Common use of Disposition of Moneys Held for Payments of Notes Clause in Contracts

Disposition of Moneys Held for Payments of Notes. (a) ------------------------------------------------ Any money set aside under Section 7.08 and not paid to Holders under Section 7.08 shall be held by the Indenture Trustee in trust until the date three years after the date of such setting aside, and thereafter shall be paid to the Owner Trustee by the Indenture Trustee who then shall be released from all further liability with respect to such moneys, and thereafter the Holders of the Secured Notes in respect of which such moneys were so paid to the Owner Trustee shall have no rights in respect thereof except to obtain payment of such moneys from the Owner Trustee.

Appears in 2 contracts

Sources: Trust Indenture, Mortgage, Assignment of Charter, and Security Agreement (Mobil Corp), Trust Indenture, Deed of Trust, Assignment of Lease, and Security Agreement (Mobil Corp)