Common use of Surrender of Debentures Clause in Contracts

Surrender of Debentures. On the Maturity Date, the Holder shall surrender its Debenture to the Trustee at the offices of the Trustee as shown in the Debenture, or at such other offices of the Trustee or its paying agent as the Trustee may notify the Holder in writing, against delivery by the Trustee or its paying agent of all principal and interest owing on the respective Debenture. If any Holder fails to surrender its Debenture within 30 days of the Maturity Date, the amount necessary to pay and discharge the principal and interest owing on such Debentures may be set aside by the Trustee in trust for such Holder, to be held without interest in a separate account maintained at a Canadian chartered bank, and such setting aside shall for all purposes be deemed a payment to the Holder of the sum so set aside, and to that extent said Debenture shall thereafter not be considered as outstanding hereunder to the extent of such payment and the Holder shall have no right except to receive payment out of the moneys so paid and deposited upon surrender and delivery up of his Debenture of the principal and interest owing on such Debentures.

Surrender of Debentures. On the Maturity Date, the Holder of a Certificate Debenture shall surrender its that Holder's Debenture Certificate to the Trustee at the offices of the Trustee as shown in the DebentureDebenture Certificate, or at such other offices of the Trustee or its paying agent as the Trustee may notify the Holder in writing, against delivery by the Trustee or its paying agent of all principal and interest owing on the respective Debenture. If any Holder of a Certificated Debenture fails to surrender its any Debenture Certificate within 30 days of the Maturity Date, the amount necessary to pay and discharge the principal and interest owing on such Debentures may be set aside by the Trustee in trust for such Holder, to be held without interest in a separate account maintained at a Canadian chartered bank, and such setting aside shall for all purposes be deemed a payment to the Holder of the sum so set aside, and to that extent said Debenture . The Holder's Debentures shall thereafter not be considered as outstanding hereunder to the extent of such payment and the Holder shall have no right except to receive payment out of the moneys monies so paid and deposited upon surrender and delivery up of his Debenture of the principal and interest owing on such DebenturesDebentures upon surrender and delivery of such Debenture Certificates.