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 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 Trustee, all liability of the Issuer to the Owner thereof for the payment of such Bond and accrued interest, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fund 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 Indenture or on, or with respect to, said Bond 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 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 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 be entitled to look only to the Corporation for payment, and then only to the extent of the amount so repaid, and 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 that 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, 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 or the purchase price thereof shall have been made available paid to the 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 and accrued interest, or the purchase price thereof shall forthwith cease, determine 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 Owner Holder of such BondXxxx, 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 and accrued interestBond. If any Bond shall not be presented for payment within four Any such moneys still held by the Trustee (or other Paying Agent, if any) after two years following from the date when on which such Bond becomes dueamount was paid to the Trustee or other Paying Agent, whether shall first, if and to the extent permitted by maturity State law, be paid to the Trustee or otherwiseother 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 accrued interest cannot be paid as set out above, Trustee with respect to such funds shall cease; and the Trustee upon the request of the Corporation shall repay to the Corporation the funds theretofore held by it for payment owner of such Bond and accrued interest, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, shall thereafter be an unsecured obligation of the Corporation, and the Owner thereof shall be entitled to look only to the Corporation Borrower for payment, and then only to the extent of the amount so repaid, and the Corporation 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 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, 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 TrusteePaying Agent, all liability of the Issuer to the Owner thereof for the payment of such Bond and accrued interest, shall forthwith cease, determine and be completely discharged, and thereupon . Thereupon it shall be the duty of the Trustee Paying Agent to hold such fund 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 Indenture or on, or with respect to, said Bond Bond, subject to any unclaimed property laws of the State and accrued interestin 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, 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 it the Paying 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 accrued interestthen to the Lessee, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, thereafter be an unsecured obligation of the CorporationLessee, and the Owner thereof shall be entitled to look only to the Corporation Lessee for payment, and then only to the extent of the amount so repaid, and neither the Corporation 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 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 thereof, or the Trustee interest is unable to locate the Owner for the payment of accrued interest or an accrued interest check remains uncashed, if funds moneys sufficient to pay the principal and premium, if any, then due on that Bond or to pay such Bond and accrued interest check or draft shall have been made available to the 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 and accrued interest, 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 Trustee to hold such fund or fundsthose moneys, without liability for interest thereon, in a separate account for the exclusive benefit of the Owner of such BondHolder, 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 indenture or on, or with respect to, said the principal and premium, if any, then due on that Bond or interest on such Bond represented by such check or draft.. Any of those moneys which shall be so held by the Trustee, and accrued interest. If any 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 such Bond becomes duethereof, whether by maturity or otherwise, or the accrued interest cannot shall be paid as set out aboveto 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 Reimbursement Agreement in which case such moneys shall be paid to the Borrower. Thereafter, the Trustee upon the request Holder of the Corporation that Bond shall repay to the Corporation the funds theretofore held by 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 be entitled to look only to the Corporation 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 the Corporation 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 that 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, 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 or the purchase price thereof shall have been made available paid to the 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 and accrued interest, or the purchase price thereof shall forthwith cease, determine 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 Owner Holder of such BondXxxx, 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 and accrued interestBond. If any Bond shall not be presented for payment within four Any such moneys still held by the Trustee (or other Paying Agent, if any) after three years following from the date when on which such Bond becomes dueamount was paid to the Trustee or other Paying Agent, whether by maturity or otherwise, or the accrued interest cannot shall be paid as set out above, the Trustee upon the request of the Corporation shall repay to the Corporation Borrower and the funds theretofore held by it for payment owner of such Bond and accrued interest, and such Bond and accrued interest shall, subject to the defense of any applicable statute of limitation, shall thereafter be an unsecured obligation of the Corporation, and the Owner thereof shall be entitled to look only to the Corporation Borrower for payment, and then only to the extent of the amount so repaid, and the Corporation 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.