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

Deposit of Funds for Payment of Bonds. If the principal or Purchase Price of any Bonds becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 11.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Authority with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any) on and actual interest accrued on such Bonds shall be paid to the Bank as a return of excess funds drawn under the Letter of Credit (or, if each Rating Agency shall have confirmed its rating of the Bonds in connection with the provision for payment of the Bonds, such surplus shall be paid as may otherwise be approved by the Rating Agency in connection with such confirmation) and (b) the Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee shall hold such funds in trust for such Holders uninvested and without liability for interest thereon. Moneys so deposited with the Trustee which remain unclaimed five years after the date payment thereof becomes due shall, at the request of the Company (or the Bank) and if neither the Authority 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 Loan Agreement, be paid to the Company (or to the Bank, as provided in Section 11.01 with respect to surplus balances), and the Holders 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 Holders 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 Purchase Price tender purchase price of any Bonds becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 11.0210.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Authority Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any) on and actual interest accrued on such Bonds shall be paid to the Bank as a return of excess funds drawn under the Letter of Credit (or, if each the Rating Agency Service shall have confirmed its rating of the Bonds in connection with the provision for payment of the Bonds, such surplus shall be paid as may otherwise be approved by the Rating Agency Service in connection with such confirmation) and (b) the Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee shall hold such funds in trust for such Holders uninvested and without liability for interest thereon. Moneys so deposited with the Trustee which remain unclaimed five years after the date payment thereof becomes due shall, at the written request of the Company Borrower (or the Bank) and if neither the Authority Issuer nor the Company Borrower is at the time to the knowledge of the Trustee in default with respect to any covenant contained in the this Indenture, the Bonds or the Loan Financing Agreement, be paid to the Company Borrower (or to the Bank, Bank as provided in Section 11.01 10.01 with respect to surplus balances), and the Holders of the Bonds for which the deposit was made shall thereafter be limited to a claim against the CompanyBorrower; provided that (i) such moneys shall not be remitted to the Borrower unless the Trustee shall have received an opinion of counsel experienced in matters pertaining to the United States Bankruptcy Code to the effect that the contemplated delivery of such moneys to the Borrower will not cause any other moneys paid to the Holders to be transfers of property voidable under Section 547 of the United States Bankruptcy Code should the Issuer or the Borrower become a debtor under the United States Bankruptcy Code, and (ii) the Trustee, before making payment to the CompanyBorrower, may, at the expense of the CompanyBorrower, cause a notice to be given to the Holders at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company Borrower after a specified date. Upon any such disposition to the Borrower, all liability of the Trustee with respect to such funds shall cease, and the Holders of the Bonds shall thereafter look to the Borrower for payment of any amounts then due. In the absence of any such written request of the Borrower, the Trustee shall from time to time deliver such unclaimed funds to or as directed by any pertinent escheat authority, as identified by the Trustee in its sole discretion, pursuant to and in accordance with applicable unclaimed property laws, rules or regulations. Any such delivery shall be in accordance with the customary practices and procedures of the Trustee and escheat authority. All moneys held by the Trustee and subject to this Section shall be held uninvested and without liability for interest thereon.

Deposit of Funds for Payment of Bonds. (a) If the Issuer deposits with the Trustee moneys or Government Obligations the principal of and interest on which are sufficient (without reinvestment) to pay the principal or Purchase Price redemption price and purchase price of any particular Bond or Bonds becoming due, either at maturity or by call for redemption or tender optional or mandatory purchase or otherwise, together with the premium (if any) thereon and all interest accruing thereon (provided that interest shall be computed at the Maximum Rate to the extent that any interest accruing on the Bonds cannot be determined as of the date of such deposit) to the due date, has been paid or provision therefor made in accordance with Section 11.02, all interest on such the Bond or Bonds shall cease to accrue on the due date and all liability of the Authority Issuer with respect to such Bond or Bonds shall likewise cease, except as hereinafter provided in subsection (b) below, provided. Thereafter, (a) any surplus balance held by the Trustee that with respect to such any Bonds over the principal ofwhich are to be called for redemption, premium (if any) on and actual interest accrued on notice of redemption of such Bonds shall be paid have been duly given or irrevocable provision satisfactory to the Bank as a return of excess funds drawn under the Letter of Credit (or, if each Rating Agency Trustee shall have confirmed its rating been duly made for the giving of such notice for the redemption of such Bonds in connection with on the provision for payment of the Bonds, specified redemption date. Thereafter such surplus Bond or Bonds shall be paid as may otherwise deemed not to be approved by Outstanding hereunder and the Rating Agency in connection with such confirmation) and (b) the Holders Registered Owner or Registered Owners of such Bond or Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bond or Bonds, and the Trustee shall hold such funds in trust for such Holders uninvested and without liability for interest thereonRegistered Owner or Registered Owners. Moneys so deposited Notwithstanding the foregoing, no deposit of funds or Government Obligations with the Trustee which remain unclaimed five years after shall be deemed sufficient for the date payment thereof becomes due shall, at of any Bond or Bonds and the request of Bonds shall not be defeased hereunder until the Issuer or the Company (or the Bank) and if neither the Authority nor the Company is at the time has furnished to the knowledge Trustee a Favorable Opinion of the Trustee in default Bond Counsel with respect to any covenant contained in the Indenture, the Bonds or the Loan Agreement, be paid to the Company (or to the Bank, as provided in Section 11.01 with respect to surplus balances), deposit of funds and/or Government Obligations and the Holders defeasance 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 Holders at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified datethereby.

Deposit of Funds for Payment of Bonds. If the Issuer deposits with the Escrow Agent moneys sufficient, or Defeasance Securities, the principal of and interest on which, when due, together with any moneys remaining uninvested, will provide sufficient moneys to pay the principal or Purchase Redemption Price of any Bonds of a Series becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the due datedate of maturity or such prior redemption, has been and reimburses or causes to be reimbursed or pays or causes to be paid the other amounts required to be reimbursed or provision therefor made in accordance with paid under Section 11.0214.01 hereof, all interest on such Bonds of a Series shall cease to accrue on the due such date of maturity or prior redemption and all liability of the Authority Issuer with respect to such Bonds of a Series shall likewise cease, except as hereinafter provided. Thereafter; provided, however, that (a) if any surplus balance held by Bonds are to be redeemed prior to the maturity thereof, notice of the redemption thereof shall have been duly given in accordance with the provisions of Section 8.02 hereof, or irrevocable provision satisfactory to the Trustee shall have been duly made for the giving of such notice, and (b) in the event that any Bonds are not by their terms subject to redemption within the next succeeding sixty (60) days following a deposit of moneys with respect the Escrow Agent, in accordance with this Section, the Issuer shall have given the Escrow Agent, in form satisfactory to the Escrow Agent, irrevocable instructions to mail to the Owners of such Bonds over at their addresses as they appear on the Bond Register, a notice stating that a deposit in accordance with this Section has been made with the Escrow Agent and that the Bonds to which such notice relates are deemed to have been paid in accordance with this Section and stating such maturity or redemption date upon which moneys are to be available for the payment of the principal or Redemption Price (as the case may be) of, premium (if any) on and actual interest accrued on on, said Bonds of a Series. Thereafter such Bonds shall be paid deemed not to be Outstanding hereunder and the Bank as a return of excess funds drawn under the Letter of Credit (or, if each Rating Agency shall have confirmed its rating of the Bonds in connection with the provision for payment of the Bonds, such surplus shall be paid as may otherwise be approved by the Rating Agency in connection with such confirmation) and (b) the Holders Owners of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee Escrow Agent shall hold such funds in trust for such Holders uninvested Owners. At the time of the deposit referred to above, there shall be delivered to the Escrow Agent a verification from a firm of independent certified public accountants stating that the principal of and interest on the Defeasance Securities, together with the stated amount of any cash remaining on deposit with the Escrow Agent, will be sufficient without liability for reinvestment to pay the remaining principal of, redemption premium, if any, and interest thereonon such defeased Bonds. Moneys Money so deposited with the Trustee Escrow Agent which remain remains unclaimed five three (3) years after the date payment thereof becomes due shall, at the upon request of the Company (or Issuer, if the Bank) and if neither the Authority nor the Company Issuer is not at the time to the knowledge of the Trustee Escrow Agent in default with respect to any covenant contained in the Indenture, Indenture or the Bonds or of the Loan AgreementSeries contained, be paid to the Company (or to the Bank, as provided in Section 11.01 with respect to surplus balances), Issuer; and the Holders 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 TrusteeEscrow Agent, before making payment to the CompanyIssuer, may, at the expense of the CompanyIssuer, cause a notice to be given to the Holders at their registered addressespublished in an Authorized Newspaper, stating that the moneys money remaining unclaimed will be returned to the Company Issuer after a specified date.. [END OF ARTICLE XIV]

Deposit of Funds for Payment of Bonds. If the principal or Purchase Price of any Bonds becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 11.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Authority with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any) on and actual interest accrued on such Bonds shall be paid to the Bank as a return of excess funds drawn under the Letter of Credit (or, if each Rating Agency shall have confirmed its rating of the Bonds in connection with the provision for payment of the Bonds, such surplus shall be paid as may otherwise be approved by the Rating Agency in connection with such confirmation) and (b) the Holders of such Bonds shall be restricted exclusively to the funds Xxxxx so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee shall hold such funds in trust for such Holders uninvested and without liability for interest thereon. Moneys so deposited with the Trustee which remain unclaimed five years after the date payment thereof becomes due shall, at the request of the Company (or the Bank) and if neither the Authority 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 Loan Agreement, be paid to the Company (or to the Bank, as provided in Section 11.01 with respect to surplus balances), and the Holders 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 Holders 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 Purchase Price purchase price of any Bonds becoming due, either at maturity or by call for redemption or tender or otherwise, together with the premium (if any) thereon and all interest accruing thereon to the due date, has been paid or provision therefor made in accordance with Section 11.0210.02, all interest on such Bonds shall cease to accrue on the due date and all liability of the Authority Issuer with respect to such Bonds shall likewise cease, except as hereinafter provided. Thereafter, (a) any surplus balance held by the Trustee with respect to such Bonds over the principal of, premium (if any) on and actual interest accrued on such Bonds shall be paid to the Bank Agent as a return of excess funds drawn under the Letter Letters of Credit (or, if each the Rating Agency Agencies shall have confirmed its rating their ratings of the Bonds in connection with the provision for payment of the Bonds, such surplus shall be paid as may otherwise be approved by the Rating Agency Agencies in connection with such confirmation) and (b) the Holders of such Bonds shall be restricted exclusively to the funds so deposited for any claim of whatsoever nature with respect to such Bonds, and the Trustee shall hold such funds in trust for such Holders uninvested and without liability for interest thereon. Moneys so deposited with the Trustee which remain unclaimed five years after the date payment thereof becomes due shall, at the request of the Company (or the BankAgent) and if neither the Authority 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 Loan AgreementLease, be paid to the Company (or to the Bank, Agent as provided in Section 11.01 10.01 with respect to surplus balances), and the Holders 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 Holders at their registered addresses, stating that the moneys remaining unclaimed will be returned to the Company after a specified date.