Common use of Deposit of Funds for Payment of Bonds Clause in Contracts

Deposit of Funds for Payment of Bonds. If the principal or redemption priceR or tender purchase price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, the Owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof whatsoever nature with respect to such Bonds, and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereon. Moneys so deposited with the Trustee or the Tender Agent which remain unclaimed five years after the date payment thereof becomes due shall, at the request of the Company and if neither the Issuer nor the Company is at the time to the knowledge of the Trustee in default with respect to any covenant contained in the Indenture, the Bonds or the Financing Agreement, be paid to the Company; and the Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company; provided that the Trustee, before making payment to the Company, may, at the expense of the Company, cause a notice to be given to the Owners of the Bonds at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified date.

Deposit of Funds for Payment of Bonds. If there are on deposit ------------- ------------------------------------- with the Trustee funds (including proceeds of Government Obligations as provided in Section 12.01) sufficient to pay the principal or redemption priceR or tender purchase price of any Bonds becoming due, either at maturity or by call for upon prior redemption or mandatory tender or otherwise, together with and premium, if any, and all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, Bonds and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereonOwners. Moneys (including proceeds of Government Obligations as provided in Section 12.01) so deposited with the Trustee or the Tender Agent which remain unclaimed five three years after the date payment thereof becomes due shall, if the Issuer is not at the request of the Company and if neither the Issuer nor the Company is at the time time, to the knowledge of the Trustee Trustee, in default with respect to any covenant contained in the Indenture, the Bonds this Indenture or the Financing AgreementBonds, be paid to the Company; Company upon receipt by the Trustee of indemnity satisfactory to it, and the Owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company; provided provided, however, that the Trustee, before making payment to the Company, may, may cause a notice to be published once in an Authorized Newspaper at the expense of the Company, cause a notice to be given to the Owners of the Bonds at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified date.

Deposit of Funds for Payment of Bonds. If the principal or redemption priceR or tender purchase price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.0216.1, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereonowners. Moneys so deposited with the Trustee or the Tender Agent which remain unclaimed five two years after the due date payment thereof becomes due shall, at the written request of the Company Company, and if neither the Issuer nor the Company is not, at the time time, to the knowledge of the Trustee Trustee, in default with respect to any covenant contained in the Indenture, the Bonds Agreement or the Financing AgreementBonds, be paid to the Company; Company pursuant to its payment instructions, and the Owners owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company. Such moneys shall be held in trust uninvested without any obligation for the payment of interest thereon; provided provided, however, that before the repayment of such moneys to the Company as aforesaid, (i) the Trustee shall (at the cost of the Company) first mail to the Holders of any Bonds remaining unpaid, at the addresses shown on the registration books maintained by the Trustee, before making a notice, in such form as may be deemed appropriate by the Trustee with respect to the Bonds so payable and not presented and with respect to the provisions relating to the repayment to the Company of the moneys held for the payment thereof, and (ii) the Company shall expressly agree to indemnify the Issuer and the Trustee with respect to the payment of any Bonds so payable and not presented for payment as of the date of such repayment to the Company, may, at the expense of the Company, cause a notice to be given to the Owners of the Bonds at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified date.

Deposit of Funds for Payment of Bonds. If the Authority deposits with the Trustee funds sufficient to pay the principal or redemption priceR or tender purchase price Redemption Price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer Authority with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, provided that such restriction shall not affect the obligations of the Company to make direct payments to the Holders of the Bonds pursuant to this Indenture or the Agreement, and the Trustee and shall deposit such moneys with the Tender Paying Agent shall hold such funds to be held in trust for such Owners uninvested and without liability Holders. If any Bond or evidence of beneficial ownership of such Bond shall not be presented for interest thereon. Moneys so deposited with payment when the Trustee or the Tender Agent which remain unclaimed five years after the date payment principal thereof becomes due shall(whether at maturity, at the request by acceleration, upon call for redemption, upon purchase or otherwise), all liability of the Company and if neither the Issuer nor the Company is at the time Authority to the knowledge registered owner thereof for the payment of such Bond, shall forthwith cease, terminate and be completely discharged if funds sufficient to pay such Bond and interest due thereon, if any, are held by the Trustee uninvested for the benefit of the registered owner thereof. Thereupon it shall be the duty of the Trustee in default to comply with the Uniform Unclaimed Property Act, N.J.S.A. 46:30B-1 ET SEQ. with respect to any covenant contained in the Indenture, the Bonds or the Financing Agreement, be paid to the Company; and the Owners of the Bonds for which the deposit was made such funds. The registered owner shall thereafter be limited restricted exclusively to a such funds for any claim against the Company; provided that the Trusteeof whatever nature on his part under this Indenture or on, before making payment to the Companyor with respect to, may, at the expense of the Company, cause a notice to be given to the Owners of the Bonds at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified datesuch Bond.

Deposit of Funds for Payment of Bonds. If the principal or redemption priceR or tender purchase price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.0215.01, all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereonowners. Moneys so deposited with the Trustee or the Tender Agent which remain unclaimed five 2 years after the date payment thereof becomes due shall, at the request of the Company Issuer and if neither the Issuer nor the Company is not at the time to the knowledge of the Trustee in default with respect to any covenant contained in the Indenture, Indenture or the Bonds or the Financing Agreementcontained, be paid to the CompanyIssuer, and, upon the request of, and provision of adequate indemnification from the Issuer, the Trustee shall pay such moneys to the Issuer; and the Owners owners of the Bonds for which the deposit was made shall thereafter be limited to a claim against the CompanyIssuer; provided provided, however, that the Trustee, before making payment to the CompanyIssuer, may, at the expense of the CompanyIssuer, cause a notice to be given to the Owners of the Bonds at their registered addressespublished once in an Authorized Newspaper, stating that the moneys remaining unclaimed will be returned to the Company Issuer after a specified date.

Deposit of Funds for Payment of Bonds. If the Authority deposits with the Trustee funds sufficient to pay the principal or redemption priceR or tender purchase price Redemption Price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.02, all interest on such Bonds Bond shall cease to accrue on the due date and all liability of the Issuer Authority with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, provided that such restriction shall not affect the obligations of the Company to make direct payments to the Holders of the Bonds pursuant to this Indenture or the Agreement, and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereonHolders. Moneys so deposited with the Trustee or the Tender Agent which remain unclaimed five years one (1) year after the date payment thereof becomes due shall, at the written request of the Company and if neither the Issuer nor the Company Authority is not at the time to the knowledge of the Trustee in default with respect to any covenant contained in the Indenture, the Bonds this Indenture or the Financing AgreementBonds, be paid to the Authority, and, upon the written request of, and provision of adequate indemnification from the Company, the Authority shall pay such moneys to the Company; and the Owners Holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company; provided provided, however, that the Trustee, before making payment to the CompanyAuthority, may, at the expense of the CompanyAuthority, cause a notice to be given to the Owners of the Bonds at their registered addressespublished once in an Authorized Newspaper, stating that the moneys remaining unclaimed will be returned to the Company Authority after a specified date.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Trustee funds sufficient to pay the principal or redemption priceR or tender purchase price of any Bonds becoming due, either at maturity or by call for redemption or mandatory tender or otherwise, together with all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 17.02, then all interest on such Bonds shall cease to accrue on the due date and all liability of the Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, Thereafter the Owners holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim mof of whatsoever nature with respect to such Bonds, Bonds and the Trustee and the Tender Agent shall hold such funds in trust for such Owners uninvested and without liability for interest thereonholders. Moneys (other than moneys in the Credit Facility Account) so deposited with the Trustee or the Tender Agent which remain unclaimed five two years after the date payment thereof becomes due shall, at the request of the Company and if neither the Issuer nor the Company is not at the time to the knowledge of the Trustee in default with respect to any covenant contained in the Indenture, the Bonds this Indenture or the Financing AgreementBonds, be paid to the CompanyCompany upon receipt by the Trustee of indemnity satisfactory to it; and the Owners holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the Company; provided provided, however, that the Trustee, before making payment to the Company, may, at the expense of the Company, shall cause a notice to be given to the Owners of the Bonds at their registered addressespublished once in an Authorized Newspaper, stating that the moneys remaining unclaimed will be returned to the Company after a specified date. The obligation of the Trustee, under this Section, to pay such moneys to the Company shall be subject to any provisions of law applicable to the Trustee or such moneys, providing other requirements for disposition of unclaimed property. Before making any payment to the Company, the Trustee or the Issuer shall be entitled to receive, at the Company’s expense, an opinion of counsel that there is no legal restriction or prohibition on such payment.