Common use of Nonpresentment of Notes or Interest Checks Clause in Contracts

Nonpresentment of Notes or Interest Checks. Should any of the Notes or interest checks not be presented for payment when due, the Trustee shall retain from any money transferred to it for the purpose of paying the Notes or interest checks so due, for the benefit of the Registered Owners thereof, a sum of money sufficient to pay such Notes or interest checks when the same are presented by the Registered Owners thereof for payment. Such money shall not be required to be invested. All liability of the Authority to the Registered Owners of such Notes or interest checks and all rights of such Registered Owners against the Authority under the Notes or interest checks or under this Indenture shall thereupon cease and determine, and the sole right of such Registered Owners shall thereafter be against such deposit. If any Note or interest check shall not be presented for payment within the period of two years following its payment or redemption date, the Trustee shall return to the Authority the money theretofore held by it for payment of such Note or interest check, and such Note or interest check shall (subject to the defense of any applicable statute of limitation) thereafter be an unsecured obligation of the Authority. The Trustee’s responsibility for any such money shall cease upon remittance thereof to the Authority.

Nonpresentment of Notes or Interest Checks. Should any of the Notes or interest checks not be presented for payment when due, the Indenture Trustee shall retain from any money transferred to it for the purpose of paying the Notes or interest checks so due, for the benefit of the Registered Owners Noteholders thereof, a sum of money sufficient to pay such Notes or interest checks when the same are presented by the Registered Owners Noteholders thereof for payment. Such money shall not be required to be invested. All liability of the Authority Issuer to the Registered Owners Noteholders of such Notes or interest checks and all rights of such Registered Owners Noteholders against the Authority Issuer under the Notes or interest checks or under this Indenture shall thereupon cease and determine, and the sole right of such Registered Owners Noteholders shall thereafter be against such deposit. If any Note or interest check shall not be presented for payment within the period of two years following its payment or redemption dateRedemption Date, the Indenture Trustee shall return to the Authority Issuer the money theretofore held by it for payment of such Note or interest check, and such Note or interest check shall (subject to the defense of any applicable statute of limitation) thereafter be an unsecured obligation of the AuthorityIssuer. The Indenture Trustee’s responsibility for any such money shall cease upon remittance thereof to the AuthorityIssuer.

Nonpresentment of Notes or Interest Checks. Should any of the Notes or interest checks not be presented for payment when due, the Trustee shall retain from any money transferred to it for the purpose of paying the Notes or interest checks so due, for the benefit of the Registered Owners thereof, a sum of money sufficient to pay such Notes or interest checks when the same are presented by the Registered Owners thereof for payment. Such money shall not be required to be invested, except as directed by the Issuer. All liability of the Authority Issuer to the Registered Owners of such Notes or interest checks and all rights of such Registered Owners against the Authority Issuer under the Notes or interest checks or under this Indenture shall thereupon cease and determine, and the sole right of such Registered Owners shall thereafter be against such deposit. If any Note or interest check shall not be presented for payment within the period of two four years following its payment or redemption datethe final Stated Maturity of the Notes, the Trustee shall return to the Authority Issuer the money theretofore held by it for payment of such Note or interest check, and such Note or interest check shall (subject to the defense of any applicable statute of limitation) thereafter be an unsecured obligation of the Authority. The Trustee’s responsibility for any such money shall cease upon remittance thereof to the AuthorityIssuer.