Common use of Defeasance and Discharge of Indenture Clause in Contracts

Defeasance and Discharge of Indenture. The Company shall be deemed to have paid and shall be discharged from any and all obligations in respect of the Securities of any series, on the 91st day after the deposit referred to in Section 8.08(i) has been made, and the provisions of this Indenture shall no longer be in effect with respect to the Securities of such series (and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), except as to: (a) rights of registration of transfer and exchange, and the Company’s right of optional redemption, if any, (b) rights of Holders to receive payments of principal thereof and interest thereon, upon the original stated due dates therefor (but not upon acceleration) and remaining rights of Holders to receive mandatory sinking fund payments, if any, (c) the issuance of temporary Securities or the substitution of mutilated, defaced, destroyed, lost or stolen Securities, (d) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (e) the rights of Holders of such series as beneficiaries hereof with respect to the property deposited with the Trustee payable to all or any of them (“Legal Defeasance”); provided that the conditions in Section 8.08 below shall have been satisfied.

Appears in 8 contracts

Samples: Indenture (Tapestry, Inc.), Indenture (Tapestry, Inc.), Indenture (Tapestry, Inc.)

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Defeasance and Discharge of Indenture. The Company If the principal of and any premium and interest on Debentures of any series issued on or after November 1, 1997 are denominated and payable in United States of America dollars, the Corporation shall be deemed to have paid and shall be discharged from any and the entire indebtedness on all obligations in respect the Outstanding Debentures of the Securities of any series, such series on the 91st day after the date of the deposit referred to in Section 8.08(isubparagraph (1) has been madeof this section, and the provisions of this Indenture Indenture, as it relates to such Outstanding Debentures, shall no longer be in effect with respect to the Securities of such series (and the Trustee, at the expense of the CompanyCorporation, shall at the Corporation's request, execute proper instruments acknowledging the same), except as to: (a) the rights of registration Holders of transfer Debentures to receive, from the trust funds described in subparagraph (1) of this section, (i) payment of the principal of (and exchange, and the Company’s right of optional redemptionpremium, if any, ) and interest on the Outstanding Debentures on the Stated Maturity of such principal or installment of principal and interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Debentures on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Debentures; (b) rights of Holders the Corporation's obligations with respect to receive payments of principal thereof such Debentures under Sections 306, 307, 1002 and interest thereon, upon the original stated due dates therefor (but not upon acceleration) 1003; and remaining rights of Holders to receive mandatory sinking fund payments, if any, (c) the issuance of temporary Securities or the substitution of mutilated, defaced, destroyed, lost or stolen Securities, (d) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (e) the rights of Holders of such series as beneficiaries hereof with respect to the property deposited with the Trustee payable to all or any of them (“Legal Defeasance”)hereunder; provided that that, the following conditions in Section 8.08 below shall have been satisfied.:

Appears in 1 contract

Samples: Second Supplemental Indenture (Alliedsignal Inc)

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