Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either (i) at maturity or at the date fixed for redemption thereof, or (ii) on the Tender Date therefor, if moneys sufficient to pay such Bond shall have been deposited in the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Purchase Fund or the Undelivered Bond Account held by the Tender Agent in accordance with Section 309 hereof, all liability of the Issuer to the holder thereof for the payment of such Bond 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 moneys, without liability for interest thereon, for the benefit of the holder of such Bond who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature of such holder 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 within five (5) years after the date on which the same shall have become due shall be paid by the Trustee or the Tender Agent first, to the Credit Enhancer to the extent of any amounts remaining unpaid under any of the Collateral Documents and second, to 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 to the Borrower by the Trustee or the Tender Agent. The Credit Enhancer and the Borrower shall not be liable for any interest on the sums paid to it pursuant to this Section and shall not be regarded as a trustee of such money. [End of Article V]
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Non-presentment of Bonds. In the event any Bond Bonds shall not be presented for payment when the principal thereof becomes due, either (i) at maturity or otherwise, or at the date fixed for redemption thereof, or (ii) on the Tender Date therefor, if moneys funds sufficient to pay such Bond Bonds shall have been deposited in the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Purchase Fund or the Undelivered Bond Account be held by the Tender Agent in accordance with Section 309 hereofTrustee for the benefit of the owner or owners thereof, all liability of the Issuer to the holder owner thereof for the payment of such Bond shall forthwith cease, terminate determine and be completely discharged, and thereupon it shall be the duty of the Trustee or the Tender Agent as applicable to hold such moneys, fund or funds without liability for interest thereon, for the benefit of the holder owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneysfund or funds, for any claim of whatever nature of such holder on his part under this Indenture or on, or with respect to, said Bond. Any moneys so deposited SECTION 606. Trustee's Fees, Charges and Expenses. Pursuant to the provisions of the Lease Agreement, the Lessee has agreed to pay to the Trustee, at the commencement of the Lease Term (as defined in the Lease Agreement) and continuing until the principal of and interest and premium, if any, on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with and held by the provisions of this Indenture: (i) an amount equal to the annual fee of the Trustee not so applied to for the payment Ordinary Services of Bonds within five the Trustee rendered and its Ordinary Expenses incurred under this Indenture, (5ii) years after the date on which 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 shall have become due shall be paid by due. The Lessee may, without creating a default hereunder, contest in good faith the Trustee or necessity for any such Extraordinary Services and Extraordinary Expenses and the Tender Agent first, to the Credit Enhancer to the extent reasonableness of any amounts remaining unpaid under any of the Collateral Documents and second, fees or charges referred to 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 to the Borrower by the Trustee or the Tender Agent. The Credit Enhancer and the Borrower shall not be liable for any interest on the sums paid to it pursuant to this Section and shall not be regarded as a trustee of such money. [End of Article V]herein.
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Non-presentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either (i) at maturity or at the date fixed for redemption thereof, or (ii) on the Tender Date therefor, if moneys sufficient to pay such Bond shall have been deposited in the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Purchase Fund or the Undelivered Bond Account held by the Tender Agent in accordance with Section 309 hereof, all liability of the Issuer to the holder thereof for the payment of such Bond 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 moneys, without liability for interest thereon, for the benefit of the holder of such Bond who shall thereafter be restricted exclusively to such moneys, for any claim of whatever nature of such holder 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 within five (5) years after the date on which the same shall have become due shall be paid by the Trustee or the Tender Agent first, to the Credit Enhancer to the extent of any amounts remaining unpaid under any of the Collateral Documents and second, to 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 to the Borrower by the Trustee or the Tender Agent. The Credit Enhancer and the Borrower shall not be liable for any interest on the sums paid to it pursuant to this Section and shall not be regarded as a trustee of such money. [End of Article V]
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Non-presentment of Bonds. In the event If any check representing payment of interest, principal, premium or purchase price on any Bond shall is returned to the Trustee or the Tender Agent or is not be presented for payment when by the principal thereof becomes due, either (i) at maturity or at the date fixed for redemption payee thereof, or (ii) on any Bond is not presented for payment of principal or premium at the Tender Date thereformaturity or redemption date, or purchase price at the purchase date, if moneys the proceeds of a remarketing of the Bonds by the Remarketing Agent, or funds provided by the Borrower or any Letter of Credit Issuer and/or Government Obligations purchased with such funds, sufficient to pay such Bond interest, or such principal and premium or purchase price, as is applicable, shall have been deposited in made available to the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Purchase Fund Trustee or the Undelivered Bond Account held by the Tender Agent in accordance with Section 309 hereoffor the benefit of the Owner of the applicable Bond, all liability of the Issuer to the holder thereof for the payment 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 as applicable to hold such moneysmoneys and/or Government Obligations, without investing or reinvesting the same and without liability for interest thereon, for the benefit of the holder Owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature of on such holder Owner's part under this Indenture or on, or with respect to, said such Bond, and thereafter such Bond shall no longer be considered to be Outstanding. Any The Trustee's or Tender Agent's obligation to hold such moneys so deposited and/or Government Obligations with and held by the Trustee not so applied respect to the payment of Bonds within five (5) such Bond shall continue for a period equal to two years after following the date on which the same applicable payment shall have become due shall be paid by the Trustee or the Tender Agent firstdue, to the Credit Enhancer to the extent of any amounts remaining unpaid under any of the Collateral Documents and second, to 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 to the Borrower by 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 such funds so held to the Borrower. Following such surrender, any claim under this Indenture by the Owner of such Bond of whatever nature shall be made only upon the Borrower and all liability of the Issuer, the Trustee and the Tender Agent with respect thereto shall cease. The Credit Enhancer and the Borrower shall not be liable for any interest on the sums paid to it pursuant to provisions of this Section 4.8 shall be subject to all applicable escheat and shall not be regarded as a trustee of such money. [End of Article V]unclaimed property laws.
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Samples: Iac Capital Trust
Non-presentment of Bonds. In the event If any check or draft representing payment of interest, principal, premium or purchase price on any Bond shall is returned to the Trustee or the Tender Agent or is not be presented for payment when by the principal thereof becomes due, either (i) at maturity or at the date fixed for redemption payee thereof, or (ii) on any Bond is not presented for payment of principal or premium at the Tender Date thereformaturity or redemption date, or purchase price at the purchase date, if moneys 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 Bond interest, or such principal and premium or purchase price, as is applicable, shall have been deposited in made available to the Debt Service Fund or, with respect to Bonds becoming due pursuant to clause (ii), the Purchase Fund Trustee or the Undelivered Bond Account held by the Tender Agent in accordance with Section 309 hereoffor the benefit of the Owner of the applicable Bond, all liability of the Issuer Corporation to the holder thereof for the payment 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 as applicable to hold such moneysproceeds and/or Government Obligations, without investing or reinvesting the same and without liability for interest thereon, for the benefit of the holder Owner of such Bond Bond, who shall thereafter be restricted exclusively to such moneys, funds for any claim of whatever nature of on such holder Owner’s part under this Indenture or on, or with respect to, said such Bond, and thereafter such Bond shall no longer be considered to be Outstanding. Any moneys so deposited with and held by the Trustee not so applied The Trustee’s or Tender Agent’s obligation to the payment of Bonds within hold such proceeds and/or Government Obligations shall continue for a period equal to five (5) years after following the date on which the same shall have principal of all Bonds has become due shall be paid by due, whether at maturity, or at the Trustee date fixed for redemption thereof, or the Tender Agent firstotherwise, to the Credit Enhancer to the extent of any amounts remaining unpaid under any of the Collateral Documents and second, to 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 to the Borrower by 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 Credit Enhancer and the Borrower shall not be liable for any interest on the sums paid to it pursuant to provisions of this Section shall be subject to all applicable escheat and shall not be regarded as a trustee of such money. [End of Article V]unclaimed property laws.
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