Laserfiche WebLink
ARTICLE XI <br />DEFEASANCE <br />SECTION 11.01. Discharge of Bonds. <br />(a) If the Authority shall pay or cause to be paid to the Owners of all Outstanding <br />Bonds the interest thereon and the principal thereof and the redemption premiums, if any, thereon <br />at the times and in the manner stipulated herein and therein, then the Owners of such Bonds shall <br />cease to be entitled to the pledge of the Revenues as provided herein, and all agreements, covenants <br />and other obligations of the Authority to the Owners of such Bonds hereunder shall thereupon <br />cease, terminate and become void and be discharged and satisfied. In such event, the Trustee shall <br />execute and deliver to the Authority all such instruments as may be necessary or desirable to <br />evidence such discharge and satisfaction, and the Trustee shall pay over or deliver to the Authority <br />all moneys held by it pursuant hereto which are not required for the payment of the interest on and <br />principal of and redemption premiums, if any, on such Bonds. <br />Subject to the provisions of the above paragraph, when any of the Bonds shall have been <br />paid and if, at the time of such payment, the Authority shall have kept, performed and observed all <br />the covenants and promises in such Bonds and in this Indenture required or contemplated to be <br />kept, performed and observed by the Authority or on its part on or prior to that time, then this <br />Indenture shall be considered to have been discharged in respect of such Bonds and such Bonds <br />shall cease to be entitled to the lien of this Indenture and such lien and all covenants, agreements <br />and other obligations of the Authority hereunder shall cease, terminate, become void and be <br />completely discharged as to such Bonds. <br />Notwithstanding the satisfaction and discharge of this Indenture or the discharge of this <br />Indenture in respect of any Bonds, those provisions of this Indenture relating to the maturity of the <br />Bonds, interest payments and dates thereof, tender and exchange provisions, exchange and transfer <br />of Bonds, replacement of mutilated, destroyed, lost or stolen Bonds, the safekeeping and <br />cancellation of Bonds, nonpresentment of Bonds, and the duties of the Trustee in connection with <br />all of the foregoing, remain in effect and shall be binding upon the Trustee and the Owners of the <br />Bonds and the Trustee shall continue to be obligated to hold in trust any moneys or investments <br />then held by the Trustee for the payment of the principal of, redemption premium, if any, and <br />interest on the Bonds, to pay to the Owners of Bonds the funds so held by the Trustee as and when <br />such payment becomes due. Notwithstanding the satisfaction and discharge of this Indenture or <br />the discharge of this Indenture in respect of any Bonds, those provisions of this Indenture contained <br />in Section 8.04 relating to the compensation of the Trustee shall remain in effect and shall be <br />binding upon the Trustee and the Authority. <br />(b) Any Outstanding Bonds shall prior to the maturity date or redemption date thereof <br />be deemed to have been paid within the meaning of and with the effect expressed in subsection (a) <br />or this Section if (1) in case any of such Bonds are to be redeemed on any date prior to their <br />maturity date, the Authority shall have given to the Trustee in form satisfactory to it irrevocable <br />instructions to mail notice of redemption of such Bonds on said redemption date, said notice to be <br />given in accordance with Section 3.02 hereof, (2) there shall have been deposited with the Trustee <br />either (A) money in an amount which shall be sufficient or (B) Defeasance Securities which are <br />42 <br />55394.00068\42092121.3 <br />