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 otherwise, or at the date fixed for redemption thereof, if funds sufficient to pay such Bond shall have been made available to the Bond Trustee, 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 Bond Trustee to hold such funds in trust in a separate trust account, without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such funds for any claim of whatever nature on his part under this Bond Indenture or on or with respect to said Bond. If any Bond shall not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay to FHLBank without liability for interest thereon the funds theretofore held by it for payment of such Bond, and such Bond, shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBank, and the Owner thereof shall be entitled to look only to FHLBank for payment, and then only to the extent of the amount so repaid, and FHLBank shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the 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 and accrued interest shall have been made available to the Bond Trustee, all liability of the Issuer to the Owner thereof for the payment of such BondBond and accrued interest, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Bond Trustee to hold such funds in trust in a separate trust accountfund or funds, without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said BondBond and accrued interest. If any Bond shall not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, or the Bond accrued interest cannot be paid as set out above, the Trustee upon the request of the Corporation shall repay to FHLBank without liability for interest thereon the Corporation the funds theretofore held by it for payment of such BondBond and accrued interest, and such Bond, Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBankthe Corporation, and the Owner thereof shall be entitled to look only to FHLBank the Corporation for payment, and then only to the extent of the amount so repaid, and FHLBank the Corporation 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 principal, premium, if any, or purchase price 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 made available paid to the Bond TrusteeTrustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, all liability of the Issuer to the Owner registered owner thereof for the payment of such Bond, Bond or the purchase price thereof shall forthwith cease, determine terminate, and be completely discharged, and thereupon it shall be the duty of the Bond Trustee or other Paying Agent to hold such funds in trust in a separate trust accountfund or funds, without liability for interest thereon, for the benefit of the Owner Holder of such BondXxxx, who shall thereafter be restricted exclusively to such funds fund or funds, for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said Bond. If Any such moneys still held by the Trustee (or other Paying Agent, if any) after 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 not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay to FHLBank without liability for interest thereon the funds theretofore held by it for payment of such Bond, and such Bond, shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBank, and the Owner thereof shall be entitled to look only to FHLBank the Borrower for payment, and then only to the extent of the amount so repaid, and FHLBank Borrower shall not be liable for any interest thereon 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 shall deliver a new Bond of like amount, series, Maturity Date, and tenor, but bearing a number not be regarded as a trustee of contemporaneously Outstanding, in substitution for such moneyBond 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 thereof becomes due, either at maturity or otherwisematurity, or at the date fixed for optional redemption thereof, or otherwise, if funds sufficient to pay such Bond for the payment thereof, including accrued interest thereon, shall have been deposited into the Bond Fund or otherwise made available to the Bond TrusteeTrustee for deposit therein, then on and after the date 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 Bond Trustee to hold such fund or funds in trust in a separate trust account, without liability for interest thereon, account for the benefit of the Owner or Owners of such BondBonds, who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his his, her or their part under this Bond Indenture or on or with respect to said Xxxx or on, or with respect to, said Bond. Such moneys shall not be required to be invested during such period by the Trustee. If any Bond shall not be presented for payment within four the period of three years (subject to applicable escheat law) following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay return to FHLBank without liability for interest thereon the District the funds theretofore held by it for payment of such Bond, Bond and such Bond, Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBankthe District. Notwithstanding anything to the contrary contained in this Section, and the Owner thereof shall be entitled of any Bond is not required to look only present such Bond to FHLBank for payment, and then only to the extent receive payments of the amount so repaid, and FHLBank shall not be liable for any interest thereon and shall not be regarded as a trustee principal of such moneyBond to be made through mandatory sinking fund redemption on each mandatory sinking fund redemption date in accordance with Section 2.05 hereof.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the 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 and accrued interest shall have been made available to the Bond Trustee, all liability of the Issuer to the Owner thereof for the payment of such BondBond and accrued interest, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Bond Trustee to hold such funds in trust in a separate trust accountfund or funds, without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said BondBond and accrued interest. If any Bond shall not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, or the Bond accrued interest cannot be paid as set out above, the Trustee upon the request of the Tenant shall repay to FHLBank without liability for interest thereon the Tenant the funds theretofore held by it for payment of such BondBond and accrued interest, and such Bond, Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBankthe Tenant, and the Owner thereof shall be entitled to look only to FHLBank the Tenant for payment, and then only to the extent of the amount so repaid, and FHLBank the Tenant shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event If any Bond shall is not be presented for payment when the 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 shall have been made available to the Bond TrusteePaying Agent, all liability of the Issuer to the Owner thereof for the payment of such Bond, Bond shall forthwith cease, determine and be completely discharged, and thereupon . Thereupon it shall be the duty of the Bond Trustee Paying Agent to hold such funds in trust in a separate trust accountfund or funds, uninvested and without liability for interest thereon, for the benefit of the Owner of such Bond, Bond who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said Bond, subject to any unclaimed property laws of the State and in reliance upon an opinion of counsel. If any Bond shall is not be presented for payment within four five years following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay to FHLBank without liability for interest thereon the funds theretofore held by it the Paying Agent for payment of such BondBond 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, Bond shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBankthe Lessee, and the Owner thereof shall be entitled to look only to FHLBank the Lessee for payment, and then only to the extent of the amount so repaid, and FHLBank neither the Paying Agent nor the Lessee shall not be liable for any interest thereon and nor shall not they be regarded as a trustee of such money.. Section 507. Payment to the Letter of Credit Provider and the Lessee from the Project Funds and the Bond Funds. After payment in full of the principal of and redemption premium, if any, and interest on the 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 and the 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 Lease Agreement shall be paid as follows:

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal principal, premium, if any, or purchase price 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 made available paid to the Bond TrusteeTrustee (or the Paying Agent (if any)) for the benefit of the registered owner thereof, all liability of the Issuer to the Owner registered owner thereof for the payment of such Bond, Bond or the purchase price thereof shall forthwith cease, determine terminate, and be completely discharged, and thereupon it shall be the duty of the Bond Trustee or other Paying Agent to hold such funds in trust in a separate trust accountfund or funds, without liability for interest thereon, for the benefit of the Owner Holder of such BondXxxx, who shall thereafter be restricted exclusively to such funds fund or funds, for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said Bond. If any 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 not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, the Bond Trustee shall repay to FHLBank without liability for interest thereon the funds theretofore held by it for payment of such Bond, and such Bond, shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBank, and the Owner thereof shall be entitled to look only to FHLBank the Borrower for payment, and then only to the extent of the amount so repaid, and FHLBank Borrower shall not be liable for any interest thereon 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 shall deliver a new Bond of like amount, series,‌ Maturity Date, and tenor, but bearing a number not be regarded as a trustee of contemporaneously Outstanding, in substitution for such moneyBond 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 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 and accrued interest shall have been made available to the Bond Trustee, all liability of the Issuer to the Owner thereof for the payment of such BondBond and accrued interest, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Bond Trustee to hold such funds in trust in a separate trust accountfund or funds, without liability for interest thereon, for the benefit of the Owner of such Bond, who shall thereafter be restricted exclusively to such fund or funds for any claim of whatever nature on his part under this Bond Indenture or on on, or with respect to to, said BondBond and accrued interest. If any Bond shall not be presented for payment within four years following the date when such Bond becomes due, whether by maturity or otherwise, or the Bond accrued interest cannot be paid as set out above, the Trustee upon the request of the Issuer shall repay to FHLBank without liability for interest thereon the Issuer the funds theretofore held by it for payment of such BondBond and accrued interest, and such Bond, Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBankthe Issuer, and the Owner thereof shall be entitled to look only to FHLBank the Issuer for payment, and then only to the extent of the amount so repaid, and FHLBank the Issuer shall not be liable for any interest thereon and shall not be regarded as a trustee of such money.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal thereof becomes duedue in whole or in part, either at maturity stated maturity, by redemption or otherwisepursuant to any mandatory sinking fund requirements, or at the date fixed a check or draft for redemption thereofinterest is uncashed, if funds moneys sufficient to pay the principal and premium, if any, then due on that Bond or to pay such Bond check or draft shall have been made available to the Bond TrusteeTrustee for the benefit of its Holder, all liability of the Issuer to the 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, Bond represented by such check or draft thereupon shall forthwith cease, determine cease and be completely dischargeddischarged completely. Thereupon, and thereupon it shall be the duty of the Bond Trustee to hold such funds in trust in a separate trust accountthose moneys, without liability for interest thereon, in a separate account in the Bond Fund for the exclusive benefit of the Owner of such BondHolder, who shall thereafter be restricted thereafter exclusively to such funds those moneys for any claim of whatever nature on his its part under this Bond Indenture or on on, or with respect to said Bondto, the principal and premium, if any, then due on that Bond or interest on such Bond represented by such check or draft. If any Any of those moneys which shall be so held by the Trustee, and which remain unclaimed by the Holder of a Bond shall not be presented for payment within or check or draft not cashed for a period of four years following after the due date when thereof, shall be paid to the Bank free of any trust or lien unless the Bank shall have confirmed to the Trustee in writing that no moneys are then due under the Credit Agreement in which case such Bond becomes due, whether by maturity or otherwisemoneys shall be paid to the Borrower. Thereafter, the Holder of that Bond Trustee shall repay to FHLBank without liability for interest thereon 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 FHLBank, and the Owner thereof shall be entitled to look only to FHLBank the Borrower for payment, payment and then only to the extent amounts so received by the Borrower or paid to or on behalf of the amount so repaidBorrower (including to the Bank pursuant to this paragraph), without any interest thereon, and FHLBank the Trustee shall not be liable for have any interest thereon and shall not be regarded as a trustee of such moneyresponsibility with respect to those moneys.

Nonpresentment of Bonds. In the event any Bond shall not be presented for payment when the principal thereof becomes due, either at stated maturity or otherwise, or at the date fixed for redemption thereof, if funds sufficient to pay such Bond shall have been made available to be held by the Bond TrusteeTrustee for the benefit of the Bondowner of such Bond, all liability of the Issuer to the Owner thereof Bondowner of such Bond for the payment of such Bond, Bond shall forthwith cease, determine terminate and be completely discharged, and thereupon it shall be the duty of the Bond Trustee to hold such funds in trust cash in a separate segregated trust account, account without liability for interest thereon, for the benefit of the Owner Bondowner of such Bond, Bond who shall thereafter be restricted exclusively to such funds account for any claim of whatever nature on his such person’s part under this Bond Indenture or hereunder on or with respect to said BondBxxx. If Such cash in such segregated trust account shall thereafter no longer be considered Pledged Revenues and any such Bond shall not no longer be presented deemed outstanding hereunder. After any such cash has been held in such segregated trust account for payment within four years following the date when such Bond becomes due, whether by maturity or otherwiseyears, the Bond Trustee shall repay 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 FHLBank without liability for interest thereon the funds theretofore held by it for Company. Thereafter such Bondowners shall have an unsecured claim against the Company in respect of payment of such Bondunpresented Bonds, and such Bond, shall, subject to shall have no further claim whatever against the defense of any applicable statute of limitation, thereafter be an unsecured obligation of FHLBank, and Issuer or the Owner thereof shall be entitled to look only to FHLBank for payment, and then only to the extent of the amount so repaid, and FHLBank shall not be liable for any interest thereon and shall not be regarded as a trustee of such moneyTrustee in respect thereof.