Common use of Postponement of the Closing Clause in Contracts

Postponement of the Closing. The Closing may be postponed from time to time to a date no later than May 31, 2005 for any reason if the Lessee gives the Equity Investor, the Owner Lessor, the Indenture Trustee and the Initial Noteholders a facsimile or telephonic (confirmed in writing) notice of such postponement and notice of the date to which the Closing has been postponed, and such notice of postponement shall, for purposes of Section 2.3(b), be deemed to be received by the Equity Investor prior to making the Equity Investor's Commitment available if it is received by the Equity Investor on or before 10:00 a.m., New York City time, on the date the Closing was scheduled to occur. If the Equity Investor shall have provided funds in accordance with Section 2.2(b) and the Closing is postponed, such funds shall be returned to the Equity Investor, as soon as reasonably practicable but in no event later than the Business Day following the date of such notice, unless the Equity Investor shall have otherwise directed. All funds made available pursuant to Section 2.2(b) will be held by the Trust Company in trust for the Equity Investor and shall not be part of the Indenture Estate or the Lessor Estate, and such funds shall remain the sole property of the Equity Investor unless and until (i) released by the Equity Investor and made available to the Owner Lessor and applied by the Owner Lessor to pay the Head Lease Rent or the Transaction Costs related to the Closing, or (ii) returned to the Equity Investor, as provided in this Section 2.3(a).