Common use of Nonpresentment of Bonds Clause in Contracts

Nonpresentment of Bonds. If any Bond is not presented for payment when its principal becomes due in whole or in part, or a check or draft for interest is uncashed, if moneys sufficient to pay the principal then due on that Bond or such check or draft shall have been made available to the Trustee for the benefit of its Holder, all liability of the Corporation or the City to that Holder for the payment of the principal then due or of the check or draft thereupon shall cease and be discharged completely. Thereupon, it shall be the duty of the Trustee to hold those moneys, without liability for interest thereon, for the exclusive benefit of the Holder, who shall be restricted thereafter exclusively to those moneys for any claim of whatever nature on its part under this Trust Agreement or on, or with respect to, that principal then due or of such check or draft. Subject to applicable law, any such moneys which shall be so held by the Trustee, and which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of five years after the due date thereof, shall be paid to the City free of any trust or lien. Thereafter, the Holder of such Bond shall look only to the City for payment and then only to the amounts so received by the City without any interest thereon, and the Trustee shall not have any responsibility with respect to those moneys.

Nonpresentment of Bonds. ‌ If any Bond is not presented for payment when its principal becomes due in whole or in part, or a check or draft for interest is uncashed, if moneys sufficient to pay the principal then due on that Bond or such check or draft shall have been made available to the Trustee for the benefit of its Holder, all liability of the Corporation or the City to that Holder for the payment of the principal then due or of the check or draft thereupon shall cease and be discharged completely. Thereupon, it shall be the duty of the Trustee to hold those moneys, without liability for interest thereon, for the exclusive benefit of the Holder, who shall be restricted thereafter exclusively to those moneys for any claim of whatever nature on its part under this Trust Agreement or on, or with respect to, that principal then due or of such check or draft. Subject to applicable law, any such moneys which shall be so held by the Trustee, and which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of five years after the due date thereof, shall be paid to the City free of any trust or lien. Thereafter, the Holder of such Bond shall look only to the City for payment and then only to the amounts so received by the City without any interest thereon, and the Trustee shall not have any responsibility with respect to those moneys.

Nonpresentment of Bonds. If In the event that any Bond is shall not be presented for payment when its the principal thereof becomes due in whole or in partdue, or a check or draft for interest is uncashed, if moneys money sufficient to pay the principal then due on of that Bond or of such check or draft shall have been made available to the Trustee for the benefit of its Holder, all liability of the Corporation or the City Issuer to that Holder for the such payment of the principal then due of the Bond or of the such check or draft thereupon shall cease and be discharged completely. Thereupon, it shall be the duty of the Trustee to hold those moneyssuch money, without liability for interest thereon, for the exclusive benefit of the Holder, who shall be restricted thereafter exclusively to those moneys such money for any claim of whatever nature on its part under this Trust Agreement Indenture or on, or with respect to, that the principal then due of that Bond or of such check or draft. Subject to applicable law, If any of such moneys which shall be so held by the Trustee, and which remain money remains unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period ending the earlier of five (a) two (2) years after it becomes payable or distributable or (b) one day less than the due date thereofapplicable escheat laws of the State, the Trustee shall be paid comply with the unclaimed property laws of the State, and all liability of the Issuer, the Borrower and the Trustee to the City free of any trust or lien. Thereafter, Holder for the Holder payment of such Bond shall look only to the City for payment forthwith cease, determine and then only to the amounts so received by the City without any interest thereon, and the Trustee shall not have any responsibility with respect to those moneys.be completely discharged.‌

Nonpresentment of Bonds. If any Bond is not presented for payment when its principal becomes due in whole or in part, or a check or draft for interest is uncashed, if moneys sufficient to pay the principal then due on that Bond or such check or draft shall have been made available to the Trustee for the benefit of its Holder, all liability of the Corporation or the City to that Holder for the payment of the principal then due or of the check or draft thereupon shall cease and be discharged completely. Thereupon, it shall be the duty of the Trustee to hold those moneys, without liability for interest thereon, for the exclusive benefit of the Holder, who shall be restricted thereafter exclusively to those moneys for any claim of whatever nature on its part under this Trust Agreement or on, or with respect to, that principal then due or of such check or draft. Subject to applicable law, any Any such moneys which shall be so held by the Trustee, and which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of five years after the due date thereof, shall be paid to the City free of any trust or lien. Thereafter, the Holder of such Bond shall look only to the City for payment and then only to the amounts so received by the City without any interest thereon, and the Trustee shall not have any responsibility with respect to those moneys.

Nonpresentment of Bonds. If In the event that any Bond is shall not be presented for payment when its the principal thereof becomes due in whole or in part, either at stated maturity, by redemption or pursuant to any mandatory sinking fund requirement, or a check or draft for interest is uncashed, if moneys sufficient to pay the principal then due on of that Bond or of such check or draft shall have been made available to the Trustee for the benefit of its Holder, all liability of the Corporation or the City to that Holder for the such payment of the principal then due of the Bond or of the such check or draft thereupon shall cease and be discharged completely. Thereupon, it shall be the duty of the Trustee to hold those moneys, without liability for interest thereon, for the exclusive benefit of the that Holder, who shall be restricted thereafter exclusively to those moneys for any claim of whatever nature on its part under this Trust Agreement Indenture or on, or with respect to, that the principal then due of that Bond or of such check or draft. Subject to applicable law, any such Any of those moneys which shall be so held by the Trustee, and which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of five four years after the due date thereof, shall be paid to the City Issuer free of any trust or lien, upon a request in writing by the Issuer. Thereafter, the Holder of such that Bond shall look only to the City Issuer for payment and then only to the amounts so received by the City Issuer without any interest thereon, and the Trustee shall not have any responsibility with respect to those moneys.