Satisfaction and Discharge of Indenture; Defeasance Sample Clauses
The "Satisfaction and Discharge of Indenture; Defeasance" clause defines the conditions under which the obligations of the issuer and other parties under an indenture are considered fully performed and the indenture is effectively terminated. Typically, this occurs when all outstanding debt securities have been paid in full, or when sufficient funds or government securities have been irrevocably set aside to cover all future payments. This clause provides a clear mechanism for ending the legal relationship established by the indenture, thereby releasing the issuer from further obligations and ensuring certainty for both the issuer and the security holders.
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Satisfaction and Discharge of Indenture; Defeasance. (a) This Indenture shall cease to be of further effect with respect to the Recovery Bonds and the Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Recovery Bonds, when:
(i) either
(A) all Recovery Bonds theretofore authenticated and delivered (other than (I) Recovery Bonds that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (II) Recovery Bonds for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in the last paragraph of Section 3.03) have been delivered to the Indenture Trustee for cancellation; or
(B) either (I) the Scheduled Final Payment Date has occurred with respect to all Recovery Bonds not theretofore delivered to the Indenture Trustee for cancellation or (II) the Recovery Bonds will be due and payable on their respective Scheduled Final Payment Dates within one year, and in any such case, the Issuer has irrevocably deposited or caused to be irrevocably deposited in trust with the Indenture Trustee (1) cash and/or (2) U.S. Government Obligations which through the scheduled payments of principal and interest in respect thereof in accordance with their terms are in an amount sufficient to pay principal, interest and premium, if any, on the Recovery Bonds not theretofore delivered to the Indenture Trustee for cancellation and all other sums payable hereunder by the Issuer with respect to the Recovery Bonds when scheduled to be paid and to discharge the entire indebtedness on the Recovery Bonds when due;
(ii) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and
(iii) the Issuer has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel of external counsel of the Issuer and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of registered public accountants, each meeting the applicable requirements of Section 10.01(a) and each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture with respect to Recovery Bonds have been complied with.
(b) Subject to Sections 4.01(e) and 4.02, the Issuer at any time may terminate (i) all its obligations under this Indent...
Satisfaction and Discharge of Indenture; Defeasance. (a) When (i) all outstanding Notes (other than Notes replaced or paid pursuant to Section 2.08) have been canceled or delivered to the Trustee for cancellation or (ii) all outstanding Notes have become due and payable, whether at maturity or as a result of the mailing of a notice of redemption pursuant to Article 11 hereof or will become due and payable within one year, and the Company irrevocably deposits with the Trustee funds in an amount sufficient or U.S. Government Obligations, the principal of and interest on which will be sufficient, or a combination thereof sufficient, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which opinion shall only be required to be delivered if U.S. Government Obligations have been so deposited), to pay the principal of and interest, on the outstanding Notes when due at maturity or upon redemption of, including interest thereon to maturity or such redemption date (other than Notes replaced or paid pursuant to Section 2.08), and if in either case the Company pays all other sums payable hereunder by the Company, then this Indenture shall, subject to Section 10.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Company.
(b) Subject to Sections 10.01(c) and 10.02, the Company at any time may terminate (i) all of its obligations under the Notes and this Indenture (“legal defeasance option”) or (ii) its obligations under Sections 3.06, 3.07, 3.08, 3.09, 3.10, 3.11, 3.13, 3.14, 3.15, 3.16 and 4.03, the operation of Section 5.01(d), 5.01(f), 5.01(g) (with respect to Significant Subsidiaries of the Company only), 5.01(h) (with respect to Significant Subsidiaries of the Company only), 5.01(i) (with respect to Restricted Subsidiaries of the Company only), 5.01(j), and 9.01(c) and (d) (“covenant defeasance option”). The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. In the event that the Company terminates all of its obligations under the Notes and this Indenture by exercising its legal defeasance option, the obligations under the Subsidiary Guarantees shall each be terminated simultaneously with the termination of such obligations. If the Company exercises its legal defeasance option, payment of the Notes may n...
Satisfaction and Discharge of Indenture; Defeasance. 49 SECTION 4.02. Conditions to Defeasance.................... 51 SECTION 4.03. Application of Trust Money.................. 53 SECTION 4.04. Repayment of Moneys Held by Paying Agent.... 53
Satisfaction and Discharge of Indenture; Defeasance. The provisions of Article 12 of the Base Indenture are deleted and replaced in their entirety by the provisions of Articles Nine and Twelve of this Supplemental Indenture;
Satisfaction and Discharge of Indenture; Defeasance. The following provisions of this Section 401 shall apply to the Securities of each series except as otherwise specified pursuant to Section 301 for Securities of such series:
Satisfaction and Discharge of Indenture; Defeasance. (b)(ii) of the Indenture is deleted and the following substituted therefor:
Satisfaction and Discharge of Indenture; Defeasance. (a) This Indenture shall cease to be of further effect with respect to the Phase-In-Recovery Bonds and the Indenture Trustee, on reasonable written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Phase-In-Recovery Bonds, when:
(i) either
(1) all Phase-In-Recovery Bonds theretofore authenticated and delivered (other than (1) Phase-In-Recovery Bonds that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (2)
Satisfaction and Discharge of Indenture; Defeasance. (a) If at any time (i) the Company shall have delivered to the Trustee for cancelation all Debt Securities of any series theretofore authenticated and delivered (other than (1) any Debt Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in Section
Satisfaction and Discharge of Indenture; Defeasance. UNCLAIMED MONIES
Satisfaction and Discharge of Indenture; Defeasance. UNCLAIMED MONEYS