Common use of Non-presentment of Bonds Clause in Contracts

Non-presentment of Bonds. If any check or draft representing payment of interest, principal, premium or purchase price on any Bond is returned to the Trustee or the Tender Agent or is not presented for payment by the payee thereof, or any Bond is not presented for payment of principal or premium at the maturity or redemption date, or purchase price at the purchase date, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or the Fixed Rate Period, proceeds of a drawing under a Series Letter of Credit and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, shall have been made available to the Trustee or the Tender Agent for the benefit of the Owner of the applicable Bond, all liability of the Corporation to the Owner of such Bond for such interest or such principal and premium or purchase price shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee or the Tender Agent to hold such proceeds and/or Government Obligations, without investing or reinvesting the same and without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on such Owner’s part under this Indenture or on, or with respect to, such Bond, and thereafter such Bond shall no longer be considered to be Outstanding. The Trustee’s or Tender Agent’s obligation to hold such proceeds and/or Government Obligations shall continue for a period equal to five years following the date on which the principal of all Bonds has become due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Trustee or the Tender Agent, upon payment of all fees and expenses due and owing to it and receipt of indemnity satisfactory to it, shall surrender any remaining funds so held to the Corporation. Following such surrender, any claim under this Indenture by the Owner of any Bond of whatever nature shall be made only upon the Corporation. The provisions of this Section shall be subject to all applicable escheat and unclaimed property laws.

Non-presentment of Bonds. If any check or draft representing payment of interest, principal, premium or purchase price on any Bond is returned to the Trustee or the Tender Agent or is not presented for payment by the payee thereof, or any Bond is not presented for payment of principal or premium at the maturity or redemption date, or purchase price at the purchase date, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or funds provided by the Fixed Rate Period, proceeds of a drawing under a Series Borrower or any Letter of Credit Issuer and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit such funds, sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, shall have been made available to the Trustee or the Tender Agent for the benefit of the Owner of the applicable Bond, all liability of the Corporation Issuer to the Owner of such Bond for such interest or such principal and premium or purchase price shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee or the Tender Agent to hold such proceeds moneys and/or Government Obligations, without investing or reinvesting the same and without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on such Owner’s 's part under this Indenture or on, or with respect to, such Bond, and thereafter such Bond shall no longer be considered to be Outstanding. The Trustee’s 's or Tender Agent’s 's obligation to hold such proceeds moneys and/or Government Obligations with respect to such Bond shall continue for a period equal to five two years following the date on which the principal of all Bonds has applicable payment shall have become due, whether at maturity, or at the date fixed for redemption thereof, or otherwise, at which time the Trustee or the Tender Agent, upon request of the Borrower and upon payment of all fees and expenses due and owing to it and receipt of indemnity satisfactory to it, shall surrender any remaining such funds so held to the CorporationBorrower. Following such surrender, any claim under this Indenture by the Owner of any such Bond of whatever nature shall be made only upon the CorporationBorrower and all liability of the Issuer, the Trustee and the Tender Agent with respect thereto shall cease. The provisions of this Section 4.8 shall be subject to all applicable escheat and unclaimed property laws.

Non-presentment of Bonds. If In the event any check or draft representing payment of interest, principal, premium or purchase price on any Bond is returned to the Trustee or the Tender Agent or is Bonds shall not be presented for payment by when the payee principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, or any Bond is not presented for payment of principal or premium at the maturity or redemption date, or purchase price at the purchase date, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or the Fixed Rate Period, proceeds of a drawing under a Series Letter of Credit and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit funds sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, Bonds shall have been made available to be held by the Trustee or the Tender Agent for the benefit of the Owner of the applicable Bondowner or owners thereof, all liability of the Corporation Issuer to the Owner owner thereof for the payment of such Bond for such interest or such principal and premium or purchase price shall forthwith cease, terminate determine and be completely discharged, and thereupon it shall be the duty of the Trustee or the Tender Agent to hold such proceeds and/or Government Obligations, without investing fund or reinvesting the same and funds without liability for interest thereon, for the benefit of the Owner owner of such Bond, who shall thereafter be restricted exclusively to such funds fund or funds, for any claim of whatever nature on such Owner’s his part under this Indenture or on, or with respect to, such said Bond. SECTION 606. Trustee's Fees, Charges and thereafter such Bond shall no longer be considered Expenses. Pursuant to be Outstanding. The the provisions of the Lease Agreement, the Lessee has agreed to pay to the Trustee’s or Tender Agent’s obligation to hold such proceeds and/or Government Obligations shall continue for a period equal to five years following , at the date on which commencement of the Lease Term (as defined in the Lease Agreement) and continuing until the principal of all and interest and premium, if any, on the Bonds has become due, whether at maturity, shall have been fully paid or at provision for the date fixed for redemption thereof, or otherwise, at which time payment thereof shall have been made in accordance with the Trustee or the Tender Agent, upon payment of all fees and expenses due and owing to it and receipt of indemnity satisfactory to it, shall surrender any remaining funds so held to the Corporation. Following such surrender, any claim under this Indenture by the Owner of any Bond of whatever nature shall be made only upon the Corporation. The provisions of this Section shall be subject Indenture: (i) an amount equal to all applicable escheat the annual fee of the Trustee for the Ordinary Services of the Trustee rendered and unclaimed property lawsits Ordinary Expenses incurred under this Indenture, (ii) the reasonable fees and charges of the Trustee, as bond registrar and paying agent, and (iii) the reasonable fees and charges of the Trustee, including reasonable attorney fees and expenses, for Extraordinary Services and Extraordinary Expenses of the Trustee under this Indenture, as and when the same become due. The Lessee may, without creating a default hereunder, contest in good faith the necessity for any such Extraordinary Services and Extraordinary Expenses and the reasonableness of any of the fees or charges referred to herein.

Non-presentment of Bonds. If any check or draft representing payment of interest, principal, premium or purchase price on In the event any Bond is returned to the Trustee or the Tender Agent or is shall not be presented for payment by when the payee principal thereof becomes due, either (i) at maturity or at the date fixed for redemption thereof, or any Bond is not presented for payment of principal or premium at (ii) on the maturity or redemption date, or purchase price at the purchase dateTender Date therefor, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or the Fixed Rate Period, proceeds of a drawing under a Series Letter of Credit and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit moneys sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, Bond shall have been made available deposited in the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Trustee Purchase Fund or the Undelivered Bond Account held by the Tender Agent for the benefit of the Owner of the applicable Bondin accordance with Section 309 hereof, all liability of the Corporation Issuer to the Owner holder thereof for the payment of such Bond for such interest or such principal and premium or purchase price shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee or the Tender Agent as applicable to hold such proceeds and/or Government Obligationsmoneys, without investing or reinvesting the same 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 funds moneys, for any claim of whatever nature on of such Owner’s part holder under this Indenture or on, or with respect to, such said Bond, . Any moneys so deposited with and thereafter such Bond shall no longer be considered held by the Trustee not so applied to be Outstanding. The Trustee’s or Tender Agent’s obligation to hold such proceeds and/or Government Obligations shall continue for a period equal to the payment of Bonds within five (5) years following after the date on which the principal same shall have become due shall be paid by the Trustee or the Tender Agent first, to the Credit Enhancer to the extent of all Bonds has become dueany amounts remaining unpaid under any of the Collateral Documents and second, whether at maturityto the Borrower, free from the trusts created by this Indenture. Thereafter, Bondowners shall be entitled to look only to the Borrower for payment, and then only to the extent of the amount so repaid to the Credit Enhancer or at to the date fixed for redemption thereof, or otherwise, at which time Borrower by the Trustee or the Tender Agent, upon payment of all fees . The Credit Enhancer and expenses due and owing the Borrower shall not be liable for any interest on the sums paid to it and receipt of indemnity satisfactory pursuant to it, shall surrender any remaining funds so held to the Corporation. Following such surrender, any claim under this Indenture by the Owner of any Bond of whatever nature shall be made only upon the Corporation. The provisions of this Section and shall not be subject to all applicable escheat and unclaimed property laws.regarded as a trustee of such money. [End of Article V]

Non-presentment of Bonds. If any check or draft representing payment (A) Subject to the provisions of interestSections 205, principal206 and 207 hereof, premium or purchase price on in the event any Bond is returned to the Trustee or the Tender Agent or is shall not be presented for payment by when the payee thereofprincipal thereof becomes due, either at maturity or any Bond is not presented for payment of principal or premium at the maturity date fixed for redemption thereof or redemption date, or purchase price at the purchase dateotherwise, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or the Fixed Rate Period, proceeds of a drawing under a Series Letter of Credit and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit Non-Preference Moneys sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, Bond shall have been made available to deposited with the Trustee or the Tender Agent for the benefit of the Owner of the applicable BondHolder thereof, such Bond shall be deemed canceled, redeemed or retired on such date even if not presented on such date and all liability of the Corporation Issuer to the Owner Holder thereof for the payment of such Bond for such interest or such principal and premium or purchase price shall forthwith cease, terminate determine and be completely discharged, ; and thereupon it shall be the duty of the Trustee or the Tender Agent to hold such proceeds and/or Government Obligationsfunds, without investing or reinvesting the same 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 funds for any claim of whatever nature on such Owner’s his part under this Indenture or on, or with respect to, to such Bond, and thereafter such . (B) If any Bond shall no longer not be considered presented for payment prior to be Outstanding. The Trustee’s or Tender Agent’s obligation to hold such proceeds and/or Government Obligations shall continue for a period equal to five the earlier of (1) two (2) years following the date on which the principal of all Bonds has become when such Bond becomes due, whether either at maturity, maturity or at the date fixed for redemption thereof, or otherwise, at or (2) the date on which time such moneys would escheat to the State, such amounts shall be paid by the Trustee first to the Bank to the extent any amounts remain unpaid by the Company under the Reimbursement Agreement or under any other Financing Document, with any balance to be paid to the Tender AgentCompany. Thereafter, upon Bondholders shall be entitled to look only to the Company and/or the Bank, as the case may be, for payment, and then only to the extent of the amount so repaid to the respective parties, who shall not be liable for any interest thereon and shall not be regarded as trustees of such money. The Trustee shall, at least sixty (60) days prior to the expiration of the above described period, give notice to any Owner who has not presented any Bond for payment that any moneys held for the payment of all fees and expenses due and owing any such Bond will be returned as provided in this Section 409 at the expiration of such period. The failure of the Trustee to it and receipt of indemnity satisfactory to it, give any such notice shall surrender any remaining funds so held to not affect the Corporation. Following such surrender, any claim under this Indenture by the Owner validity of any Bond transfer of whatever nature shall be made only upon the Corporation. The provisions of funds pursuant to this Section shall be subject to all applicable escheat and unclaimed property laws409.

Non-presentment of Bonds. If any check Bond or draft representing payment evidence of interest, principal, premium or purchase price on any beneficial ownership of such Bond is returned to the Trustee or the Tender Agent or is shall not be presented for payment when the principal thereof becomes due (whether at maturity, by the payee thereofacceleration, upon call for redemption, upon purchase or any Bond is not presented for payment of principal or premium at the maturity or redemption date, or purchase price at the purchase date, if amounts drawn under a Series Letter of Credit or the proceeds of a remarketing of the Bonds by the Remarketing Agent, or, during an Adjustable Rate Period or the Fixed Rate Period, proceeds of a drawing under a Series Letter of Credit and/or Government Obligations purchased with proceeds of a drawing under a Series Letter of Credit sufficient to pay such interest, or such principal and premium or purchase price, as is applicable, shall have been made available to the Trustee or the Tender Agent for the benefit of the Owner of the applicable Bondotherwise), all liability of the Corporation Issuer to the Registered Owner thereof for the payment of such Bond for such interest or such principal and premium or purchase price Bond, shall forthwith cease, terminate 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 or the Tender Agent to segregate and hold such proceeds and/or Government Obligationsfunds, without investing or reinvesting the same uninvested and without liability for interest thereon, for the benefit of the Owner holder of such Bond, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on such Owner’s his part under this Indenture or on, or with respect to, such Bond. Any moneys which the Trustee segregates and holds in trust for the payment of the principal of, premium (if any) or interest on or the purchase price of, any Bond and thereafter which remain unclaimed for one year after such principal, premium (if any), interest or purchase price has become due and payable, upon the Borrower's written request to the Trustee, but only to the extent permitted by law, shall be paid to the Borrower, with notice to the Credit Facility Issuer of such payment; provided, however, that: (a) before the Trustee makes any such payments to the Borrower, the Trustee, at the expense of the Borrower, shall cause notice to be given once by first-class mail, postage prepaid, to the Owner of such Bond, at the last address for such Owner listed in the Bond Register, to the effect that such moneys remain unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notice, any unclaimed balance of such moneys then remaining will be paid to the Borrower, and (b) no such payment shall be made to the Borrower if the Trustee has notice, within the meaning of Section 1003(c) hereof, that an Event of Default shall have occurred and be continuing or the Trustee has written notice from the Credit Facility Issuer that an Event of Default shall have occurred and be continuing under any of the documents executed and delivered in connection with the Credit Facility. After the payment of such unclaimed moneys to the Borrower, the Owner of such Bond shall no longer be considered thereafter look only to be Outstanding. The Trustee’s or Tender Agent’s obligation to hold such proceeds and/or Government Obligations shall continue the Borrower for a period equal to five years following the date on which the principal of all Bonds has become due, whether at maturity, or at the date fixed for redemption payment thereof, or otherwiseand all liability of the Issuer, at which time the Trustee or Trustee, the Tender Paying Agent, upon payment of all fees the Remarketing Agent and expenses due and owing the Credit Facility Issuer with respect to it and receipt of indemnity satisfactory to it, such moneys shall surrender any remaining funds so held to the Corporation. Following such surrender, any claim under this Indenture by the Owner of any Bond of whatever nature shall be made only upon the Corporation. The provisions of this Section shall be subject to all applicable escheat and unclaimed property lawsthereupon cease.