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, premium, if any, or purchase price thereof becomes due, if funds sufficient to pay such Bond or the purchase price thereof shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, all liability of the Issuer to the registered owner thereof for the payment of such Bond or the purchase price thereof shall forthwith cease, terminate, and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder of such Xxxx, 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, said Bond. Any such moneys still held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner of such Bond shall thereafter be entitled to look only to the Borrower for payment, and the Borrower shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchase.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principalprincipal thereof becomes due in whole or in part, either at stated maturity, by redemption or pursuant to any mandatory sinking fund requirements, or a check or draft for interest is uncashed, if moneys sufficient to pay the principal and premium, if any, then due on that Bond or purchase price thereof becomes due, if funds sufficient to pay such Bond check or the purchase price thereof draft shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofits Holder, all liability of the Issuer to the registered owner thereof that Holder for the such payment of the principal and premium, if any, then due on the Bond or interest on such Bond represented by such check or the purchase price thereof draft thereupon shall forthwith cease, terminate, cease and be completely dischargeddischarged completely. Thereupon, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or fundsthose moneys, without liability for interest thereon, in a separate account in the Bond Fund for the exclusive benefit of the Holder of such XxxxHolder, who shall thereafter be restricted thereafter exclusively to such fund or funds, those moneys for any claim of whatever nature on his its part under this Indenture or on, or with respect to, said Bondthe principal and premium, if any, then due on that Bond or interest on such Bond represented by such check or draft. Any such of those moneys still which shall be so held by the Trustee (Trustee, and which remain unclaimed by the Holder of a Bond not presented for payment or other Paying Agent, if any) check or draft not cashed for a period of four years after three years from the due date on which such amount was paid to the Trustee or other Paying Agentthereof, shall be paid to the Borrower and Bank free of any trust or lien unless the owner Bank shall have confirmed to the Trustee in writing that no moneys are then due under the Credit Agreement in which case such moneys shall be paid to the Borrower. Thereafter, the Holder of such that Bond shall thereafter be entitled to look only to the Borrower for paymentpayment and then only to the amounts so received by the Borrower or paid to or on behalf of the Borrower (including to the Bank pursuant to this paragraph), without any interest thereon, and the Borrower Trustee shall not be liable for have any interest thereon. If any Bond purchased in accordance responsibility with Section 3.1 hereof is not presented for payment when the purchase price thereof becomes due, if funds sufficient respect to pay such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchasethose moneys.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, if funds sufficient to pay such Bond or the purchase price thereof shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofBond Trustee, all liability of the Issuer to the registered owner Owner thereof for the payment of such Bond or the purchase price thereof Bond, shall forthwith cease, terminate, determine and be completely discharged, and thereupon it shall be the duty of the Bond Trustee or other Paying Agent to hold such fund or fundsfunds in trust in a separate trust account, without liability for interest thereon, for the benefit of the Holder Owner of such XxxxBond, who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his part under this Bond Indenture or on, on or with respect to, to said Bond. Any If any Bond shall not be presented for payment within four years following the date when such moneys still 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 the Trustee (or other Paying Agentit for payment of such Bond, if any) after three years from the date on which and such amount was paid Bond, shall, subject to the Trustee or other Paying Agentdefense of any applicable statute of limitation, shall thereafter be paid to the Borrower an unsecured obligation of FHLBank, and the owner of such Bond Owner thereof shall thereafter be entitled to look only to the Borrower FHLBank for payment, and then only to the Borrower extent of the amount so repaid, and FHLBank shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is thereon and shall not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay be regarded as a trustee of such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchasemoney.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, 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 or the purchase price thereof and accrued interest shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofTrustee, all liability of the Issuer to the registered owner Owner thereof for the payment of such Bond or the purchase price thereof and accrued interest, shall forthwith cease, terminate, determine and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder Owner of such XxxxBond, who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said BondBond and accrued interest. Any If any Bond shall not be presented for payment within four years following the date when such moneys still Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee upon the request of the Tenant shall repay to the Tenant the funds theretofore held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner it for payment of such Bond and accrued interest, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Tenant, and the Owner thereof shall thereafter be entitled to look only to the Borrower Tenant for payment, and then only to the Borrower extent of the amount so repaid, and the Tenant shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is thereon and shall not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay be regarded as a trustee of such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchasemoney.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, 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 or the purchase price thereof and accrued interest shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofTrustee, all liability of the Issuer to the registered owner Owner thereof for the payment of such Bond or the purchase price thereof and accrued interest, shall forthwith cease, terminate, determine and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder Owner of such XxxxBond, who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said BondBond and accrued interest. Any If any Bond shall not be presented for payment within four years following the date when such moneys still Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee upon the request of the Issuer shall repay to the Issuer the funds theretofore held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner it for payment of such Bond and accrued interest, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Issuer, and the Owner thereof shall thereafter be entitled to look only to the Borrower Issuer for payment, and then only to the Borrower extent of the amount so repaid, and the Issuer shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is thereon and shall not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay be regarded as a trustee of such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchasemoney.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, 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 or the purchase price thereof and accrued interest shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofTrustee, all liability of the Issuer to the registered owner Owner thereof for the payment of such Bond or the purchase price thereof and accrued interest, shall forthwith cease, terminate, determine and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder Owner of such XxxxBond, who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said BondBond and accrued interest. Any If any Bond shall not be presented for payment within four years following the date when such moneys still Bond becomes due, whether by maturity or otherwise, or the accrued interest cannot be paid as set out above, the Trustee upon the request of the Corporation shall repay to the Corporation the funds theretofore held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner it for payment of such Bond and accrued interest, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Corporation, and the Owner thereof shall thereafter be entitled to look only to the Borrower Corporation for payment, and then only to the Borrower extent of the amount so repaid, and the Corporation shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is thereon and shall not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay be regarded as a trustee of such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchasemoney.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal, premium, if any, or purchase price thereof becomes due, if funds sufficient to pay such Bond or the purchase price thereof shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, all liability of the Issuer to the registered owner thereof for the payment of such Bond or the purchase price thereof shall forthwith cease, terminate, and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder of such Xxxx, 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, said Bond. Any such moneys still held by the Trustee (or other Paying Agent, if any) after three two years from the date on which such amount was paid to the Trustee or other Paying Agent, shall first, if and to the extent permitted by State law, be paid to the Trustee or other Paying Agent, to the extent of any amounts owed by the Borrower hereunder, and any remaining balance shall be paid to the Borrower and shall be discharged from the trust and all liability of the Paying Agent or the Trustee with respect to such funds shall cease; and the owner of such Bond shall thereafter be entitled to look only to the Borrower for payment, and the Borrower shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ series, Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchase.

Nonpresentment of Bonds. In the event any Bond Bonds, or portions thereof, shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at maturity, the date fixed for optional redemption thereof, or otherwise, if funds sufficient to pay such Bond or for the purchase price thereof payment thereof, including accrued interest thereon, shall have been paid deposited into the Bond Fund or otherwise made available to the Trustee (or for deposit therein, then on and after the Paying Agent (if any)) for the benefit of the registered owner thereofdate said principal becomes due, all interest thereon shall cease to accrue and all liability of the Issuer District to the registered owner Owner or Owners thereof for the payment of such Bond or the purchase price thereof Bonds shall forthwith cease, terminate, and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, without liability for interest thereon, funds in a separate trust account for the benefit of the Holder Owner or Owners of such XxxxBonds, who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his his, her or their part under this Indenture with respect to said Xxxx or on, or with respect to, said Bond. Any such Such moneys still held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner of such Bond shall thereafter be entitled to look only to the Borrower for payment, and the Borrower shall not be liable for any interest thereonrequired to be invested during such period by the Trustee. If any Bond purchased shall not be 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 Bond 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 3.1 hereof is not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, the Trustee or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchase2.05 hereof.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at stated maturity or at the date fixed for redemption thereof, if funds sufficient to pay such Bond or the purchase price thereof shall have been paid to be held by the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofBondowner of such Bond, all liability of the Issuer to the registered owner thereof Bondowner of such Bond for the payment of such Bond or the purchase price thereof shall forthwith cease, terminate, terminate and be completely discharged, and thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, cash in a segregated trust account without liability for interest thereon, for the benefit of the Holder Bondowner of such Xxxx, Bond who shall thereafter be restricted exclusively to such fund or funds, account for any claim of whatever nature on his such person’s part under this Indenture or on, hereunder on or with respect to, to said BondBxxx. Any Such cash in such moneys still held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, segregated trust account shall thereafter no longer be paid to the Borrower considered Pledged Revenues and the owner of any such Bond shall thereafter no longer be entitled to look only to the Borrower deemed outstanding hereunder. After any such cash has been held in such segregated trust account for payment, and the Borrower shall not be liable for any interest thereon. If any Bond purchased in accordance with Section 3.1 hereof is not presented for payment when the purchase price thereof becomes due, if funds sufficient to pay such purchase price shall have been paid to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereoffour years, the Trustee 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 such unpresented Bonds, and shall have no further claim whatever against the Issuer or the Bond Registrar shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, Trustee in substitution for such Bond or the principal amount thereof so subject to purchaserespect thereof.

Nonpresentment of Bonds. In the event If any Bond shall is not be presented for payment when the principal, premium, if any, or purchase price principal thereof becomes due, either at its maturity or otherwise, or at the date fixed for redemption thereof, if funds sufficient to pay such Bond or the purchase price thereof shall have been paid made available to the Trustee (or the Paying Agent (if any)) for the benefit of the registered owner thereofAgent, all liability of the Issuer to the registered owner Owner thereof for the payment of such Bond or the purchase price thereof shall forthwith cease, terminate, determine and be completely discharged, and thereupon . Thereupon it shall be the duty of the Trustee or other Paying Agent to hold such fund or funds, uninvested and without liability for interest thereon, for the benefit of the Holder Owner of such Xxxx, Bond who shall thereafter be restricted exclusively to such fund or funds, funds for any claim of whatever nature on his part under this Indenture or on, or with respect to, said Bond, subject to any unclaimed property laws of the State and in reliance upon an opinion of counsel. Any If any Bond is not presented for payment within five years following the date when such moneys still Bond becomes due, whether by maturity or otherwise, the funds theretofore held by the Trustee (or other Paying Agent, if any) after three years from the date on which such amount was paid to the Trustee or other Paying Agent, shall be paid to the Borrower and the owner Agent for payment of such Bond shall be paid first to the Letter of Credit Provider to the extent that the Paying Agent has been notified in writing by the Letter of Credit Provider of any amounts owed to it under the Letter of Credit Provider Documents, and then to the Lessee, and such Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the Lessee, and the Owner thereof shall be entitled to look only to the Borrower Lessee for payment, and then only to the Borrower extent of the amount so repaid, and neither the Paying Agent nor the Lessee shall not be liable for any interest thereonthereon nor shall they be regarded as a trustee of such money. If any Section 507. Payment to the Letter of Credit Provider and the Lessee from the Project Funds and the Bond purchased Funds. After payment in accordance with Section 3.1 hereof is not presented for payment when full of the purchase price thereof becomes dueprincipal of and redemption premium, if funds sufficient to pay such purchase price shall have been paid to any, and interest on the Trustee Parity Bonds (or after provision has been made for the payment thereof as provided in this Indenture), and the reasonable fees, charges and expenses of the Trustee, the Bond Registrar, the Paying Agent, the Remarketing Agent (if any)) for and the benefit Tender Agent and any other amounts required to be paid under this Indenture and the Lease Agreement, all amounts remaining in the Project Funds and the Bond Funds upon the expiration or sooner termination of the registered owner thereof, the Trustee or the Bond Registrar Lease Agreement shall authenticate and deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not contemporaneously Outstanding, in substitution for such Bond or the principal amount thereof so subject to purchase.be paid as follows: