Common use of Failure to Surrender Notes Called for Redemption Clause in Contracts

Failure to Surrender Notes Called for Redemption. If the Holder of any Notes called for redemption shall, within 30 days from the date fixed for redemption, fail to surrender any of such Notes or shall not within such time accept payment of the redemption price payable in respect thereof or give such receipt therefor, if any, as the Trustee may require, such redemption price shall be set aside by the Trustee in trust for such Holder in a bank account 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 the Holder shall have no right except to receive payment out of the moneys so paid and deposited, upon surrender of his Notes, of the redemption price of such Notes without interest thereon.

Failure to Surrender Notes Called for Redemption. If the Holder of any Notes called for redemption shall, within 30 days from the date fixed for redemption, fail to surrender any of such Notes or shall not within such time accept payment of the redemption price Redemption Price payable in respect thereof or give such receipt therefor, if any, as the Trustee may require, such redemption price Redemption Price shall be set aside by the Trustee in trust for such Holder Holder, in a bank account accordance with section 11.8, and such setting aside shall for all purposes be deemed a payment to the Holder Noteholder of the sum so set aside, and to that extent such Notes shall thereafter not be considered as outstanding hereunder and the Holder Noteholder shall have no right except to receive payment out of the moneys so paid and deposited, upon surrender of his such Holder's Notes, of the redemption price Redemption Price of such Notes without interest thereon.