Examples of Substitute Depository in a sentence
Except as provided in Section 2.13, all of the Outstanding Bonds shall be registered in the Bond Register kept by the Trustee in the name of the Nominee and the Bonds may be transferred, in whole but not in part, only to the Depository, to a Substitute Depository or to another nominee of the Depository or of a Substitute Depository.
In the case of any transfer pursuant to clause (1) or clause (2) of subsection 12.2(A) (Book-Entry Provisions – Limits on Transfer) hereof, upon receipt of all Outstanding Series 2020 Bonds by the Paying Agent, together with a Certificate of the District to the Paying Agent, a single new Series 2020 Bond shall be executed and delivered, registered in the name of such successor or such Substitute Depository, or their nominees, as the case may be, all as specified in such Certificate of the District.
Neither the District nor the Paying Agent will have any responsibility or obligations, legal or otherwise, to the beneficial owners or to any other party including The Depository Trust Company or its successor (or Substitute Depository or its successor), except for the Owner of any Series 2020 Bonds.