Common use of Original Delivery Clause in Contracts

Original Delivery. The Bonds shall be initially delivered in the form of a separate single fully registered Bond without coupons (which may be typewritten) for each maturity of the Bonds. Upon initial delivery, the ownership of each such Bond shall be registered on the Registration Books in the name of the Nominee. Except as provided in subsection (c), the ownership of all of the Outstanding Bonds shall be registered in the name of the Nominee on the Registration Books. With respect to Bonds the ownership of which shall be registered in the name of the Nominee, neither the Successor Agency nor the Trustee shall have any responsibility or obligation to any Depository System Participant or to any person on behalf of which the Depository System Participant holds an interest in the Bonds. Without limiting the generality of the immediately preceding sentence, neither the Successor Agency nor the Trustee shall have any responsibility or obligation with respect to (i) the accuracy of the records of the Depository, the Nominee or any Depository System Participant with respect to any ownership interest in the Bonds, (ii) the delivery to any Depository System Participant or any other person, other than a Bond Owner as shown in the Registration Books, of any notice with respect to the Bonds, including any notice of redemption, (iii) the selection by the Depository of the beneficial interests in the Bonds to be redeemed in the event the Successor Agency elects to redeem the Bonds in part, (iv) the payment to any Depository System Participant or any other person, other than a Bond Owner as shown in the Registration Books, of any amount with respect to principal, premium, if any, or interest on the Bonds or (v) any consent given or other action taken by the Depository as Owner of the Bonds. The Successor Agency and the Trustee may treat and consider the person in whose name each Bond is registered as the absolute owner of such Bond for the purpose of payment of principal, premium and interest on such Bond, for the purpose of giving notices of redemption and other matters with respect to such Bond, for the purpose of registering transfers of ownership of such Bond, and for all other purposes whatsoever. The Trustee shall pay the principal of and interest and premium, if any, on the Bonds only to the respective Owners or their respective attorneys duly authorized in writing, and all such payments shall be valid and effective to fully satisfy and discharge all obligations with respect to payment of principal of and interest and premium, if any, on the Bonds to the extent of the sum or sums so paid. No person other than a Bond Owner shall receive a Bond evidencing the obligation of the Successor Agency to make payments of principal, interest and premium, if any, pursuant to this Indenture. Upon delivery by the Depository to the Nominee of written notice to the effect that the Depository has determined to substitute a new nominee in its place, and subject to the provisions herein with respect to Record Dates, such new nominee shall become the Nominee hereunder for all purposes; and upon receipt of such a notice the Successor Agency shall promptly deliver a copy of the same to the Trustee.

Original Delivery. The Bonds shall will be initially delivered issued as book-entry Bonds, and each maturity of such Bonds will be in the form of a separate single fully registered Bond without coupons (which may be typewritten). The Depository Trust Company (“DTC”) will act as the initial Depository for each maturity of the book-entry Bonds. Upon initial execution and delivery, the ownership of each such book- entry Bond shall will be registered on in the Registration Books registration books maintained under Section 2.08 in the name of the Nominee. Except Cede & Co., as provided in subsection (c)Nominee of DTC, the ownership of all of initial Depository for the Outstanding Bonds shall be registered in the name of the Nominee on the Registration BooksBonds. With respect to Bonds book-entry Bonds, the ownership of which shall be registered in the name of the Nominee, neither the Successor Agency nor City and the Trustee shall have any no responsibility or obligation to any Depository System Participant or to any person on behalf of which the Depository System such a Participant holds an interest in the such book-entry Bonds. Without limiting the generality of the immediately preceding sentence, neither the Successor Agency nor City and the Trustee shall have any no responsibility or obligation with respect to (i) the accuracy of the records of the Depository, the Nominee or any Depository System Participant with respect to any ownership interest the owners of beneficial interests in the book-entry Bonds, (ii) the delivery to any Depository System Participant or any other person, other than a Bond an Owner as shown in the Registration Booksregistration books maintained under Section 2.08 hereof, of any notice with respect to the book-entry Bonds, including any notice of redemption, (iii) the selection by the Depository and its Participants of the beneficial interests in the book-entry Bonds to be redeemed in the event the Successor Agency elects to redeem the City redeems any book-entry Bonds in part, part or (iv) the payment to of any Depository System Participant or any other person, other than a Bond an Owner as shown in the Registration Booksregistration books maintained under Section 2.08, of any amount with respect to principalthe principal or Redemption Price of, premium, if any, or and interest on the Bonds or (v) any consent given or other action taken by the Depository as Owner of the book-entry Bonds. The Successor Agency City and the Trustee may treat and consider the person in whose name each book- entry Bond is registered in the registration books maintained under Section 2.08 as the absolute owner Owner of such book-entry Bond for the purpose of payment of principalthe principal or Redemption Price of, premium and interest on such book-entry Bond, for the purpose of giving notices of redemption and other matters with respect to such book-entry Bond, for the purpose of registering transfers of ownership of with respect to such Bond, book-entry Bond and for all other purposes whatsoever. The Trustee shall pay the principal of or Redemption Price of, and interest and premium, if any, on the book-entry Bonds only to or upon the order of the respective Owners or their respective attorneys duly authorized Owners, as shown in writingthe registration books maintained under Section 2.08, and all such payments shall be valid and effective to fully satisfy and discharge all the City’s obligations with respect to payment of the interest on and the principal or Redemption Price of and interest and premium, if any, on the book-entry Bonds to the extent of the sum or sums so paid. No person other than a Bond Owner an Owner, as shown in the registration books maintained under Section 2.08 shall receive a Bond evidencing the obligation of the Successor Agency City to make payments of principalthe principal or Redemption Price of, and interest and premium, if any, on any book-entry Bond pursuant to this Indenturehereto. Upon delivery by the Depository to the Nominee Owner, the Trustee and the City of written notice to the effect that the Depository has determined to substitute a new nominee in its placeplace of the Nominee, and subject to the provisions herein with respect to Record Datesrecord dates, the term Nominee herein shall refer to such new nominee shall become the Nominee hereunder for all purposes; and upon receipt of such a notice the Successor Agency shall promptly deliver a copy of the same to the TrusteeDepository.