Common use of ACKNOWLEDGMENT OF DISCHARGE Clause in Contracts

ACKNOWLEDGMENT OF DISCHARGE. This Indenture shall cease to be of further effect (except as to any rights of registration of transfer or exchange of Notes herein expressly provided for and the rights to receive payments of Interest thereon pursuant to and in accordance with the terms of the Notes and this Indenture), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction, cancellation and discharge of this Indenture, when (A) either (1) all Notes theretofore authenticated and delivered other than (a) Notes which have been destroyed, lost or stolen and which have been -50- 58 replaced or paid as provided in Section 2.10, and (b) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 13.2 have been delivered to the Trustee for cancellation; or (2) with respect to all such Notes not theretofore delivered to the Trustee for cancellation, the Company has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount sufficient to pay and discharge the entire amount of unpaid Payments payable with respect to such Notes; (B) The Company has paid or caused to be paid all other sums payable hereunder by the Company; and (C) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture the obligations of the Company to the Trustee under Section 8.7 shall survive.

Appears in 2 contracts

Samples: Indenture (First Merchants Acceptance Corp), Indenture (First Merchants Acceptance Corp)

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ACKNOWLEDGMENT OF DISCHARGE. This Unless otherwise specified in a supplemental indenture as contemplated by SECTION 2.1 with respect to any series of Notes, the Company may terminate its obligations under this Indenture shall cease and any supplemental indenture(s) with respect to be any series of further effect Notes (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for in this Indenture or any supplemental indenture and the rights to receive payments of Interest thereon pursuant to and in accordance with the terms of the Notes and this Indentureinterest thereon), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction, cancellation and discharge of this Indenturesuch series of Notes, when (Aa) either (1) all Notes in such series theretofore authenticated and delivered other than (a) Notes which have been destroyed, lost or stolen and which have been -50- 58 replaced or paid as provided in Section SECTION 2.10, and (b) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 13.2 SECTION 15.2 have been delivered to the Trustee for cancellation; or (2) with respect to all Notes in such Notes series not theretofore delivered to the Trustee for cancellation (i) have become due and payable, or (ii) will become due and payable at their Stated Maturity within one (1) year, or (iii) are to be called for redemption within one (1) year under arrangements satisfactory to the Company Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount sufficient to pay and discharge the entire amount indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal, and premium, if any, and interest to the date of unpaid Payments payable with respect such deposit (in the case of Notes which have become due and payable), or to such Notesthe Stated Maturity or Redemption Date, as the case may be; (Bb) The the Company has paid or caused to be paid all other sums payable hereunder by the Company; and (Cc) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of its obligations under this Indenture and the applicable supplemental indenture with respect to such series of Notes have been complied with. Notwithstanding the satisfaction and discharge of the obligations under this Indenture and the applicable supplemental indenture with respect to any series of Notes, the obligations of the Company to the Trustee under Section 8.7 SECTION 10.7 shall survive.

Appears in 1 contract

Samples: Indenture (Litchfield Financial Corp /Ma)

ACKNOWLEDGMENT OF DISCHARGE. This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for and the rights to receive payments of Interest thereon pursuant to and in accordance with the terms of the Notes and this Indentureinterest thereon), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction, cancellation and discharge of this Indenture, when (A) either (1) all Notes theretofore authenticated and delivered other than (a) Notes which have been destroyed, lost or stolen and which have been -50- 58 replaced or paid as provided in Section 2.10, and (b) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 13.2 15.2 have been delivered to the Trustee for cancellation; or (2) with respect to all such Notes not theretofore delivered to the Trustee for cancellation (a) have become due and payable, or (b) will become due and payable at their Stated Maturity within one (1) year, or (c) are to be called for redemption within one (1) year under arrangements satisfactory to the Company Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (a), (b) or (c) above, has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount sufficient to pay and discharge the entire amount of unpaid Payments payable with respect to indebtedness on such Notes; (B) The Company has paid or caused to be paid all other sums payable hereunder by the Company; and (C) the Company has Notes not theretofore delivered to the Trustee an Officers' Certificate for cancellation, for principal and an Opinion of Counsel each stating that all conditions precedent herein provided for relating interest to the satisfaction date of such deposit (in the case of Notes which have become due and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture the obligations of the Company payable), or to the Trustee under Section 8.7 shall survive.Stated Maturity or Redemption Date, as the case may be;

Appears in 1 contract

Samples: Indenture (First Merchants Acceptance Corp)

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ACKNOWLEDGMENT OF DISCHARGE. This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for and the rights to receive payments of Interest thereon pursuant to and in accordance with the terms of the Notes and this Indentureinterest thereon), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction, cancellation and discharge of this Indenture, when (A) either (1) all Notes theretofore authenticated and delivered other than (a) Notes which have been destroyed, lost or stolen and which have been -50- 58 replaced or paid as provided in Section 2.10, and (b) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 13.2 15.2 have been delivered to the Trustee for cancellation; or (2) with respect to all such Notes not theretofore delivered to the Trustee for cancellation (a) have become due and payable, or (b) will become due and payable at their Stated Maturity within one (1) year, or (c) are to be called for redemption within one (1) year under arrangements satisfactory to the Company Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company, in the case of (a), (b) or (c) above, has deposited or caused to be deposited with the Trustee, as trust funds in trust for the purpose, an amount sufficient to pay and discharge the entire amount indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of unpaid Payments payable with respect such deposit (in the case of Notes which have become due and payable), or to such Notesthe Stated Maturity or Redemption Date, as the case may be; (B) The the Company has paid or caused to be paid all other sums payable hereunder by the Company; and (C) the Company has delivered to the Trustee an Officers' Certificate and an Opinion of Counsel each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture the obligations of the Company to the Trustee under Section 8.7 10.7 shall survive.

Appears in 1 contract

Samples: Indenture (First Merchants Acceptance Corp)

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