for the Owner's ’s benefit money sufficient to pay the principal of and premium, if any, and interest due on such Bond to its maturity or redemption date and thereupon it shall be the Trustee's ’s duty to hold this money, without liability to the Owner for interest on it, for the Owner's ’s benefit, who shall thereafter be restricted exclusively to this money for any claim under this Master Indenture or on the Bond.