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 of and any premium on the Bond becomes due in whole or in part, either at stated maturity, at the date fixed for redemption thereof, or otherwise, or in the event any check or draft for interest on any Bond is uncashed, if money sufficient to pay the principal and any premium then due on that Bond or such check or draft shall have been made available to the Trustee for the benefit of its Holder, then all liability of the State to that Holder for payment of the principal and any premium then due on the Bond or of the interest represented by such check or draft shall cease and be completely discharged. Thereupon, it shall be the duty of the Trustee to hold that money, without liability for interest thereon, in a separate account of the Trustee for the exclusive benefit of the Holder of that Bond, who shall be restricted thereafter exclusively to that money for any claim of whatever nature on its part under this Indenture on, or with respect to, the principal and any premium then due on that Bond or the interest represented by such check or draft. Any of the money that shall be so held by the Trustee, and that remains unclaimed for a period of four years after the due date thereof by the Holder of the Bond not presented for payment or a check or draft not cashed, shall be paid to the State free of any trust or lien upon request in writing by the State. Thereafter, the Holder of that Bond shall look only to the State for payment and then only to the amounts so received by the State without any interest thereon, and the Trustee shall have no responsibility with respect to that money. (End of Article III)

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal of and any premium on the Bond thereof becomes due in whole or in part, either at stated maturity, at the date fixed for by redemption thereofor pursuant to any mandatory sinking fund requirements, or otherwise, or in the event any a check or draft for interest on any Bond is uncashed, if money moneys sufficient to pay the principal and any premium premium, if any, then due on that Bond or to pay such check or draft shall have been made available to the Trustee for the benefit of its Holder, then all liability of the State Issuer to that Holder for such payment of the principal and any premium premium, if any, then due on the Bond or of the interest on such Bond represented by such check or draft thereupon shall cease and be completely dischargeddischarged completely. Thereupon, it shall be the duty of the Trustee to hold that moneythose moneys, without liability for interest thereon, in a separate account of in the Trustee Bond Fund for the exclusive benefit of the Holder of that BondHolder, who shall be restricted thereafter exclusively to that money those moneys for any claim of whatever nature on its part under this Indenture or on, or with respect to, the principal and any premium premium, if any, then due on that Bond or the interest on such Bond represented by such check or draft. Any of the money that those moneys which shall be so held by the Trustee, and that remains which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of four years after the due date thereof by the Holder of the Bond not presented for payment or a check or draft not cashedthereof, shall be paid to the State Bank free of any trust or lien upon request unless the Bank shall have confirmed to the Trustee in writing by that no moneys are then due under the StateReimbursement Agreement in which case such moneys shall be paid to the Borrower. Thereafter, the Holder of that Bond shall look only to the State Borrower for payment and then only to the amounts so received by the State Borrower or paid to or on behalf of the Borrower (including to the Bank pursuant to this paragraph), without any interest thereon, and the Trustee shall not have no any responsibility with respect to that money. (End of Article III)those moneys.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal of and any premium on the Bond thereof becomes due in whole or in part, either at stated maturity, at the date fixed for by redemption thereofor pursuant to any mandatory sinking fund requirements, or otherwise, or in the event any a check or draft for interest on any Bond is uncashed, if money moneys sufficient to pay the principal and any premium premium, if any, then due on that Bond or to pay such check or draft shall have been made available to the Trustee for the benefit of its Holder, then all liability of the State Issuer to that Holder for such payment of the principal and any premium premium, if any, then due on the Bond or of the interest on such Bond represented by such check or draft thereupon shall cease and be completely dischargeddischarged completely. Thereupon, it shall be the duty of the Trustee to hold that moneythose moneys, without liability for interest thereon, in a separate account of the Trustee for the exclusive benefit of the Holder of that BondHolder, who shall be restricted thereafter exclusively to that money those moneys for any claim of whatever nature on its part under this Indenture indenture or on, or with respect to, the principal and any premium premium, if any, then due on that Bond or the interest on such Bond represented by such check or draft. .. Any of the money that those moneys which shall be so held by the Trustee, and that remains which remain unclaimed by the Holder of a Bond not presented for payment or check or draft not cashed for a period of four years after the due date thereof by the Holder of the Bond not presented for payment or a check or draft not cashedthereof, shall be paid to the State Bank free of any trust or lien upon request unless the Bank shall have confirmed to the Trustee in writing by that no moneys are then due under the StateReimbursement Agreement in which case such moneys shall be paid to the Borrower. Thereafter, the Holder of that Bond shall look only to the State Borrower for payment and then only to the amounts so received by the State Borrower or paid to or on behalf of the Borrower (including to the Bank pursuant to this paragraph), without any interest thereon, and the Trustee shall not have no any responsibility with respect to that money. (End of Article III)those moneys.

Nonpresentment of Bonds. In the event that any Bond shall not be presented for payment when the principal of and any premium on the Bond thereof becomes due in whole or in part, either at stated maturity, at the date fixed for by redemption thereofor pursuant to any mandatory sinking fund requirements, or otherwise, or in the event any a check or draft for interest on any Bond is uncashed, if money moneys sufficient to pay the principal and any premium premium, if any, then due on that Bond or to pay such check or draft shall have been made available to the Trustee for the benefit of its Holder, then all liability of the State Issuer to that Holder for such payment of the principal and any premium premium, if any, then due on the Bond or of the interest on such Bond represented by such check or draft thereupon shall cease and be completely dischargeddischarged completely. Thereupon, it shall be the duty of the Trustee to hold that moneythose moneys, without liability for interest thereon, in a separate account of in the Trustee Bond Fund for the exclusive benefit of the Holder of that BondHolder, who shall be restricted thereafter exclusively to that money those moneys for any claim of whatever nature on its part under this Indenture or on, or with respect to, the principal and any premium premium, if any, then due on that Bond or the interest on such Bond represented by such check or draft. Any of the money that those moneys which shall be so held by the Trustee, and that remains which remain unclaimed for a period of four years after the due date thereof by the Holder of the a Bond not presented for payment or a check or draft not cashedcashed for a period of three years after the due date thereof, shall shall, subject to any applicable provisions of Title 6 of the Texas Property Code relating to unclaimed property, be paid to the State free of any trust or lien upon request in writing by the StateObligor. Thereafter, the Holder of that Bond shall look only to the State Obligor for payment and then only to the amounts so received by the State Obligor or paid to or on behalf of the Obligor, without any interest thereon, and the Trustee shall not have no any responsibility with respect to that money. (End of Article III)those moneys.