Record Date; Special Record Date Sample Clauses

Record Date; Special Record Date. Interest on each Bond shall be payable to the Owner in whose name such Bond is registered at the close of business on the first (1st) day (whether or not a business day) of the calendar month in which such Interest Payment Date occurs (the “Record Date”), without regard to any transfer or exchange of such Bond after such day, unless the Authority shall default in the payment of interest due on such Bond on such Interest Payment Date. If the Authority shall default in the payment of interest due on any Bond, such defaulted interest shall be payable to the Owner in whose name such Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the Owners of such Bonds not less than fifteen

Record Date; Special Record Date. Except as may be otherwise provided in a Series Supplement, principal, Redemption Price, if any, and interest on each Bond shall be payable to the owner in whose name such Bond is registered at the close of business on the fifteenth day (whether or not a Business Day) of the calendar month next preceding the Interest Payment Date, without regard to any transfer or exchange of such Bond after such day, unless the Issuer shall default in the payment of interest due on such Bond on such Interest Payment Date. If the Issuer shall default in the payment of interest due on any Bond, such defaulted interest shall be payable to the owner in whose name such Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the owners of such Bonds not less than five (5) days after such special record date. Such notice shall be mailed to the owners in whose names such Bonds are registered at the close of business on the fifth day (whether or not a Business Day) preceding the date of mailing and the Trustee shall not issue, transfer or exchange any such Bonds from close of business on such special record date and ending at close of business on the payment date.

Record Date; Special Record Date. Interest on each Bond shall be payable to the Owner in whose name such Bond is registered at the close of business on the first (1st) day (whether or not a business day) of the calendar month in which such Interest Payment Date occurs (the “Record Date”), without regard to any transfer or exchange of such Bond after such day, unless the Authority shall default in the payment of interest due on such Bond on such Interest Payment Date. If the Authority shall default in the payment of interest due on any Series A Bond, such defaulted interest shall be payable to the Owner in whose name such Series A Bond is registered at the close of business on a special record date for the payment of such defaulted interest established by notice mailed by the Trustee to the Owners of such Series A Bonds not less than fifteen (15) days preceding such special record date. Such notice shall be mailed to the Owners in whose names such Series A Bonds are registered at the close of business on the fifth day (whether or not a business day) preceding the date of mailing. If the Authority shall fail to pay the interest due on a Series B Bond on an Interest Payment Date or the principal of a Series B Bond on a Principal Payment Date from the Series B Bonds Trust Estate, such principal and interest shall continue to accrue at the stated rate of interest with respect to the Series B Bonds and shall, to the extent Subordinate Residual Revenues are payable, be paid to the Owner in whose name such Series B Bond is registered at the close of business on the next succeeding Interest Payment Date from Subordinate Residual Revenues. However, no interest will be paid on overdue interest. Any interest or deferred principal not paid on an Interest Payment Date or Principal Payment Date, respectively, shall continue to accrue, and shall continue to bear interest at the stated rate of interest with respect to the Series B Bonds, respectively, from such Interest Payment Date or Principal Payment Date until such Interest Payment Date on which such amounts are paid from Subordinate Residual Revenues. The payment of interest on and principal of the Series B Bonds is secured solely to the extent of Subordinate Residual Revenues and the failure to make any payments on the Series B Bonds because of insufficient Subordinate Residual Revenues shall not constitute a Series B Bonds Event of Default under Section 11.1 hereof.