Common use of Payment Deposit Clause in Contracts

Payment Deposit. The District will transfer immediately available funds to the Bank no later than one Business Day prior to or, if agreed to by the parties hereto, on the date on which the interest, principal and premium payments (if any) are due on the Bonds, but in no event later than the time established by DTC, on the date such payments are due. The Bank shall not be responsible for payments to registered owners of the Bonds from any source other than moneys transferred, or caused to be transferred, to it by the District.

Payment Deposit. The District will transfer immediately available funds to the Bank no later than one Business Day prior to or, if agreed to by the parties hereto, on the date on which the interest, interest and principal and premium payments (if any) are due on the Bonds, but in no event later than the time established by DTC1:00 p.m., eastern time, on the date such payments are due. The Bank shall not be responsible for payments to registered Bond owners of the Bonds from any source other than moneys transferred, transferred or caused to be transferred, transferred to it by the District.