Common use of Nonpresentment of Bonds Clause in Contracts

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys sufficient to pay any such Bond shall have been deposited with the Trustee for the benefit of the Owner thereof, all liability of the Issuer to the Owner thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its part under this Indenture with respect to such Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event If any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if moneys funds sufficient to pay any such Bond shall have been deposited with made available to the Trustee Paying Agent for the benefit of the Owner owner thereof, all liability of the Issuer Authority to the Owner owner thereof for the payment of such Bond shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee Paying Agent to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability funds for interest thereonfour (4) years, for the benefit of the Owner owner of such Bond, which Owner without liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds funds, for any claim of whatever nature on its his part under this Indenture or on, or with respect to such to, that Bond. Any moneys so deposited with and held by the Trustee Paying Agent not so applied to the payment of Bonds within two four (24) years after the date on which the same shall have become due shall be repaid by the Trustee Paying Agent to the Company upon Authority at the written direction request of a Company Representative, the Authority and thereafter Owners of Bonds the Bondholders shall be entitled to look only to the Company Authority for payment, and then only to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company Authority shall not be liable for any interest thereon to the Bondholders and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event If any Bond shall is not be presented for payment when the principal thereof becomes due, either at maturitymaturity or otherwise, or at the date fixed for redemption thereof, or otherwise, if moneys funds sufficient to pay any such Bond shall have been deposited with made available to the Trustee for the benefit of the Owner thereofTrustee, all liability of the Issuer City to the Owner thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fund or funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner Bond who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on its his part under this Indenture or on, or with respect to, said Xxxx. If any Bond is not presented for payment within one year following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall without liability for interest thereon repay to the Developer the funds theretofore held by it for payment of such Bond. Any moneys so deposited with , and held by the Trustee not so applied such Bond shall, subject to the payment defense of Bonds within two (2) years after any applicable statute of limitation, thereafter be an unsecured obligation of the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company RepresentativeDeveloper, and thereafter Owners of Bonds shall be entitled to the Owner thereof may look only to the Company Developer for payment, and then only to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company Developer shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys sufficient to pay any such Bond shall have been deposited with the Trustee for the benefit of the Owner thereof, all liability of the Issuer to the Owner thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, Bond which Owner shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its part under this Indenture with respect to such Bond. Any Subject to the provisions of SECTION 6.11, any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. (a) In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys or Government Obligations sufficient to pay any such Bond and Interest thereon shall have been deposited with made available to the Trustee for the benefit of the Owner thereof, all liability of the Issuer to the Owner thereof for the payment of such Bond shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner Bond who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its his part under this Indenture with respect to such Bond. . (b) Any moneys or Government Obligations so deposited with and held by the Trustee not so applied to the payment of Bonds or Interest thereon within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representativean Authorized Representative of the Company, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for any interest Interest thereon and shall not be regarded as a trustee of such money. In the absence of a written request from the Company to return unclaimed funds to the Company, the Trustee shall from time to time deliver all unclaimed funds to or as directed by applicable escheat authorities, as determined by the Trustee in its sole discretion, in accordance with the customary practices and procedures of the Trustee. Any unclaimed funds held by the Trustee pursuant to this Section shall be held uninvested and without any liability for interest.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys Available Moneys sufficient to pay any such Bond shall have been deposited with made available to the Trustee for the benefit of the Owner thereof, all liability of the Issuer Authority to the Owner thereof for the payment of such Bond shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner Bond who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its his part under this Indenture with respect to such Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two which remain unclaimed five (25) years after the date on payment thereof becomes due shall, upon request of the Company, if the Company is not at the time, to the knowledge Of the Trustee, in default with respect to any covenant in this Indenture or the Bonds, be paid to the Company; and the Owners of the Bonds for which the same deposit was made shall have become due shall thereafter be repaid by the Trustee limited to a claim against the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, cease and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such money; provided, however, that the Trustee, before making payment to the Company, may, at the expense of the company, cause a notice to be mailed to those Owners who have not claimed their payment, stating that the moneys remaining unclaimed will be returned to the Company after a specified date.

Nonpresentment of Bonds. In the event any Bond 2014A‌ Bonds shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys sufficient to pay any such Bond 2014A Bonds shall have been deposited with the Trustee for the benefit of the Owner Holder thereof, all liability of the Issuer to the Owner Holder thereof for the payment of such Bond 2014A Bonds shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested at the written direction of the Obligated Group in Government United States Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner Holder of such Bond, 2014A Bonds which Owner shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its part under this Indenture with respect to such Bond2014A Bonds. Any moneys so deposited with and held by the Trustee not so applied to the payment of 2014A Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company Obligated Group upon written direction of a Company Representativethe Obligated Group, and thereafter Owners of Bonds Bondholders shall be entitled to look only to the Company Obligated Group for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company Obligated Group shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes duedue in whole or in part, either at stated maturity, by redemption or at the date fixed for redemption thereofpursuant to any mandatory sinking fund requirement, or otherwisea check or draft for interest is uncashed, if moneys sufficient to pay any the principal then due of that Bond or of such Bond check or draft shall have been deposited with made available to the Trustee for the benefit of the Owner thereofits Holder, all liability to that Holder for such payment of the Issuer to principal then due of the Owner thereof for the payment Bond or of such Bond check or draft thereupon shall forthwith cease, determine cease and be completely dischargeddischarged completely. Thereupon, and thereupon it shall be the duty of the Trustee to hold such fundsthose moneys, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the exclusive benefit of the Owner of such Bondthat Holder, which Owner who shall thereafter be restricted thereafter exclusively to such funds those moneys for any claim of whatever nature on its part under this Indenture or on, or with respect to to, the principal then due of that Bond or of such Bondcheck or draft. 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 within two (2) four years after the due date on which the same shall have become due thereof, shall be repaid paid to the Issuer free of any trust or lien, upon a request in writing by the Trustee to Issuer. Thereafter, the Company upon written direction Holder of a Company Representative, and thereafter Owners of Bonds that Bond shall be entitled to look only to the Company Issuer for paymentpayment and then only to the amounts so received by the Issuer without any interest thereon, and then to the extent of the amount so repaid, and all liability of the Trustee shall not have any responsibility with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneythose moneys.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof of and any premium on the Bond becomes duedue in whole or in part, either at stated maturity, or at the date fixed for redemption thereof, or otherwise, or in the event any check or draft for interest on any Bond is uncashed, if moneys money sufficient to pay the principal and any premium then due on that Bond or such Bond check or draft shall have been deposited with made available to the Trustee for the benefit of the Owner thereofits Holder, then all liability of the Issuer State to the Owner thereof that Holder for the payment of the principal and any premium then due on the Bond or of the interest represented by such Bond check or draft shall forthwith cease, determine cease and be completely discharged. Thereupon, and thereupon it shall be the duty of the Trustee to hold such fundsthat money, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, in a separate account of the Trustee for the exclusive benefit of the Owner Holder of such that Bond, which Owner who shall thereafter be restricted thereafter exclusively to such funds that money for any claim of whatever nature on its part under this Indenture on, or with respect to to, the principal and any premium then due on that Bond or the interest represented by such Bondcheck or draft. Any moneys of the money that shall be so deposited with and held by the Trustee not so applied to the payment Trustee, and that remains unclaimed for a period of Bonds within two (2) four years after the due date on which thereof by the same shall have become due Holder of the Bond not presented for payment or a check or draft not cashed, shall be repaid paid to the State free of any trust or lien upon request in writing by the Trustee to State. Thereafter, the Company upon written direction Holder of a Company Representative, and thereafter Owners of Bonds that Bond shall be entitled to look only to the Company State for paymentpayment and then only to the amounts so received by the State without any interest thereon, and then to the extent of the amount so repaid, and all liability of the Trustee shall have no responsibility with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such that money.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturitymaturity or otherwise, or at the date fixed for redemption thereof, or otherwise, if moneys funds sufficient to pay any such Bond shall have been deposited with made available to the Trustee for the benefit of the Owner thereofBond Trustee, all liability of the Issuer to the Owner thereof for the payment of such Bond Bond, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Bond Trustee to hold such fundsfunds in trust in a separate trust account, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its his part under this Bond Indenture or on or with respect to said Bond. If any Bond shall not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay to FHLBank without liability for interest thereon the funds theretofore held by it for payment of such Bond. Any moneys so deposited with , and held by the Trustee not so applied such Bond, shall, subject to the payment defense of Bonds within two (2) years after the date on which the same shall have become due shall any applicable statute of limitation, thereafter be repaid by the Trustee to the Company upon written direction an unsecured obligation of a Company RepresentativeFHLBank, and thereafter Owners of Bonds the Owner thereof shall be entitled to look only to the Company FHLBank for payment, and then only to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company FHLBank shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, stated maturity or at the date fixed for redemption thereof, or otherwise, if moneys funds sufficient to pay any such Bond shall have been deposited with be held by the Trustee for the benefit of the Owner thereofBondowner of such Bond, all liability of the Issuer to the Owner thereof Bondowner of such Bond for the payment of such Bond shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested cash in Government Obligations maturing overnight, but in any event a segregated trust account without liability for interest thereon, for the benefit of the Owner Bondowner of such Bond, which Owner Bond who shall thereafter be restricted exclusively to such funds account for any claim of whatever nature on its such person’s part under this Indenture hereunder on or with respect to said Bxxx. Such cash in such Bondsegregated trust account shall thereafter no longer be considered Pledged Revenues and any such Bond shall no longer be deemed outstanding hereunder. Any moneys so deposited with and After any such cash has been held by in such segregated trust account for four years, the Trustee not so applied shall certify the amount thereof and the identifying numbers of the particular Bonds whose Bondowners have a claim there against (which Bondowners shall also be identified, if known) and deliver such certificate and such cash to the Company. Thereafter such Bondowners shall have an unsecured claim against the Company in respect of payment of Bonds within two (2) years after the date on which the same such unpresented Bonds, and shall have become due shall be repaid by no further claim whatever against the Issuer or the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with in respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneythereof.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys sufficient to pay any such Bond shall have been deposited with the Trustee for the benefit of the Owner thereof, all liability of the Issuer to the Owner thereof for the payment of such Bond shall forthwith cease, determine determined and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner of such Bond, which Owner shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its part under this Indenture with respect to such Bond. Any moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event any Bond Bonds, or portions thereof, shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys funds sufficient to pay any such Bond for the payment thereof, including accrued interest thereon, shall have been deposited with into the Bond Fund or otherwise made available to the Trustee for deposit therein, then on and after the benefit of the Owner thereofdate said principal becomes due, all interest thereon shall cease to accrue and all liability of the Issuer District to the Owner or Owners thereof for the payment of such Bond Bonds shall forthwith cease, determine terminate, and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested fund or invested funds in Government Obligations maturing overnight, but in any event without liability for interest thereon, a separate trust account for the benefit of the Owner or Owners of such BondBonds, which Owner who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on its his, her or their part under this Indenture with respect to such said Xxxx or on, or with respect to, said Bond. Any Such moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for required to be invested during such period by the Trustee. If any interest thereon and Bond shall not be regarded as a trustee presented for payment within the period of three years (subject to applicable escheat law) following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall return to the District the funds theretofore held by it for payment of such money.Bond and such Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the District. INVESTMENT OF MONEYS

Nonpresentment of Bonds. In the event any Bond Bonds, or portions thereof, shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for optional redemption thereof, or otherwise, if moneys funds sufficient to pay any such Bond for the payment thereof, including accrued interest thereon, shall have been deposited with into the Bond Fund or otherwise made available to the Trustee for deposit therein, then on and after the benefit of the Owner thereofdate said principal becomes due, all interest thereon shall cease to accrue and all liability of the Issuer District to the Owner or Owners thereof for the payment of such Bond Bonds shall forthwith cease, determine terminate, and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested fund or invested funds in Government Obligations maturing overnight, but in any event without liability for interest thereon, a separate trust account for the benefit of the Owner or Owners of such BondBonds, which Owner who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on its his, her or their part under this Indenture with respect to such said Xxxx or on, or with respect to, said Bond. Any Such moneys so deposited with and held by the Trustee not so applied to the payment of Bonds within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representative, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for required to be invested during such period by the Trustee. If any interest thereon and Bond shall not be regarded as a trustee presented for payment within the period of three years (subject to applicable escheat law) following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall return to the District the funds theretofore held by it for payment of such moneyBond and such Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the District. Notwithstanding anything to the contrary contained in this Section, the Owner of any Bond is not required to present such Bond to receive payments of principal of such Bond to be made through mandatory sinking fund redemption on each mandatory sinking fund redemption date in accordance with Section 2.05 hereof.

Nonpresentment of Bonds. (a) In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, or at the date fixed for redemption thereof, or otherwise, if moneys or Government Obligations sufficient to pay any such Bond and interest thereon shall have been deposited with made available to the Trustee for the benefit of the Owner owner thereof, all liability of the Issuer to the Owner thereof for the payment of such Bond shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereon, for the benefit of the Owner owner of such Bond, which Owner Bond who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its his part under this Indenture with respect to such Bond. . (b) Any moneys or Government Obligations so deposited with and held by the Trustee not so applied to the payment of Bonds or interest thereon within two (2) years after the date on which the same shall have become due shall be repaid by the Trustee to the Company upon written direction of a Company Representativean Authorized Representative of the Company, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then to the extent of the amount so repaid, and all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.. [End of Article IV]