Common use of Nonpresentment of Bonds Clause in Contracts

Nonpresentment of Bonds. If any Bond is not presented for payment when due, whether at maturity or on redemption prior to maturity, and if the Trustee holds moneys sufficient to pay the Debt Service or Redemption Price due on such Bond for the benefit of the Owner thereof, the Trustee shall hold such moneys, without liability for interest thereon, for the benefit of the Owner of such Xxxx, who shall be restricted exclusively to such moneys for any claim of whatever nature on his part under this Master Indenture or on or with respect to such Bond. Moneys so held but unclaimed by an Owner shall be transferred to the Transportation Enterprise after the expiration of five years or, upon receipt by the Trustee of an opinion of Bond Counsel that such moneys may be released to the Transportation Enterprise on such earlier date, on any earlier date designated by the Transportation Enterprise.

Nonpresentment of Bonds. If any Bond is not presented for payment when due, whether at maturity or on redemption prior to maturity, and if the Trustee holds moneys sufficient to pay the Debt Service or Redemption Price due on such Bond for the benefit of the Owner thereof, the Trustee shall hold such moneys, without liability for interest thereon, for the benefit of the Owner of such Xxxx, who shall be restricted exclusively to such moneys for any claim of whatever nature on his part under this Master Indenture or on or with respect to such Bond. Moneys so held but unclaimed by an Owner shall be transferred to the Transportation Enterprise after the expiration of five years or, upon receipt by the Trustee of an opinion of Bond Counsel that such moneys Accounts may be released to the Transportation Enterprise on such earlier date, on any earlier date designated by the Transportation Enterprise.

Nonpresentment of Bonds. If any Bond is not presented for payment when due, whether at maturity or on redemption prior to maturity, and if the Trustee holds moneys sufficient to pay the Debt Service or Redemption Price due on such Bond for the benefit of the Owner thereof, the Trustee shall hold such moneys, without liability for interest thereon, for the benefit of the Owner of such XxxxBond, who shall be restricted exclusively to such moneys for any claim of whatever nature on his part under this Master Indenture or on or with respect to such Bond. Moneys so held but unclaimed by an Owner shall be transferred to the Transportation Enterprise after the expiration of five years or, upon receipt by the Trustee of an opinion of Bond Counsel that such moneys Accounts may be released to the Transportation Enterprise on such earlier date, on any earlier date designated by the Transportation Enterprise.

Nonpresentment of Bonds. If any Bond is not presented for payment when due, whether at maturity or on redemption prior to maturity, and if the Trustee holds moneys sufficient to pay the Debt Service or Redemption Price due on such Bond for the benefit of the Owner thereof, the Trustee shall hold such moneys, without liability for interest thereon, for the benefit of the Owner of such XxxxBond, who shall be restricted exclusively to such moneys for any claim of whatever nature on his part under this Master Indenture or on or with respect to such Bond. Moneys so held but unclaimed by an Owner shall be transferred to the Transportation Enterprise after the expiration of five years or, upon receipt by the Trustee of an opinion of Bond Counsel that such moneys may be released to the Transportation Enterprise on such earlier date, on any earlier date designated by the Transportation Enterprise.