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 that any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, its stated maturity or at the date fixed called for redemption thereofredemption, or otherwisethe Trustee is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashed, if moneys funds sufficient to pay any such Bond and accrued interest shall have been deposited with made available to the Trustee for the benefit of the Owner thereofTrustee, all liability of the Issuer to the Owner thereof Bondowner for the payment of such Bond and accrued interest shall forthwith cease, determine cease and be completely discharged, and thereupon it shall be the duty of the Trustee to shall hold such funds, uninvested or invested in Government Obligations maturing overnight, but in any event without liability for interest thereoninterest, for the benefit of the Owner of such BondBondowner, which Owner who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its part under this Indenture on, or with respect to to, such BondBond and interest. Any moneys so deposited with and held 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 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 repay to the Company upon written direction the funds theretofore held by it for payment of a Company Representativesuch Bond and interest, and such Bond and interest shall thereafter Owners be an unsecured obligation of Bonds 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 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 moneyadditional 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 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. 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 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 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 any Bond shall not be presented for payment when the principal thereof becomes due, either at maturity, maturity or at the date fixed for redemption thereof, or otherwise, or in the event that a check or draft for interest is uncashed, if moneys funds sufficient to pay any such Bond for the payment of a respective principal, premium, if any, or interest payment on the Bonds 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 owner thereof for the payment of such Bond amounts shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fundsfund, uninvested or invested in Government Obligations maturing overnight, but in any event without liability to the Issuer, any Bondholder or any other person for interest thereon, for the benefit of the Owner owner of such BondXxxx, which Owner who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on its his part under this Indenture or on, or with respect to, such principal of, premium, if any, or interest payment for a maximum of six years from the date that such principal, premium or interest is due, at which point all liability of the Issuer, the Trustee and any Paying Agent to the owner of such Bond with respect to such Bondmoneys shall cease and terminate. Any moneys so deposited with and held by After the Trustee not so applied to the payment sixth anniversary of Bonds within two (2) years after the date on upon which the same such moneys shall have become due shall be repaid by due, at the Trustee to the Company upon written direction of a Company Representativethe Issuer, and thereafter Owners of Bonds shall be entitled to look only to the Company for payment, and then 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 all liability of the Trustee with respect to such money shall thereupon cease, and the Company shall not be liable used for any interest thereon and shall not be regarded as a trustee of such moneylawful purpose.

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