Common use of Payment and Discharge of Bonds Clause in Contracts

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including without limitation, Section 8.01 hereof, if: (a) the Trustee as paying agent shall have received, in trust for and irrevocably committed thereto, sufficient Eligible Funds, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations which are certified by an Independent public accounting firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds to which reference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Service Charges on those Bonds at their maturity or their redemption date, as the case may be. Any money held by the Trustee in accordance with the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations having maturity dates, or having redemption dates which, at the option of the owner of those obligations, shall be not later than the date or dates at which money will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02, that income, interest or increment shall be transferred at the time of that determination in the manner provided in Section 4.14 hereof for transfers of amounts remaining in the Bond Fund upon the written direction of the Borrower. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.02, then within fifteen (15) days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph (b) of the first paragraph of this Section 8.02.

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including including, without limitation, Section 8.01 9.01 hereof, if: (a) the Trustee as paying agent shall have received, in trust for and irrevocably committed thereto, sufficient Eligible Fundsmoneys, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations direct obligations of the United States of America which are certified by an Independent independent public accounting firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds moneys to which reference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Service Charges on those Bonds Bonds, at their maturity or their redemption datedates, as the case may be, or if a default in payment shall have occurred on any maturity or redemption date, then for the payment of all Bond Service Charges thereon to the date of the tender of payment; provided, that if any of those Bonds are to be redeemed prior to the maturity thereof, notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice. Any money moneys held by the Trustee in accordance with the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations direct obligations of the United States of America having maturity dates, or having redemption dates which, at the option of the owner Holder of those obligations, shall be not later than the date or dates at which money moneys will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, interest or increment shall be transferred at the time of that determination in the manner provided in Section 4.14 5.08 hereof for transfers of amounts remaining in the Bond Fund upon the written direction of the BorrowerFund. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.029.02, then within fifteen (15) 15 days after such Bonds are so deemed paid and discharged discharged, the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds of a particular series are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph (b) of the first paragraph of this Section 8.029.02 and specify any date or dates on which any of the Bonds are to be called for redemption pursuant to notice of redemption given or irrevocable provisions made for such notice pursuant to the first paragraph of this Section 9.02.

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including without limitation, Section 8.01 9.01 hereof, if:. (a) the Trustee as paying agent and any Paying Agents shall have received, in trust for and irrevocably committed thereto, sufficient moneys which are Eligible FundsFunds or the proceeds of drawings under the Letter of Credit used to make such payment, or other moneys if accompanied by an opinion of bankruptcy counsel in a form acceptable to the Trustee and the Rating Service (if any) for the Bonds, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations (purchased with Eligible Funds or the proceeds of drawings under the Letter of Credit, or other moneys if accompanied by an opinion of bankruptcy counsel in a form acceptable to the Trustee and the Rating Service (if any) for the Bonds) which are certified by an Independent independent public accounting firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds moneys to which reference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Service Charges on those Bonds at their Bonds, on and to the next Interest Rate Adjustment Date, maturity date or their prior redemption date, as the case may be; provided, if any of those Bonds are to be redeemed prior to the maturity thereof, notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice; and further provided that no Bonds, or any part thereof, shall be deemed to have been paid and discharged within the meaning of this Section 9.02 (i) if the Interest Rate Mode of such Bonds is other than the Fixed Interest Rate or the Weekly Interest Rate, unless such Bonds are to be redeemed on or prior to the next Interest Rate Adjustment Date for such Bonds and notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice, or (ii) if the Interest Rate Mode of such Bonds is a Weekly Interest Rate. Notwithstanding anything herein to the contrary, if any Bonds are then rated by a Rating Service, no such Bonds shall be deemed to have been paid and discharged by reason of any deposit pursuant to paragraphs (a) and/or (b) above (other than any deposit of moneys, or Government Obligations purchased with moneys, which are the proceeds of drawings under the Letter of Credit) unless each such Rating Service shall have confirmed in writing to the Trustee that its rating will not be withdrawn or lowered as the result of any such deposit. Any money moneys held by the Trustee in accordance with the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations having maturity dates, or having redemption dates which, at the option of the owner Holder of those obligations, shall be not later than the date or dates at which money moneys will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee an independent public accounting firm of national reputation to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, income interest or increment shall be transferred at the time of that determination in the manner provided in Section 4.14 5.08 hereof for transfers of amounts remaining in the Bond Fund upon the written direction of the BorrowerFund. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.029.02, then within fifteen (15) days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder thereof as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds of a particular series are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph (b) of the first paragraph of this Section 8.029.02 and specify any date or dates on which any of the Bonds are to be called for redemption pursuant to notice of redemption given or irrevocable provisions made for such notice pursuant to the first paragraph of this Section 9.02.

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this IndentureCFC Master Trust Agreement, including without limitation, limitation Section 8.01 hereof9.01, if: (a) the Trustee as paying agent and any Paying Agents shall have received, in trust for and irrevocably committed thereto, sufficient Eligible Fundsmoney, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government cash and Direct Obligations which that are certified by an Independent independent public accounting firm of national reputation selected by the Authority to be of such amounts, maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds money to which reference is made in subparagraph paragraph (a) aboveof this Section, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Debt Service Charges on those Bonds Bonds, at their maturity or their redemption datedates, as the case may be, or if a default in payment shall have occurred on any maturity or redemption date, then for the payment of all Debt Service Charges thereon to the date of the tender of payment; provided that if any of those Bonds are to be redeemed prior to the maturity thereof, notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice. Any money held by the Trustee in accordance with the provisions of this Section 8.02 may be held in cash or invested by the Trustee at the written direction of the Borrower only in noncallable Government Direct Obligations having maturity dates, or having redemption dates which, at the option of the owner holder of those obligations, shall be not later than the date or dates at which money will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, interest or increment shall be transferred at the time of that determination in to the manner provided in Section 4.14 hereof for transfers Authority free of amounts remaining in the Bond Fund upon the written direction of the Borrowerany trust or lien. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.02Section, then the Trustee shall cause a written notice to be given within fifteen (15) 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder of such Bonds as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds of a particular series are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph paragraph (b) of this Section and specify any date or dates on which any of the Bonds are to be called for redemption pursuant to notice of redemption given or irrevocable provisions made for such notice pursuant to the first paragraph of this Section 8.02Section.

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including without limitation, Section 8.01 9.01 hereof, if: (a) the Trustee as paying agent and any Paying Agents shall have received, in trust for and irrevocably committed thereto, sufficient moneys which are Eligible FundsFunds or the proceeds of drawings under the Letter of Credit used to make such payment, or other moneys if accompanied by an opinion of bankruptcy counsel in a form acceptable to the Trustee and the Rating Service (if any) for the Bonds, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations (purchased with Eligible Funds or the proceeds of drawings under the Letter of Credit, or other moneys if accompanied by an opinion of bankruptcy counsel in a form acceptable to the Trustee and the Rating Service (if any) for the Bonds) which are certified by an Independent independent public accounting firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds moneys to which reference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Service Charges on those Bonds at their maturity Bonds, on and to the next Interest Rate Adjustment Date, or their prior redemption date, as the case may be; provided, if any of those Bonds are to be redeemed prior to the maturity thereof, notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice; and further provided that no Bonds, or any part thereof, shall be deemed to have been paid and discharged within the meaning of this Section 9.02 (i) if the Interest Rate Mode of such Bonds is other than the Fixed Interest Rate, unless such Bonds are to be redeemed on or prior to the next Interest Rate Adjustment Date for such Bonds and notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice, or (ii) if the Interest Rate Mode of such Bonds is a Weekly Interest Rate. Notwithstanding anything herein to the contrary, if any Bonds are then rated by a Rating Service, no such Bonds shall be deemed to have been paid and discharged by reason of any deposit pursuant to paragraphs (a) and/or (b) above (other than any deposit of moneys, or Government Obligations purchased with moneys, which are the proceeds of drawings under the Letter of Credit) unless each such Rating Service shall have confirmed in writing to the Trustee that its rating will not be withdrawn or lowered as the result of any such deposit. Any money moneys held by the Trustee in accordance with the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations having maturity dates, or having redemption dates which, at the option of the owner Holder of those obligations, shall be not later than the date or dates at which money moneys will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee (or at the Trustee's election, a firm of certified public accountants selected by the Borrower) to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, interest or increment shall be transferred at the time of that determination in the manner provided in Section 4.14 5.08 hereof for transfers of amounts remaining in the Bond Fund upon the written direction of the BorrowerFund. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.029.02, then within fifteen (15) days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder thereof as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds of a particular series are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph (b) of the first paragraph of this Section 8.029.02 and specify any date or dates on which any of the Bonds are to be called for redemption pursuant to notice of redemption given or irrevocable provisions made for such notice pursuant to the first paragraph of this Section 9.02.

Payment and Discharge of Bonds. All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including without limitation, Section 8.01 hereof, if: (a) the Trustee as paying agent shall have received, in trust for and irrevocably committed thereto, sufficient Eligible Fundsmoney, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations which are certified by an Independent public accounting firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds money to which reference is made in subparagraph (a) above, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Service Charges on those Bonds at their maturity or their redemption date, as the case may bematurity. OHSUSA:763098104.5 Any money held by the Trustee in accordance with the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations having maturity dates, or having redemption dates which, at the option of the owner of those obligations, shall be not later than the date or dates at which money will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, interest or increment shall be transferred at the time of that determination in the manner provided in Section 4.14 hereof for transfers of amounts remaining in the Bond Fund upon the written direction of the BorrowerFund. If any Bonds shall be deemed paid and discharged pursuant to this Section 8.02, then within fifteen (15) 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds are deemed paid and discharged, and (ii) shall set forth a description of the obligations held pursuant to subparagraph (b) of the first paragraph of this Section 8.02.

Payment and Discharge of Bonds. All or any part of the Bonds or any series of Bonds shall be deemed to have been paid and discharged within the meaning of this Indenture, including without limitation, Section 8.01 9.01 hereof, if: (a) the Trustee as paying agent and any Paying Agents shall have received, in trust for and irrevocably committed thereto, sufficient Eligible Fundscash, or (b) the Trustee shall have received, in trust for and irrevocably committed thereto, noncallable Government Obligations which that are certified by an Independent independent public accounting firm or verification firm of national reputation to be of such maturities or redemption dates and interest payment dates, and to bear such interest, as will be sufficient together with any Eligible Funds money to which reference is made in subparagraph paragraph (a) aboveof this Section 9.02, without further investment or reinvestment of either the principal amount thereof or the interest earnings therefrom (which earnings are to be held likewise in trust and so committed, except as provided herein), for the payment of all Bond Debt Service Charges on those Bonds Bonds, at their maturity or their redemption datedates, as the case may be, or if a default in payment shall have occurred on any maturity or redemption date, then for the payment of all Debt Service thereon to the date of the tender of payment; provided that if any of those Bonds are to be redeemed prior to the maturity thereof, notice of that redemption shall have been duly given or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of that notice. Any money held by the Trustee in accordance with with, the provisions of this Section 8.02 may be invested by the Trustee at the written direction of the Borrower only in noncallable Government Obligations having maturity dates, or having redemption dates which, at the option of the owner holder of those obligations, shall be not later than the date or dates at which money will be required for the purposes described above. To the extent that any income or interest earned by, or increment to, the investments held under this Section 8.02 is determined from time to time by the Trustee to be in excess of the amount required to be held by the Trustee for the purposes of this Section 8.02Section, that income, interest or increment shall be transferred at the time of that determination to the State free of any trust or lien. Prior to any discharge of Bonds hereunder being effective, there shall be delivered to the Trustee and the State an opinion of nationally recognized bond counsel to the effect that the discharge of such Bonds will not result in the manner provided in Section 4.14 hereof for transfers of amounts remaining interest on any Bonds becoming includable in the Bond Fund upon the written direction gross income of the BorrowerHolders thereof for federal income tax purposes (to the extent those Bonds were issued on the basis that the interest thereon was excluded from gross income of the Holders for federal income tax purposes). If any Bonds shall be deemed paid and discharged pursuant to this Section 8.029.02, then the Trustee shall cause a written notice to be given within fifteen (15) 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a written notice prepared by the Borrower to be given to each Holder as shown on the Register on the date on which such Bonds are deemed paid and discharged. Such notice shall (i) state the numbers of the Bonds deemed paid and discharged or state that all Bonds of a particular series are deemed paid and discharged, and (ii) set forth a description of the obligations held pursuant to subparagraph paragraph (b) of this Section 9.02 and specify any date or dates on which any of the Bonds are to be called for redemption pursuant to notice of redemption given or irrevocable provisions made for such notice pursuant to the first paragraph of this Section 8.029.02. The State may reserve the right to substitute obligations held pursuant to paragraph (b) of this Section 9.02 with other obligations meeting the requirements of this Section, provided that such notice shall state that the State has reserved such right; provided further that, prior to such substitution, there shall be delivered to the State and the Trustee an opinion of nationally recognized bond counsel to the effect that such substitution is legal under applicable law and is permitted by this Indenture and will not result in the interest on any Bonds becoming includable in the gross income of the Holders thereof for federal income tax purposes (to the extent those Bonds were issued on the basis that the interest thereon was excluded from gross income of the Holders for federal income tax purposes).