Common use of Knowledge of Trustee Clause in Contracts

Knowledge of Trustee. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action), unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder of Subordinated Securities, any paying agent of the Company or any holder or representative of any class of Senior Indebtedness, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such date.

Appears in 3 contracts

Samples: Indenture (Kansas City Power & Light Co), Indenture (Kansas City Power & Light Co), Indenture (Kansas City Power & Light Co)

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Knowledge of Trustee. Notwithstanding the provisions provision of this Article IV or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Project Indebtedness or Senior Secured Bank Indebtedness, of any default in payment of principal of or interest on, rent or other payment obligation in respect of any Project Indebtedness and Senior Secured Bank Indebtedness, or of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder of Subordinated SecuritiesHolder, any paying agent Paying Agent of the Company or any the holder or representative of any class of Project Indebtedness and Senior Secured Bank Indebtedness, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such default or facts exist; provided thatprovided, if prior to however, that unless on the third Business Day preceding prior to the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.074.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and apply the same to the purpose for which they were received received, and shall not be affected by any notice to the contrary which may be received by it on or after such date.

Appears in 1 contract

Samples: Indenture (Gold Reserve Inc)

Knowledge of Trustee. Nothing contained in this Article or elsewhere in this Indenture, shall (a) prevent the Company from setting aside in trust or depositing with the Trustee or any Paying Agent, at any time, except during the pendency of any of the proceedings or upon the happening or continuance of any of the events referred to in Section 1501, moneys for the payment of principal of, or premium, if any, or interest on, the Securities, or (b) prevent the application by the Trustee or Paying Agent of any moneys deposited with it hereunder by or on behalf of the Company to the payment of or on account of the principal of, or the premium, if any, or interest on the Securities, if the Trustee or the Paying Agent, as the case may be, did not have written notice of any event prohibiting such application by the close of business on the Business Day immediately prior to the date of such application. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event of default with respect to any Senior Indebtedness or any fact or facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder Holder of Subordinated Securities, any paying or conversion agent of the Company or any the holder or representative of any class of Senior Indebtedness, and, prior Indebtedness who shall have been certified by the Company or otherwise established to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging reasonable satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to be such monies holder or to such funds representative or obligations deposited by the trustee under any indenture pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee which Senior Indebtedness shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such dateoutstanding.

Appears in 1 contract

Samples: Indenture (TAL International Group, Inc.)

Knowledge of Trustee. The Issuer shall give prompt written -------------------- notice to the Trustee of any fact known to the Issuer which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the CompanyIssuer, any holder of Subordinated SecuritiesHolder, any paying agent of or the Company or any holder or representative of any class of Senior Indebtedness, and, ; provided that if at least ______ Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which that may be received by it within _____ Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Indenture (C Cor Net Corp)

Knowledge of Trustee. The Corporation shall give prompt written notice to the Trustee of any fact known to the Corporation which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the CompanyCorporation, any holder of Subordinated SecuritiesHolder, any paying agent of or the Company or any holder or representative of any class of Senior Indebtedness, and, ; provided that if at least two Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the -------- date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which that may be received by it within two Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Subordinated Indenture (Eix Trust Iii)

Knowledge of Trustee. The Company shall give prompt written notice to a Responsible Officer of the Trustee of any fact known to the Company which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Subordinated Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the Company, any holder of Subordinated SecuritiesHolder, any paying agent of or the Company or any holder or representative of any class of Senior Indebtedness, and, ; provided that if at least two (2) Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received received, and shall not be affected by any notice to the contrary which that may be received by it within two (2) Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Indenture (Maverick Tube Corporation)

Knowledge of Trustee. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action), unless and until a Responsible Officer responsible officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder of Subordinated Securities, any paying agent of the Company or any holder or representative of any class of Senior Indebtedness, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day business day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer responsible officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such date.

Appears in 1 contract

Samples: Indenture (Consolidated Edison Inc)

Knowledge of Trustee. Notwithstanding the provisions of this Article 5 or any other provisions of this IndentureNote Indenture or of the Notes, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit Senior Indebtedness or of the making terms of any default in the payment thereof or occurrence of moneys to an event of default in respect thereof or by of the Trustee, or the taking terms of any other action by instrument evidencing Senior Indebtedness, and the Trustee (and shall not be liable for making entitled to assume that no such payment event of default has occurred or taking that no such action)facts exist, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the CompanyCorporation or shall have received notice in the manner prescribed by the terms of such Senior Indebtedness or instrument for declaring any such event of default and giving notice thereof, any holder of Subordinated Securitiesfrom a trustee or other authorized representative of, any paying agent of or the Company specified number or any holder or representative percentage of, the holders of any class of such Senior Indebtedness, and, prior with respect to any money which may at any time be received by the Trustee in trust pursuant to any provision of this Note Indenture, unless and until such written notice has been received, nothing in this Note Indenture shall prevent the Trustee from applying such money to the receipt purposes for which the same was so received, notwithstanding the occurrence or continuance of any such written notice, default or the Trustee shall be entitled in all respects to assume that no existence of such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such dateSenior Indebtedness.

Appears in 1 contract

Samples: Note Indenture (Enterra Energy Trust)

Knowledge of Trustee. Nothing contained in this Article 10 or elsewhere in this Indenture, shall (a) prevent the Company from setting aside in trust or depositing with the Trustee or any Paying Agent, at any time, except during the pendency of any of the proceedings or upon the happening or continuance of any of the events referred to in Section 10.01, moneys for the payment of principal of, or premium, if any, or interest on, the Securities, or (b) prevent the application by the Trustee or Paying Agent of any moneys deposited with it hereunder by or on behalf of the Company to the payment of or on account of the principal of, or the premium, if any, or interest on the Securities, if the Trustee or the Paying Agent, as the case may be, did not have written notice of any event prohibiting such application by the close of business on the Business Day immediately prior to the date of such application. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness or of any default or event of default with respect to any Senior Indebtedness or any fact or facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder Holder of Subordinated Securities, any paying or conversion agent of the Company or any the holder or representative of any class of Senior Indebtedness, and, prior Indebtedness who shall have been certified by the Company or otherwise established to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging reasonable satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to be such monies holder or to such funds representative or obligations deposited by the trustee under any indenture pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee which Senior Indebtedness shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such dateoutstanding.

Appears in 1 contract

Samples: Indenture (American Real Estate Finance Corp.)

Knowledge of Trustee. Notwithstanding the provisions provision of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Indebtedness, of any default in payment of principal of or interest on, rent or other payment obligation in respect of any Senior Indebtedness, or of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder of Subordinated SecuritiesHolder, any paying agent Paying Agent of the Company or any the holder or representative of any class of Senior Indebtedness, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such default or facts exist; provided thatprovided, if prior to however, that unless on the third Business Day preceding prior to the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.076.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and apply the same to the purpose for which they were received received, and shall not be affected by any notice to the contrary which may be received by it on or after such date.

Appears in 1 contract

Samples: Third Supplemental Indenture (Sovereign Bancorp Inc)

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Knowledge of Trustee. Notwithstanding the provisions of this Article 5 or any other provisions of this IndentureNote Indenture or of the Notes, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit Senior Indebtedness or of the making terms of any default in the payment thereof or occurrence of moneys to an event of default in respect thereof or by of the Trustee, or the taking terms of any other action by instrument evidencing Senior Indebtedness, and the Trustee (and shall not be liable for making entitled to assume that no such payment event of default has occurred or taking that no such action)facts exist, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder of Subordinated Securities, any paying agent of the Company or shall have received notice in the manner prescribed by the terms of such Senior Indebtedness or instrument for declaring any holder such event of default and giving notice thereof, from a trustee or other authorized representative of, or the specified number or percentage of, the holders of any class of such Senior Indebtedness, and, prior with respect to any money which may at any time be received by the Trustee in trust pursuant to any provision of this Note Indenture, unless and until such written notice has been received, nothing in this Note Indenture shall prevent the Trustee from applying such money to the receipt purposes for which the same was so received, notwithstanding the occurrence or continuance of any such written notice, default or the Trustee shall be entitled in all respects to assume that no existence of such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.07, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations and apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which may be received by it on or after such dateSenior Indebtedness.

Appears in 1 contract

Samples: Note Indenture (Timberwest Forest Corp)

Knowledge of Trustee. The Corporation shall give prompt written notice to the Trustee of any fact known to the Corporation which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Securities of any series pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this IndentureIndenture or the Securities of any series, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the CompanyCorporation, any holder Holder of Subordinated SecuritiesSecurities of such series, any paying agent of or the Company or any holder or representative of any class Senior Indebtedness (as defined with respect to the Securities of Senior Indebtedness, and, such series); provided that if at least two Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof of this Indenture or the Securities ​ of such series any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated such Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07with respect to the Securities of such series, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which that may be received by it within two Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Subordinated Indenture (Edison International)

Knowledge of Trustee. The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless 66 73 and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the Company, any holder of Subordinated SecuritiesHolder, any paying agent of or the Company or any holder or representative of any class of Senior Indebtedness, and, ; provided that if at least two Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary which that may be received by it within two Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Subordinated Indenture (Beckman Coulter Inc)

Knowledge of Trustee. The Company shall give prompt written notice to the Trustee of any fact known to the Company which would prohibit the making of any payment of moneys to or by the Trustee in respect of the Subordinated Securities pursuant to the provisions of this Article. Notwithstanding the provisions of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which that would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof mailed or delivered to the Trustee at its Corporate Trust Office from the Company, any holder of Subordinated SecuritiesHolder, any paying agent of or the Company or any holder or representative of any class of Senior Indebtedness, and, ; provided that if at least two (2) Business Days prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such facts exist; provided that, if prior to the third Business Day preceding the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or any premium or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of ) the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, moneys the notice provided for in this Section 14.07Section, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and to apply the same to the purpose for which they were received received, and shall not be affected by any notice to the contrary which that may be received by it within two (2) Business Days prior to or on or after such date.

Appears in 1 contract

Samples: Indenture (Maverick Tube Corporation)

Knowledge of Trustee. Notwithstanding the provisions provision of this Article or any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the existence of any Senior Debt, of any default in payment of principal of, premium, if any, or interest on any Senior Debt, or of any facts which would prohibit the making of any payment of moneys to or by the Trustee, or the taking of any other action by the Trustee (and shall not be liable for making such payment or taking such action)Trustee, unless and until a Responsible Officer of the Trustee having responsibility for the administration of the trust established by this Indenture shall have received written notice thereof from the Company, any holder Holder of Subordinated Securities, any paying agent Paying or Conversion Agent of the Company or any the holder or representative of any class of Senior IndebtednessDebt, and, prior to the receipt of any such written notice, the Trustee shall be entitled in all respects to assume that no such default or facts exist; provided thatprovided, if prior to however, that -------- unless on the third Business Day preceding prior to the date upon which by the terms hereof any monies such moneys may become payable for any purpose (including, without limitation, the payment of either the principal of or interest on any Subordinated Security), or the date of the execution of an instrument pursuant to Section 12.02 acknowledging satisfaction and discharge of this Indenture, a Responsible Officer of the Trustee shall not have received with respect to such monies or to such funds or obligations deposited pursuant to Section 12.02, the notice provided for in this Section 14.0713.7, then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such monies or such funds or obligations moneys and apply the same to the purpose for which they were received received, and shall not be affected by any notice to the contrary which may be received by it on or after such date.

Appears in 1 contract

Samples: Indenture (Comverse Technology Inc/Ny/)

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