Common use of Nonpresentment of Bonds Clause in Contracts

Nonpresentment of Bonds. 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 funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Authority to the owner thereof for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds for four (4) years, for the benefit of the owner of such Bond, without liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, that Bond. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within four (4) years after the date on which the same shall become due shall be repaid by the Paying Agent to the Authority at the written request of the Authority and thereafter the Bondholders shall be entitled to look only to the Authority for payment, and then only to the extent of the amount so repaid, and the 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. 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 funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Authority to the owner thereof for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds for four (4) years, for the benefit of the owner of such Bond, without liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, that Bond. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within four (4) years after the date on which the same shall become due shall be repaid escheated as required by law. Notwithstanding anything contained herein the Paying Agent 2020 Bonds shall only need to the Authority at the written request of the Authority and thereafter the Bondholders shall be entitled to look only to the Authority presented for payment, and then only to the extent of the amount so repaid, and the Authority shall not be liable for any interest thereon to the Bondholders and shall not be regarded as a trustee of such moneypayment upon final maturity or redemption in full.

Nonpresentment of Bonds. 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 funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Authority to the owner thereof for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds for four (4) years, for the benefit of the owner of such Bond, without liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, that Bond. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within four (4) years after the date on which the same shall become due shall be repaid by the Paying Agent to the Authority at the written request of the Authority and thereafter the Bondholders shall be entitled to look only to the Authority for payment, and then only to the extent of the amount so repaid, and the 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Money sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority to the owner 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any moneys money so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Company upon written request direction of the Authority a Company Representative, and thereafter the Bondholders Owners of Bonds shall be entitled to look only to the Authority Company for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Company 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Moneys sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority to the 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any moneys so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Borrower upon written request direction of the Authority an Authorized Representative, and thereafter the Bondholders owners of Bonds shall be entitled to look only to the Authority Borrower for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Borrower 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Moneys sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority Company to the owner 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any moneys so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Company upon written request direction of an Authorized Representative of the Authority Company, and thereafter the Bondholders Owners of Bonds shall be entitled to look only to the Authority Company for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Company 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Moneys sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority to the owner 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter txxxxafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any Xxx moneys so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Company upon written request direction of the Authority a Company Representative, and thereafter the Bondholders Owners of Bonds shall be entitled to look only to the Authority Company for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Company 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Moneys sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority to the owner 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter thereafxxx be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any moneys mxxxxs so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Company upon written request direction of an Authorized Representative of the Authority Company, and thereafter the Bondholders Owners of Bonds shall be entitled to look only to the Authority Company for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Company 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. If In the event any Bond 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if collected funds sufficient to pay such Bond for the payment thereof shall have been deposited in the Bond Principal Fund and the Bond Interest Fund or otherwise made available to the Paying Agent Trustee for the benefit of the owner thereofdeposit therein, all liability of the Authority Issuer to the owner or owners thereof for the payment of such Bond Bonds shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent Trustee to hold such fund or funds for four (4) years, in a separate trust account for the benefit of the owner or owners of such Bond, without liability for interest thereon to such ownerBonds, who shall thereafter be restricted exclusively to such funds, fund or funds for any claim of whatever nature on his his, her or their part under this Indenture with respect to said Bond or on, or with respect to, that said Bond. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within four (4) years after the date on which the same shall become due The Trustee shall be repaid by the Paying Agent to the Authority at the written request of the Authority and thereafter the Bondholders shall be entitled to look only to the Authority for paymentunder no obligation to, and then only to the extent of the amount so repaid, and the Authority shall not be liable for any interest thereon to the Bondholders and shall not be regarded as a trustee required to, invest such funds pending payment of the Bonds. If any Bond shall not be presented for payment within the period of five years following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall return to the Company 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 Company.

Nonpresentment of Bonds. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereofTrustee, all liability of the Authority Issuer to the owner Bondowner thereof for the payment of such Bond Bond, shall forthwith cease, terminate determine and be completely discharged, and thereupon it shall be the duty of the Paying Agent Trustee to hold such funds in trust in a separate trust account, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such ownerXxxx, who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his such Owner’s part under this Indenture or on, on or with respect toto said Xxxx. If any Bond shall not be presented for payment within two years following the date when such Bond becomes due, that Bond. Any moneys so deposited with and whether by maturity or otherwise, the Trustee shall repay to the Issuer the funds theretofore held by the Paying Agent not so applied it for payment of such Bond without liability for interest thereon, and such Bond shall, subject to the payment defense of Bonds within four (4) years after the date on which the same shall become due shall any applicable statute of limitation, thereafter be repaid by the Paying Agent to the Authority at the written request an unsecured obligation of the Authority Issuer, and thereafter the Bondholders Owner thereof shall be entitled to look only to the Authority Issuer for payment, and then only to the extent of the amount so repaid, . and the Authority Issuer 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereofTrustee, all liability of the Authority City to the owner 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 Paying Agent Trustee to hold such funds fund or funds, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter be restricted exclusively to such funds, fund or funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that said Bond. Any moneys so deposited with and If any Bond shall not be presented for payment within five years following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall repay to the Corporation the funds theretofore held by the Paying Agent not so applied it for payment of such Bond, and such Bond shall, subject to the payment defense of Bonds within four (4) years after the date on which the same shall become due shall any applicable statute of limitation, thereafter be repaid by the Paying Agent to the Authority at the written request an unsecured obligation of the Authority Corporation, and thereafter the Bondholders Owner thereof shall be entitled to look only to the Authority Corporation for payment, and then only to the extent of the amount so repaid, and the Authority Corporation 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds Available Moneys sufficient to pay any such Bond shall have been made available to the Paying Agent Trustee for the benefit of the owner Owner thereof, all liability of the Authority Board to the owner 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 Paying Agent Trustee to hold such funds uninvested, without liability for four (4) yearsinterest thereon, for the benefit of the owner Owner of such Bond, without liability for interest thereon to such owner, Bond who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, that to such Bond. Any moneys so deposited with and held by the Paying Agent Trustee not so applied to the payment of Bonds within four five (45) years after the date on which the same shall have become due shall be repaid by the Paying Agent Trustee to the Authority at the Company upon written request direction of the Authority a Company Representative, and thereafter the Bondholders Owners of Bonds shall be entitled to look only to the Authority Company for payment, and then only to the extent of the amount so repaid, and all liability of the Authority Trustee with respect to such money shall thereupon cease, and the Company 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. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereofTrustee, all liability of the Authority Issuer to the owner thereof for the payment of such Bond Bond, shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent Trustee to hold such funds in trust, without liability for four (4) yearsinterest thereon, for the benefit of the owner of such Bond, 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 his part under this Indenture or on, on or with respect to, that to said Bond. Any moneys so deposited with and If any Bond shall not be presented for payment within 4 years following the date when such Bond becomes due, whether by maturity or otherwise, the Trustee shall repay to the Corporation the funds theretofore held by the Paying Agent not so applied it for payment of such Bond, and such Bond shall, subject to the payment defense of Bonds within four (4) years after the date on which the same shall become due shall any applicable statute of limitation, thereafter be repaid by the Paying Agent to the Authority at the written request an unsecured obligation of the Authority Corporation, and thereafter the Bondholders owner thereof shall be entitled to look only to the Authority Corporation for payment, and then only to the extent of the amount so repaid, and the Authority Corporation 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. 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 funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereof, all liability of the Authority to the owner thereof for the payment of such Bond shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent to hold such funds for four (4) years, for the benefit of the owner of such Bond, without liability for interest thereon to such owner, who shall thereafter be restricted exclusively to such funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, that BondXxxx. Any moneys so deposited with and held by the Paying Agent not so applied to the payment of Bonds within four (4) years after the date on which the same shall become due shall be repaid by the Paying Agent to the Authority at the written request of the Authority and thereafter the Bondholders bondholders shall be entitled to look only to the Authority for payment, and then only to the extent of the amount so repaid, and the Authority shall not be liable for any interest thereon to the Bondholders bondholders and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. If 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 as set forth in any supplemental indenture regarding deemed tenders or redemptions or otherwise, if funds sufficient to pay such Bond shall have been made available to the Paying Agent for the benefit of the owner thereofTrustee, all liability of the Authority Issuer to the owner thereof for the payment of such Bond Bond, shall forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Paying Agent Trustee to hold such funds in trust, without liability for four (4) yearsinterest thereon, for the benefit of the owner of such Bond, without liability for interest thereon to such ownerXxxx, who shall thereafter be restricted exclusively to such funds, funds for any claim of whatever nature on his part under this Indenture or on, on or with respect toto said Xxxx. If any Bond shall not be presented for payment within 4 years following the date when such Bond becomes due, that Bond. Any moneys so deposited with and whether by maturity or otherwise, the Trustee shall repay to the Corporation the funds theretofore held by the Paying Agent not so applied it for payment of such Bond, and such Bond shall, subject to the payment defense of Bonds within four (4) years after the date on which the same shall become due shall any applicable statute of limitation, thereafter be repaid by the Paying Agent to the Authority at the written request an unsecured obligation of the Authority Corporation, and thereafter the Bondholders owner thereof shall be entitled to look only to the Authority Corporation for payment, and then only to the extent of the amount so repaid, and the Authority Corporation shall not be liable for any interest thereon to the Bondholders and shall not be regarded as a trustee of such money.