Common use of Payment of Unclaimed Amounts Clause in Contracts

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond is returned to the Bank unendorsed or is not presented for payment within two years from its payment date, or any Bond is not presented for payment of principal at the maturity or redemption date, if applicable, if funds sufficient to pay such interest or principal due upon such Bond shall have been made available to the Bank for the benefit of the owners thereof, it shall be the duty of the Bank to hold such funds, without liability for interest thereon, for the benefit of the owners of such Bonds who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond or amounts due thereunder. The Bank’s obligation to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property law) following the date on which such interest or principal payment became due, whether at maturity or at the date fixed for redemption, or otherwise, at which time the Bank shall surrender such unclaimed funds so held to the District, whereupon any claim of whatever nature by the owner of such Bonds arising under such Bond shall be made upon the District and shall be subject to provisions of applicable law.

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond is returned to the Bank unendorsed or is not presented for payment within two years from its payment date, or any Bond is not presented for payment of principal at the maturity or redemption date, if applicable, if funds sufficient to pay such interest or principal due upon such Bond shall have been made available to the Bank for the benefit of the owners thereof, it shall be the duty of the Bank to hold such funds, without liability for interest thereon, for the benefit of the owners of such Bonds who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond or amounts due thereunder. The Bank’s obligation to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property law) following the date on which such interest or principal payment became due, whether at maturity or at the date fixed for redemption, or otherwise, at which time the Bank shall surrender such unclaimed funds so held to the District, whereupon any claim of whatever nature by the owner of such Bonds arising under such Bond shall be made upon the District and shall be subject to provisions of applicable law.

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond represented by an Obligation is returned to the Bank Trustee unendorsed or is not presented for payment within two (2) years from its payment date, date or any Bond Obligation is not presented for payment of principal at the maturity or redemption datewhen due, if applicableincluding because of prepayment, if funds sufficient to pay such interest or principal due upon such Bond Obligation shall have been made available to the Bank Trustee for the benefit of the owners Owner thereof, it shall be the duty of the Bank Trustee to hold such funds, without liability for interest thereon, for the benefit of the owners Owner of such Bonds Obligation who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond Obligation or amounts due thereunder. The Bank’s obligation of the Trustee to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property lawlaws) following the date on which such interest or principal payment became due, whether at maturity due or at the date fixed for redemption, or otherwiseprepayment, at which time the Bank Trustee shall surrender such unclaimed funds so held to the DistrictCity, whereupon any claim of whatever nature by the owner Owner of such Bonds Obligation arising under such Bond Obligation shall be made upon the District and shall be subject to provisions of applicable lawCity.

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond an Obligation is returned to the Bank Trustee unendorsed or is not presented for payment within two (2) years from its payment date, or any Bond Obligation is not presented for payment of principal at the maturity stated payment date or redemption prepayment date, if applicable, if funds sufficient to pay such interest or principal due upon such Bond Obligation shall have been made available to the Bank Trustee for the benefit of the owners Owner thereof, it shall be the duty of the Bank Trustee to hold such funds, without liability for interest thereon, for the benefit of the owners Owner of such Bonds Obligation who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond Obligation or amounts due thereunder. The BankTrustee’s obligation to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property law) following the date on which such interest or principal payment became duedue (subject to applicable escheat laws), whether at maturity the stated payment date or at the date fixed for redemptionprepayment date, or otherwise, at which time the Bank Trustee shall surrender such unclaimed funds so held to the DistrictCity, whereupon any claim of whatever nature by the owner Owner of such Bonds Obligation arising under such Bond Obligation shall be made upon the District and shall be subject to provisions of applicable lawCity.

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond represented by an Obligation is returned to the Bank Trustee unendorsed or is not presented for payment within two (2) years from its payment date, date or any Bond Obligation is not presented for payment of principal at the maturity or redemption datewhen due, if applicableincluding because of prepayment, if funds sufficient to pay such interest or principal due upon such Bond Obligation shall have been made available to the Bank Trustee for the benefit of the owners Owner thereof, it shall be the duty of the Bank Trustee to hold such funds, without liability for interest thereon, for the benefit of the owners Owner of such Bonds Obligation who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond Obligation or amounts due thereunder. The Bank’s obligation of the Trustee to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property lawlaws) following the date on which such interest or principal payment became due, whether at maturity on the date due or at the date fixed for redemptionprepayment, or otherwise, at which time the Bank Trustee shall surrender such unclaimed funds so held to the DistrictCity, whereupon any claim of whatever nature by the owner Owner of such Bonds Obligation arising under such Bond Obligation shall be made upon the District and shall be subject to provisions of applicable lawCity.

Payment of Unclaimed Amounts. In the event any check for payment of interest on a Bond an Obligation is returned to the Bank Trustee unendorsed or is not presented for payment within two (2) years from its payment date, date or any Bond Obligation is not presented for payment of principal at the maturity or redemption date, if applicable, if funds sufficient to pay such interest or principal principa l due upon such Bond Obligation shall have been made available to the Bank Trustee for the benefit of the owners Owner thereof, it shall be the duty of the Bank Trustee to hold such funds, without liability for interest thereon, for the benefit of the owners Owner of such Bonds Obligation who shall thereafter be restricted exclusively to such funds for any claim of whatever nature relating to such Bond Obligation or amounts due thereunder. The Bank’s obligation of the Trustee to hold such funds shall continue for two years and six months (subject to applicable escheat or unclaimed property lawlaws) following the date on which such interest or principal payment became due, whether at maturity or at the date fixed for redemption, or otherwise, at which time the Bank Trustee shall surrender such unclaimed funds so held to the DistrictTown, whereupon any claim of whatever nature by the owner Owner of such Bonds Obligation arising under such Bond Obligation shall be made upon the District and shall be subject to provisions of applicable lawTown.