Application by Trustee of Funds Deposited for Payment of Debentures Sample Clauses
This clause defines how a trustee is to handle funds that have been deposited specifically for the payment of debentures. It typically outlines the trustee's responsibility to apply these funds solely towards the redemption or servicing of the debentures, ensuring that the money is not diverted for other purposes. For example, if a company deposits money with the trustee to pay off maturing debentures, the trustee must use those funds exclusively for that payment. The core function of this clause is to protect debenture holders by ensuring that funds set aside for their benefit are properly managed and applied, thereby reducing the risk of misappropriation or misuse.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 11.04, all moneys deposited with the Trustee (or other trustee) pursuant to Section 11.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Company acting as its own paying agent), to the Holders of the particular Debentures of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.
Application by Trustee of Funds Deposited for Payment of Debentures. In connection with the satisfaction and discharge of this Indenture with respect to Debentures of any series, all moneys then held by any paying agent under the provisions of this Indenture with respect to such series of Debentures shall, upon demand of the Company, be repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 8.4, all moneys deposited with the Trustee pursuant to Section 8.1 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the Debentures of the series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest, but such money need not be segregated from other funds except to the extent required by law. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.1 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Debentures outstanding hereunder.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 8.4, all moneys and the proceeds of U.S. Government Obligations deposited with the Trustee pursuant to Section 8.1 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the Debentures of the series for the payment or redemption of which such moneys or obligations have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest, but such money need not be segregated from other funds except to the extent required by law. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.1 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Debentures outstanding hereunder.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 8.4, all moneys deposited with the Trustee pursuant to Section 8.1 and in accordance with the provisions of Article XII with respect to the Debentures of any series shall be held in trust for the sole benefit of the Holders of the Debentures of such series and not be subject to the subordination provisions of Article XII, and such moneys shall be applied by the Trustee to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the Debentures of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest, but such money need not be segregated from other funds except to the extent required by law. The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 8.1 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Debentures outstanding hereunder.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 11.04, all moneys deposited with the Trustee (or other trustee) pursuant to Section 11.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular Debentures of such series for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law. Notwithstanding anything contained herein to the contrary, all moneys in trust are not subject to Article XIV.
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to Section 8.04, all moneys deposited with the Trustee pursuant to Section 8.01 shall be held in trust and applied by it to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent), to the Holders of the Debentures of the series for the payment or redemption of which such moneys have been deposited with the
Application by Trustee of Funds Deposited for Payment of Debentures. All moneys deposited with the Trustee pursuant to Section 14.1 shall be held in trust and applied by it to the payment to the Holders of the particular Debentures, for the payment or redemption of which such moneys have been deposited with the Trustee, of all sums due and to become due thereon for principal (and premium, if any) and interest.
Application by Trustee of Funds Deposited for Payment of Debentures. 61 SECTION 11.04. Repayment of Moneys Held by Paying Agent..................................61 SECTION 11.05. Repayment of Moneys Paid by Trustee.......................................62 ARTICLE 12 ---------- IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS --------------------------------------------------------------- SECTION 12.01. Incorporators, Stockholders, Officers and Directors of Company Exempt From Individual Liability.......................................................62
Application by Trustee of Funds Deposited for Payment of Debentures. Subject to the provisions of Section 13.04, all moneys and U.S. Government Obligations deposited with the Trustee pursuant to Section 13.01 shall be held in trust and such moneys and the proceeds of U.S. Government Obligations shall be applied by it to the payment, either directly or through any paying agent (including the Company acting as its own paying agent) as the Trustee may determine, to the persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which such moneys have been deposited with the Trustee. All moneys and U.S. Government Obligations (or the proceeds thereof) deposited with the Trustee pursuant to Section 13.01 and held by it or any paying agent for the payment of Debentures subsequently converted shall be returned to the Company upon written request of the Company.