200302816 - Laserfiche WebLink

Browse

200302816 surrender of the Building Bonds to the Trustee. The Corporation and the Trustee may treat the registered owner of any Building Bond as the absolute owner of such Building Bond for the purpose of making payments thereon and for all other purposes and neither the Corporation nor the Trustee shall be affected by any notice or knowledge to the contrary, whether such Building Bond or any installment of interest due thereon shall be overdue or not. All payments on account of interest or principal made to the registered owner of any Building Bond in accordance with the terms of this Indenture shall be valid and effectual and shall be a discharge of the Corporation and the Trustee, in respect of the liability upon the Building Bonds or claims for interest to the extent of the sum or sums so paid. Section 3. The Trustee shall keep and maintain for the Corporation books for the registration and transfer of the Bonds at its principal corporate trust office. The names and registered addresses of the registered owner or owners of the Bonds shall at all times be recorded in such books. Any Bond may be transferred pursuant to its provisions at the principal corporate trust office of the Trustee by surrender of such Bond for notation of transfer, accompanied by a written instrument of transfer, in form satisfactory to the Trustee, duly executed by the registered owner in person or by such owner's duly authorized agent, and thereupon the Trustee on behalf of the Corporation will register such transfer upon said registration books and make notation thereof on the Bond and deliver the same to the transferee registered owner (or send it by registered mail to the transferee owner at such transferee owner's risk and expense). To the extent of the denominations authorized for the Bonds by this Indenture or any supplement hereto, one Bond may be transferred for several such Bonds of the same series, interest rate and maturity, and for a like aggregate principal amount, and several such Bonds may be transferred for one or several such Bonds, respectively, of the same series, interest rate and maturity and for a like aggregate principal amount. In every case of transfer of a Bond, the surrendered Bond shall be canceled and destroyed. All Bonds issued upon transfer of the Bonds so surrendered shall be valid obligations of the Corporation under this Indenture evidencing the same obligation as the Bonds surrendered and shall be entitled to all the benefits and protection of this Indenture to the same extent as the Bonds upon transfer of which they were delivered. Payments of interest shall be mailed to the registered owners as of the Record Date for each Interest Payment Date. The Corporation and the Trustee shall not be required to transfer any Bond during any period from any Record Date until its immediately following Interest Payment Date or to transfer any Bond called for redemption for a period of 30 days next preceding the date fixed for redemption. Section 4. In the event that payments of interest due on the Bonds on an Interest Payment Date are not timely made, such interest shall cease to be payable to the registered owners as of the Record Date for such Interest Payment Date and shall be payable to the registered owners of the Bonds as of a special date of record for payment of such defaulted interest as shall be designated by the Trustee whenever monies for the purpose of paying such defaulted interest become available. Section 5. If the date for payment of the principal of or interest on the Bonds shall be Saturday, Sunday, legal holiday or a day on which banking institutions in the city where the principal corpo- rate trust office of the Trustee is located are authorized by law or executive order to close, then the date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which such banking institutions are authorized to close, and payment on such day shall have the same force and effect as if made on the nominal date of payment. Section 6. The Bonds, together with interest thereon, shall be payable out of the basic rentals paid by the College pursuant to the Lease - Purchase Agreement. The Bonds shall be substantially in the form following, to -wit: