Common use of Nonpresentment of Bonds Clause in Contracts

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal becomes due, either at its stated maturity or at the date called for redemption, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashed, if funds sufficient to pay such Bond and accrued interest shall have been made available to the Trustee, all liability of the Issuer to the Bondowner for the payment of such Bond and accrued interest shall cease and be completely discharged, and the Trustee shall hold such funds, without interest, for the benefit of such Bondowner, who shall thereafter be restricted exclusively to such funds for any claim on, or with respect to, such Bond and interest. If any Bond shall not be presented for payment within four years following the date when it becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment of such Bond and interest, and such Bond and interest shall thereafter be an unsecured obligation of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond shall be entitled to look only to the Company for payment, and then only to the extent of the amount so repaid, and the Company shall not be liable for any additional interest.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes due, either at its stated maturity or otherwise, or at the date called fixed for redemption, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedredemption thereof, if funds sufficient to pay such Bond and accrued interest shall have been made available to the Trustee, all liability of the Issuer to the Bondowner owner thereof for the payment of such Bond and accrued interest Bond, shall cease forthwith terminate and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds in trust, without interestliability for interest thereon, for the benefit of the owner of such BondownerBond, who shall thereafter be restricted exclusively to such funds for any claim on, of whatever nature on his part under this Indenture or on or with respect to, such Bond and interestto said Bond. If any Bond shall not be presented for payment within four 4 years following the date when it such Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company Corporation the funds theretofore held by it for payment of such Bond and interestBond, and such Bond and interest shall thereafter be an unsecured obligation of the Companyshall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Corporation, and the Owner of the Bond owner thereof shall be entitled to look only to the Company Corporation for payment, and then only to the extent of the amount so repaid, and the Company Corporation shall not be liable for any additional interestinterest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event that If any Bond shall not be presented for payment when the principal thereof becomes due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest as set forth in any supplemental indenture regarding deemed tenders or an accrued interest check remains uncashedredemptions or otherwise, if funds sufficient to pay such Bond and accrued interest shall have been made available to the TrusteePaying Agent for the benefit of the owner thereof, all liability of the Issuer Authority to the Bondowner owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, terminate and be completely discharged, and thereupon it shall be the Trustee shall duty of the Paying Agent to hold such funds, without interestfunds for four (4) years, for the benefit of the owner of such BondownerBond, 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, or with respect to, such Bond that Xxxx. Any moneys so deposited with and interest. If any Bond shall held by the Paying Agent not be presented for so applied to the payment of Bonds within four (4) years following after the date when it becomes due, whether on which the same shall become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay Paying Agent to the Company Authority and thereafter the funds theretofore held by it for payment of such Bond and interest, and such Bond and interest shall thereafter be an unsecured obligation of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond 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 the Company Authority shall not be liable for any additional interestinterest thereon to the bondholders 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 due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Money sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Authority to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Any money so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment upon written direction of such Bond and interesta Company Representative, and such Bond and interest shall thereafter be an unsecured obligation Owners of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company 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 shall not be liable for any additional interestinterest 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 due, either at its stated maturity or otherwise, or at the date called fixed for redemption, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedredemption thereof, if funds sufficient to pay such Bond and accrued interest shall have been made available to the Trustee, all liability of the Issuer City to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fund or funds, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, such Bond and interestsaid Bond. If any Bond shall not be presented for payment within four five years following the date when it such Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company Corporation the funds theretofore held by it for payment of such Bond and interestBond, and such Bond and interest shall thereafter be an unsecured obligation of the Companyshall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Corporation, and the Owner of the Bond thereof shall be entitled to look only to the Company Corporation for payment, and then only to the extent of the amount so repaid, and the Company Corporation shall not be liable for any additional interestinterest 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 due, either at its stated maturity or maturity, at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds sufficient to pay such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the holder thereof, all liability of the Issuer to the Bondowner holder thereof for the payment of such Bond and accrued interest shall thereupon cease and be completely discharged, and it shall be the duty of the Trustee shall to hold such funds, without interestliability for interest thereon, for the benefit of the holder of such BondownerBond, 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, such said Bond; provided that any funds which shall be so held by the Trustee and which remain unclaimed by the holder of the Bond and interest. If any Bond shall not be presented for payment within for a period of four (4) years following after the date when it becomes dueon which such Bond shall have become payable, whether by maturity or otherwise, or the accrued interest cannot shall be paid as set out above, the Trustee shall repay to the Company and thereafter the funds theretofore held by it for payment holder of such Bond and interest, and such Bond and interest shall thereafter be an unsecured obligation of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond shall be entitled to look only to the Company for payment, payment and then only to the extent of the amount amounts so repaid, received without any interest thereon and the Company Trustee shall not be liable for any additional interesthave no responsibility with respect to such moneys.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Moneys sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Board to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Any moneys so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment upon written direction of such Bond and interesta Company Representative, and such Bond and interest shall thereafter be an unsecured obligation Owners of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company 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 shall not be liable for any additional interestinterest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event that any Bond Bonds shall not be presented for payment when the principal thereof becomes due, either at its stated maturity or at maturity, the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner otherwise, if collected funds sufficient for the payment of accrued interest or an accrued interest check remains uncashed, if funds sufficient to pay such Bond and accrued interest thereof shall have been deposited in the Bond Principal Fund and the Bond Interest Fund or otherwise made available to the TrusteeTrustee for deposit therein, all liability of the Issuer to the Bondowner owner or owners thereof for the payment of such Bond and accrued interest Bonds shall cease forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such funds, without interest, fund or funds in a separate trust account for the benefit of the owner or owners of such BondownerBonds, who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his, her or their part under this Indenture with respect to said Bond or on, or with respect to, said Bond. The Trustee shall be under no obligation to, and shall not be required to, invest such Bond and interestfunds pending payment of the Bonds. If any Bond shall not be presented for payment within four the period of five years following the date when it such Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay return to the Company the funds theretofore held by it for payment of such Bond and interestBond, and such Bond and interest shall thereafter be an unsecured obligation of the Companyshall, subject to the defense of any applicable statute of limitation, and the Owner thereafter be an unsecured obligation of the Bond shall be entitled to look only to the Company for payment, and then only to the extent of the amount so repaid, and the Company shall not be liable for any additional interestCompany.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes due, either at its stated maturity or otherwise, or at the date called fixed for redemption, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedredemption thereof, if funds sufficient to pay such Bond and accrued interest shall have been made available to the Trustee, all liability of the Issuer to the Bondowner thereof for the payment of such Bond and accrued interest Bond, shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds in trust in a separate trust account, without interestliability for interest thereon, for the benefit of the Owner of such BondownerXxxx, who shall thereafter be restricted exclusively to such funds for any claim on, of whatever nature on such Owner’s part under this Indenture or on or with respect to, such Bond and interestto said Xxxx. If any Bond shall not be presented for payment within four two years following the date when it such Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company Issuer the funds theretofore held by it for payment of such Bond and interestwithout liability for interest thereon, and such Bond and interest shall thereafter be an unsecured obligation of the Companyshall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Issuer, and the Owner of the Bond thereof shall be entitled to look only to the Company Issuer for payment, and then only to the extent of the amount so repaid, . and the Company Issuer shall not be liable for any additional interestinterest 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 due, either at its stated maturity or at the date called fixed for redemptionredemption thereof, or otherwise, or in the Trustee event that a check or draft for interest is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashed, if funds sufficient to pay such Bond and accrued for the payment of a respective principal, premium, if any, or interest payment on the Bonds shall have been made available to the TrusteeTrustee for the benefit of the owner thereof, all liability of the Issuer to the Bondowner owner thereof for the payment of such Bond and accrued interest amounts shall cease forthwith cease, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfund, without interestliability to the Issuer, any Bondholder or any other person for interest thereon, for the benefit of the owner of such BondownerXxxx, 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, such Bond and interest. If any Bond shall not be presented principal of, premium, if any, or interest payment for payment within four a maximum of six years following from the date when it becomes that such principal, premium or interest is due, whether by maturity or otherwise, or at which point all liability of the accrued interest cannot be paid as set out aboveIssuer, the Trustee shall repay and any Paying Agent to the Company the funds theretofore held by it for payment owner of such Bond with respect to such moneys shall cease and interest, and such Bond and interest shall thereafter be an unsecured obligation terminate. After the sixth anniversary of the Companydate upon which such moneys shall have become due, subject to at the defense of any applicable statute of limitation, and the Owner written direction of the Bond shall be entitled to look only to the Company for paymentIssuer, and then only such moneys to the extent of permitted by applicable law shall be deposited in the amount so repaidDebt Service Fund, unless this Indenture is then discharged, in which case such moneys shall be paid to the Issuer and the Company shall not be liable used for any additional interestlawful purpose.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Moneys sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Authority to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter thereafxxx be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Any mxxxxs so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment upon written direction of such Bond and interest, and such Bond and interest shall thereafter be an unsecured obligation Authorized Representative of the Company, subject to the defense and thereafter Owners of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company 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 shall not be liable for any additional interestinterest 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 due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Moneys sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Authority to the Bondowner owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the owner of such Bondowner, Bond who shall thereafter be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Any moneys so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment Borrower upon written direction of such Bond and interestan Authorized Representative, and such Bond and interest shall thereafter be an unsecured obligation owners of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company Borrower for payment, and then only to the extent of the amount so repaid, and all liability of the Company Trustee with respect to such money shall thereupon cease, and the Borrower shall not be liable for any additional interestinterest 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 due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Moneys sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Company to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Any moneys so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment upon written direction of such Bond and interest, and such Bond and interest shall thereafter be an unsecured obligation Authorized Representative of the Company, subject to the defense and thereafter Owners of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company 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 shall not be liable for any additional interestinterest 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 due, either at its stated maturity maturity, or at the date called fixed for redemptionredemption thereof, or the Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashedotherwise, if funds Available Moneys sufficient to pay any such Bond and accrued interest shall have been made available to the TrusteeTrustee for the benefit of the Owner thereof, all liability of the Issuer Authority to the Bondowner Owner thereof for the payment of such Bond and accrued interest shall cease forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee shall to hold such fundsfunds uninvested, without interestliability for interest thereon, for the benefit of the Owner of such Bondowner, Bond who shall thereafter txxxxafter be restricted exclusively to such funds for any claim on, or of whatever nature on his part under this Indenture with respect to, to such Bond Bond. Xxx moneys so deposited with and interest. If any Bond shall held by the Trustee not be presented for so applied to the payment of Bonds within four five (5) years following after the date when it becomes due, whether on which the same shall have become due shall be repaid by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee shall repay to the Company the funds theretofore held by it for payment upon written direction of such Bond and interesta Company Representative, and such Bond and interest shall thereafter be an unsecured obligation Owners of the Company, subject to the defense of any applicable statute of limitation, and the Owner of the Bond Bonds shall be entitled to look only to the Company 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 shall not be liable for any additional interestinterest thereon and shall not be regarded as a trustee of such money.