Money for Bond Payments to Be Held in Trust. Repayment of --------------------------------------------------------- Unclaimed Money --------------- (a) If money is on deposit in the Bond Fund on any Bond Payment Date sufficient to pay Debt Service on the Bonds due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond to the Trustee for payment of Debt Service due and payable on such Date, the Trustee shall segregate and hold in trust for the benefit of the person entitled thereto money sufficient to pay the Debt Service due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service. (b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds to be paid on such Tender Date, but the Holder of any Bond fails to deliver such Bond to the Trustee or Tender Agent for payment of such purchase price on such Tender Date, the Trustee shall segregate and hold in trust for the benefit of the person entitled thereto money sufficient to pay such purchase price due and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such purchase price. (c) Any money held in trust by the Trustee for the payment of Debt Service on or the purchase price of any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 years after such Debt Service has become due and payable shall be paid to the Users upon request of an Authorized User Representative; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users for payment thereof, and all liability of the Trustee with respect to such trust money, and all liability of the Issuer with respect thereto, shall thereupon cease; provided, however, that the Trustee, before being required to make any such payment to the Users, may at the expense of the Users cause to be published once, in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication; any unclaimed balance of such money then remaining will be paid to the Users.
Appears in 2 contracts
Samples: Trust Indenture (Color Imaging Inc), Trust Indenture (Color Imaging Inc)
Money for Bond Payments to Be Held in Trust. Repayment All payments of --------------------------------------------------------- Unclaimed Money ---------------
(a) If money is amounts due and payable on the Bonds of any Series that are to be made from amounts withdrawn from the Secondary Collection Account shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Secondary Collection Account shall be paid at the direction of the Issuer except as provided in this SECTION 3.06 and in the related Supplemental Indenture. No later than 10:00 a.m. on the Business Day prior to each Remittance Date, the Issuer shall cause the Master Servicer with respect to any outstanding Series to withdraw from the Secondary Collection Account for such Series and to deposit in the Bond Fund on any Bond Payment Date Distribution Account for such Series a sum sufficient to pay Debt Service on the amounts then becoming due under the Bonds due and payable on of such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond to the Trustee for payment of Debt Service due and payable on such Date, the Trustee Series. This sum shall segregate and hold be held in trust for the benefit of the person Persons entitled thereto money sufficient to pay it. Unless the Debt Service due Paying Agent for such Series is the Indenture Trustee, the Issuer shall promptly notify the Indenture Trustee in writing of its action or failure so to act. The Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and payable on such Bond on such Date. Money so segregated deliver to the Indenture Trustee an instrument in which that Paying Agent agrees with the Indenture Trustee that it will, and the Indenture Trustee hereby agrees in its capacity as Paying Agent, subject to the provisions of this Section, that it will:
(1) hold all sums held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund by it for the benefit payment of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price amounts due on the Bonds to be paid on such Tender Date, but the Holder of any Bond fails to deliver such Bond to the Trustee or Tender Agent for payment of such purchase price on such Tender Date, the Trustee shall segregate and hold in trust for the benefit of the person Persons entitled thereto money sufficient to them until those sums are paid to the Persons entitled to them or otherwise disposed of as provided in this Indenture, and pay such purchase price due and payable those sums to the Persons entitled to them as provided in this Indenture;
(2) give the Indenture Trustee notice of any default by the Issuer (or any other obligor upon the Bonds) in the making of any payment required to be made on such Unsurrendered Bond the Bonds of which it has actual knowledge;
(3) at any time during the continuance of any payment default on such Tender Date. Money so segregated and the Bonds, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums held in trust shall not by it for the payment of Bonds;
(4) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Bonds if at any time it ceases to meet the standards required to be met by a part Paying Agent at the time of its appointment; and
(5) comply with all requirements of the Trust Estate and shall not be invested, but shall constitute a separate trust fund Internal Revenue Code of 1986 for the benefit withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed on them and comply with any applicable withholding reporting requirements. To obtain the persons entitled satisfaction and discharge of this Indenture or for any other purpose, the Issuer may at any time in writing direct any Paying Agent to such purchase price.
(c) Any money pay to the Indenture Trustee all sums held in trust by the Trustee for the payment of Debt Service on or the purchase price of any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 years after such Debt Service has become due and payable Paying Agent. Those sums shall be paid held by the Indenture Trustee upon the same trusts as those upon which they were held by the Paying Agent. Upon that payment by any Paying Agent to the Users upon request of an Authorized User Representative; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users for payment thereof, and all liability of the Trustee with respect to such trust money, and all liability of the Issuer with respect thereto, shall thereupon cease; provided, howeverIndenture Trustee, that the Trustee, before being required to make any such payment to the Users, may at the expense of the Users cause to Paying Agent shall be published once, in a newspaper of general circulation in New York, New York, notice released from all further liability regarding that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication; any unclaimed balance of such money then remaining will be paid to the Usersmoney.
Appears in 1 contract
Samples: Indenture (Istar Financial Inc)
Money for Bond Payments to Be Held in Trust. Repayment All payments of --------------------------------------------------------- Unclaimed Money ---------------amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the related Collection Account pursuant to Section 8.2(c) or Section 5.8 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts so withdrawn from a Collection Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.3 or in Section 5.8. When the Issuer shall have a Paying Agent for a Series that is not also the Bond Registrar for such Series, it shall furnish, or cause the Bond Registrar for such Series to furnish, no later than
(a) If money is on deposit in the Bond Fund on any Bond fifth calendar day after each Record Date for such Series, and
(b) the fifth calendar day after each Special Record Date applicable to a Special Payment Date for such Series, a list, in such form as such Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds of such Series and of the number of Individual Bonds of each Class of such Series held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Trustee, it will, on or before the Business Day next preceding each Payment Date and Special Payment Date for each Series of Bonds, direct the Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay Debt Service on the Bonds amounts then becoming due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond (to the Trustee extent funds are then available for payment of Debt Service due and payable on such Datepurpose in the Collection Account for such Series), the Trustee shall segregate and hold such sum to be held in trust for the benefit of the person Persons entitled thereto money thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the Debt Service amounts then becoming due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds with respect to which such deposit was made shall, upon Issuer Order, be paid on over by such Tender Date, but the Holder of any Bond fails to deliver such Bond Paying Agent to the Trustee or Tender for application in accordance with Article VIII. Any Paying Agent for payment shall be appointed by Issuer Order. The Issuer shall not appoint any Paying Agent (other than the Trustee) which is not, at the time of such purchase price on such Tender Dateappointment, a depository institution or trust company whose obligations would be Eligible Investments pursuant to clause (ii) of the definition of the term "Eligible Investment". In the event that the Trustee is acting as Paying Agent and the Trustee resigns as Trustee with respect to one or more Series of Bonds (or to the extent permitted in any Series Supplement, with respect to one or more Classes within a Series), the Trustee may resign as Paying Agent with respect to the Bonds of such Series or Classes, as applicable. The Issuer will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall segregate agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will:
(1) allocate all sums received for payment to the Holders of Bonds of each Series for which it is acting as Paying Agent on each Payment Date and Special Payment Date among such Holders in the proportion specified in the applicable Payment Date Statement and Special Payment Date Statement, as the case may be, in each case to the extent permitted by applicable law;
(2) hold all sums held by it for the payment of amounts due with respect to the Bonds in trust for the benefit of the person Persons entitled thereto money sufficient until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such purchase price due sums to such Persons as herein provided;
(3) if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and forthwith pay to the Trustee all sums held by it in trust shall for the payment of Bonds if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment;
(4) if such Paying Agent is not the Trustee, give the Trustee notice of any Default by the Issuer (or any other obligor upon the Bonds) in the making of any payment required to be a part made with respect to any Series of Bonds for which it is acting as Paying Agent;
(5) if such Paying Agent is not the Trustee, at any time during the continuance of any such Default, upon the written request of the Trust Estate and shall not be investedTrustee, but shall constitute a separate trust fund for forthwith pay to the benefit of the persons entitled to such purchase price.
(c) Any money Trustee all sums so held in trust by the Trustee for the payment of Debt Service on or the purchase price of any Bond pursuant to subsections such Paying Agent; and
(a6) and (b) of this Section and remaining unclaimed for 3 years after such Debt Service has become due and payable shall be paid to the Users upon request of an Authorized User Representative; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users for payment thereof, and comply with all liability requirements of the Trustee Code with respect to such trust money, the withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and all liability of the Issuer with respect thereto, shall thereupon ceaseto any applicable reporting requirements in connection therewith; provided, however, that with respect to withholding and reporting requirements applicable to original issue discount (if any) on any Class of Bonds, the Issuer shall have first provided the calculations pertaining thereto to the Trustee. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent, if other than the Trustee, before being required to make any pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the UsersTrustee, may at such Paying Agent shall be released from all further liability with respect to such money. Except as provided by applicable law, any money held by the expense Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Bond and remaining unclaimed for two and one-half years after such amount has become due and payable to the Users cause Holder of such Bond (or, if earlier, three months prior to be published once, in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of on which such publication; any unclaimed balance of such money then remaining will be paid amount would escheat to the Users.a governmental
Appears in 1 contract
Samples: Indenture (CMC Securities Corp Iv)
Money for Bond Payments to Be Held in Trust. Repayment All payments of --------------------------------------------------------- Unclaimed Money ---------------
(aamounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the Distribution Account pursuant to Sections 2.03(b) and 8.02(c) or Section 5.08 shall be made on behalf of the Issuer by the Paying Agent, and no amounts so withdrawn from the Distribution Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 or in Section 5.08. If money the Issuer shall have a Paying Agent that is on deposit in not also the Bond Fund Registrar, it shall furnish, or cause the Bond Registrar to furnish, no later than the fifth calendar day after each Record Date, and the first Business Day after the Redemption Record Date applicable to the Redemption Date, a list, in such form as such Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds and of the number of Individual Bonds of each Class held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Master Servicer, it shall, on any Bond or before the Business Day next preceding each Payment Date and Redemption Date, direct the Master Servicer in writing to deposit with such Paying Agent, to the extent received by the Master Servicer, an aggregate sum sufficient to pay Debt Service on the Bonds amounts then becoming due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond (to the Trustee extent funds are then available for payment of Debt Service due and payable on such Datepurpose in the Distribution Account), the Trustee shall segregate and hold such sum to be held in trust for the benefit of the person Persons entitled thereto money thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the Debt Service amounts then becoming due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds with respect to which such deposit was made shall, upon Issuer Order, be paid on over by such Tender DatePaying Agent to the Master Servicer for application in accordance with Article VIII. Any Paying Agent other than the initial Paying Agent shall be appointed by Issuer Order. The Issuer shall not appoint any successor Paying Agent which is not, but at the Holder time of any Bond fails such appointment, a depository institution or trust company whose obligations would be Permitted Investments pursuant to clause (iv) of the definition of the term “Permitted Investments”. The Issuer shall cause each successor Paying Agent other than the Trustee to execute and deliver such Bond to the Trustee or Tender an instrument in which such Paying Agent shall agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent shall:
(1) allocate all sums received for payment to the Holders of Bonds on each Payment Date and Redemption Date among such purchase price on such Tender DateHolders in the proportion specified in the applicable Payment Date Statement, as the Trustee shall segregate and case may be, in each case to the extent permitted by applicable law;
(2) hold all sums held by it for the payment of amounts due with respect to the Bonds in trust for the benefit of the person Persons entitled thereto money sufficient until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such purchase price due sums to such Persons as herein provided;
(3) if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and forthwith pay to the Trustee all sums held by it in trust shall not be a part for the payment of the Trust Estate and shall Bonds if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment;
(4) if such Paying Agent is not the Trustee, give the Trustee notice of any Default by the Issuer (or any other obligor upon the Bonds) in the making of any payment required to be investedmade with respect to any Bonds for which it is acting as Paying Agent;
(5) if such Paying Agent is not the Trustee, but shall constitute a separate trust fund for at any time during the benefit continuance of any such Default, upon the written request of the persons entitled Trustee, forthwith pay to such purchase price.
(c) Any money the Trustee all sums so held in trust by such Paying Agent; and
(6) comply with all requirements of the Code, and all regulations thereunder, with respect to the withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; provided, however, that with respect to withholding and reporting requirements applicable to original issue discount (if any) on any Class of Bonds, the Issuer has provided the calculations pertaining thereto to the Trustee. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or any other purpose, by Issuer Order direct any Paying Agent, if other than the Trustee, to pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. Subject to applicable escheat laws, any money held by the Trustee or any Paying Agent in trust for the payment of Debt Service on or the purchase price of any amount due with respect to any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 six years after such Debt Service amount has become due and payable to the Holder of such Bond shall be discharged from such trust and, upon its written request, paid to the Users upon request of an Authorized User RepresentativeIssuer; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users Issuer for payment thereofthereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer with respect thereto, money shall thereupon cease; provided. The Trustee may, howeverbut shall not be required to, that the Trusteeadopt and employ, before being required to make any such payment to the Users, may at the expense of the Users cause Issuer, any reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to be published once, Holders whose Bonds have been called but have not been surrendered for redemption or whose right to or interest in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed moneys due and that, after a date specified therein, which shall payable but not be less than 30 days claimed is determinable from the date records of the Trustee or any Agent, at the last address of record for each such publication; any unclaimed balance of such money then remaining will be paid to the UsersHolder).
Appears in 1 contract
Money for Bond Payments to Be Held in Trust. Repayment of --------------------------------------------------------- Unclaimed Money ---------------
(a) If money is on deposit in the Bond Fund on any Bond Payment Date sufficient to pay Debt Service on the Bonds due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond to All moneys deposited with the Trustee or with any Paying Agent for payment the purpose of Debt Service due paying the principal of or premium or interest on Bonds shall be deposited and payable on such Date, the Trustee shall segregate and hold held in trust for the benefit of the person Holders of the Bonds entitled thereto money sufficient to pay such principal, premium or interest, subject to the Debt Service due and payable on such Bond on such Dateprovisions of this Indenture. Money Moneys so segregated deposited and held in trust shall not be a part of the Trust Estate and shall not be invested, Pledged Property but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in Holders of the Bond Purchase Fund on relevant Bonds. The Company may at any Tender Date sufficient time direct any Paying Agent to pay the purchase price on the Bonds to be paid on such Tender Date, but the Holder of any Bond fails to deliver such Bond to the Trustee or Tender Agent for payment of all sums held in trust by such purchase price on Paying Agent, such Tender Date, sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent, and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall segregate and hold be released from all further liability with respect to such money. Any money deposited with the Trustee or any Paying Agent in trust for the benefit payment of the person entitled thereto money sufficient to pay such purchase price due principal of (and payable premium, if any) or interest on such Unsurrendered Bond on such Tender Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such purchase price.
(c) Any money held in trust by the Trustee for the payment of Debt Service on or the purchase price of any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 two years and eleven months (or such lesser period as may be required by law to give effect to this provision) after such Debt Service principal (and premium, if any) or interest has become due and payable shall be paid to the Users upon Company on Company Request (to the extent such monies shall have been deposited by the Company) or to any other Person on its request of an Authorized User Representative; (to the extent such monies shall have been deposited by such other Person), and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users Company or such other Person, to the extent such monies shall have been paid to the Company or such other Person, as the case may be, for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer with respect thereto, money shall thereupon cease; provided, however, that the TrusteeTrustee or such Paying Agent, before being required to make any such payment to the Usersrepayment, may at the expense of the Users Company or, to the extent such monies are to be paid to another Person, such other Person cause to be published once, in a newspaper of general circulation in New York, New York, mailed to each such Holder notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication; mailing, any unclaimed balance of such money then remaining will be paid repaid to the UsersCompany or such other Person.
Appears in 1 contract
Money for Bond Payments to Be Held in Trust. Repayment All payments of --------------------------------------------------------- Unclaimed Money ---------------amounts due and payable with respect to any Bonds which are to be made from amounts withdrawn from the related Collection Account pursuant to Section 8.2(c) or Section 5.8 shall be made on behalf of the Issuer by the Trustee or by a Paying Agent, and no amounts so withdrawn from a Collection Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.3 or in Section 5.8. When the Issuer shall have a Paying Agent for a Series that is not also the Bond Registrar for such Series, it shall furnish, or cause the Bond Registrar for such Series to furnish, no later than
(a) If money is on deposit in the Bond Fund on any Bond fifth calendar day after each Record Date for such Series, and
(b) the fifth calendar day after each Special Record Date applicable to a Special Payment Date for such Series, a list, in such form as such Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds of such Series and of the number of Individual Bonds of each Class of such Series held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Trustee, it will, on or before the Business Day next preceding each Payment Date and Special Payment Date for each Series of Bonds, direct the Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay Debt Service on the Bonds amounts then becoming due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond (to the Trustee extent funds are then available for payment of Debt Service due and payable on such Datepurpose in the Collection Account for such Series), the Trustee shall segregate and hold such sum to be held in trust for the benefit of the person Persons entitled thereto money thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the Debt Service amounts then becoming due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds with respect to which such deposit was made shall, upon Issuer Order, be paid on over by such Tender Date, but the Holder of any Bond fails to deliver such Bond Paying Agent to the Trustee or Tender for application in accordance with Article VIII. Any Paying Agent for payment shall be appointed by Issuer Order. The Issuer shall not appoint any Paying Agent (other than the Trustee) which is not, at the time of such purchase price on such Tender Dateappointment, a depository institution or trust company whose obligations would be Eligible Investments pursuant to clause (ii) of the definition of the term "Eligible Investment". In the event that the Trustee is acting as Paying Agent and the Trustee resigns as Trustee with respect to one or more Series of Bonds (or to the extent permitted in any Series Supplement, with respect to one or more Classes within a Series), the Trustee may resign as Paying Agent with respect to the Bonds of such Series or Classes, as applicable. The Issuer will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall segregate agree with the Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will:
(1) allocate all sums received for payment to the Holders of Bonds of each Series for which it is acting as Paying Agent on each Payment Date and Special Payment Date
(2) hold all sums held by it for the payment of amounts due with respect to the Bonds in trust for the benefit of the person Persons entitled thereto money sufficient until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such purchase price due sums to such Persons as herein provided;
(3) if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and forthwith pay to the Trustee all sums held by it in trust shall for the payment of Bonds if at any time it ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment;
(4) if such Paying Agent is not the Trustee, give the Trustee notice of any Default by the Issuer (or any other obligor upon the Bonds) in the making of any payment required to be a part made with respect to any Series of Bonds for which it is acting as Paying Agent;
(5) if such Paying Agent is not the Trustee, at any time during the continuance of any such Default, upon the written request of the Trust Estate and shall not be investedTrustee, but shall constitute a separate trust fund for forthwith pay to the benefit of the persons entitled to such purchase price.
(c) Any money Trustee all sums so held in trust by such Paying Agent; and
(6) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; provided, however, that with respect to withholding and reporting requirements applicable to original issue discount (if any) on any Class of Bonds, the Issuer shall have first provided the calculations pertaining thereto to the Trustee. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent, if other than the Trustee, to pay to the Trustee all sums held in trust by such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. Except as provided by applicable law, any money held by the Trustee or any Paying Agent in trust for the payment of Debt Service on or the purchase price of any amount due with respect to any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 two and one-half years after such Debt Service amount has become due and payable to the Holder of such Bond (or, if earlier, three months prior to the date on which such amount would escheat to a governmental entity under applicable law) shall be discharged from such trust and paid to the Users upon request of an Authorized User RepresentativeIssuer; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users Issuer for payment thereofthereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer with respect thereto, money shall thereupon cease; provided, however, that the Trustee, before being required to make any such payment to the Users, may at the expense of the Users cause to be published once, in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication; any unclaimed balance of such money then remaining will be paid to the Users.,
Appears in 1 contract
Money for Bond Payments to Be Held in Trust. Repayment All payments of --------------------------------------------------------- Unclaimed Money ---------------
(aamounts due and payable with respect to any Bonds that are to be made from amounts withdrawn from the Distribution Account pursuant to Section 8.02(c) If money or Section 5.07 shall be made on behalf of the Issuer by the Paying Agent, and no amounts so withdrawn from the Distribution Account for payments of Bonds shall be paid over to the Issuer under any circumstances except as provided in this Section 3.03 or in Section 5.07 or Section 8.02. With respect to Definitive Bonds, if the Issuer shall have a Paying Agent that is on deposit in not also the Bond Fund Registrar, such Bond Registrar shall furnish, no later than the fifth calendar day after each Record Date, a list, in such form as such Paying Agent may reasonably require, of the names and addresses of the Holders of Bonds and of the number of Individual Bonds held by each such Holder. Whenever the Issuer shall have a Paying Agent other than the Indenture Trustee, it will, on any Bond or before the Business Day next preceding each Payment Date direct the Indenture Trustee to deposit with such Paying Agent an aggregate sum sufficient to pay Debt Service on the Bonds amounts then becoming due and payable on such Bond Payment Date, but the Holder of any Bond that matures on such Date or that is subject to redemption on such Date fails to surrender such Bond (to the Trustee extent funds are then available for payment of Debt Service due and payable on such Datepurpose in the Distribution Account), the Trustee shall segregate and hold such sum to be held in trust for the benefit of the person Persons entitled thereto money thereto. Any moneys deposited with a Paying Agent in excess of an amount sufficient to pay the Debt Service amounts then becoming due and payable on such Bond on such Date. Money so segregated and held in trust shall not be a part of the Trust Estate and shall not be invested, but shall constitute a separate trust fund for the benefit of the persons entitled to such Debt Service.
(b) If money is on deposit in the Bond Purchase Fund on any Tender Date sufficient to pay the purchase price on the Bonds with respect to which such deposit was made shall, upon Issuer Order, be paid on over by such Tender Date, but the Holder of any Bond fails to deliver such Bond Paying Agent to the Indenture Trustee for application in accordance with Article VIII. Subject to the prior consent of the Bond Insurer, any Paying Agent other than the Indenture Trustee may be appointed by Issuer Order and at the expense of the Issuer. The Issuer shall not appoint any Paying Agent (other than the Indenture Trustee) that is not, at the time of such appointment, a depository institution or Tender trust company whose obligations would be Permitted Investments pursuant to clause (c) of the definition of the term Permitted Investments. The Issuer will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will:
(1) allocate all sums received for payment to the Holders of Bonds on each Payment Date among such purchase price on such Tender DateHolders in the proportion specified in the applicable Payment Date Statement, in each case to the Trustee shall segregate and extent permitted by applicable law;
(2) hold all sums held by it for the payment of amounts due with respect to the Bonds in trust for the benefit of the person Persons entitled thereto money sufficient until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such purchase price due sums to such Persons as herein provided;
(3) if such Paying Agent is not the Indenture Trustee, immediately resign as a Paying Agent and payable on such Unsurrendered Bond on such Tender Date. Money so segregated and forthwith pay to the Indenture Trustee all sums held by it in trust shall not be a part for the payment of the Trust Estate and shall Bonds if at any time the Paying Agent ceases to meet the standards set forth above required to be met by a Paying Agent at the time of its appointment;
(4) if such Paying Agent is not the Indenture Trustee, give the Indenture Trustee notice of any Default by the Issuer (or any other obligor upon the Bonds) in the making of any payment required to be investedmade with respect to any Bonds for which it is acting as Paying Agent;
(5) if such Paying Agent is not the Indenture Trustee, but shall constitute a separate trust fund for at any time during the benefit continuance of any such Default, upon the written request of the persons entitled Indenture Trustee, forthwith pay to such purchase price.
(c) Any money the Indenture Trustee all sums so held in trust by such Paying Agent; and
(6) comply with all requirements of the Code, and all regulations thereunder, with respect to withholding from any payments made by it on any Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; PROVIDED, HOWEVER, that with respect to withholding and reporting requirements applicable to original issue discount (if any) on any of the Bonds, the Issuer has provided the calculations pertaining thereto to the Indenture Trustee and the Paying Agent. The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or any other purpose, by Issuer Order direct any Paying Agent, if other than the Indenture Trustee, to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. Any money held by the Indenture Trustee or any Paying Agent in trust for the payment of Debt Service on or the purchase price of any amount due with respect to any Bond pursuant to subsections (a) and (b) of this Section and remaining unclaimed for 3 two and one-half years after such Debt Service amount has become due and payable to the Holder of such Bond (or if earlier, three months before the date on which such amount would escheat to a governmental entity under applicable law) shall be discharged from such trust and paid to the Users upon request of an Authorized User RepresentativeIssuer; and the Holder of such Bond shall thereafter, as an unsecured general creditor, look only to the Users Issuer for payment thereofthereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer with respect thereto, money shall thereupon cease; provided. The Indenture Trustee may adopt and employ, however, that the Trustee, before being required to make any such payment to the Users, may at the expense of the Users cause Issuer, any reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to be published once, Holders whose Bonds have been called but have not been surrendered for redemption or whose right to or interest in a newspaper of general circulation in New York, New York, notice that such money remains unclaimed moneys due and that, after a date specified therein, which shall payable but not be less than 30 days claimed is determinable from the date records of the Indenture Trustee or any Agent, at the last address of record for each such publication; any unclaimed balance of such money then remaining will be paid to the UsersHolder).
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Samples: Indenture (American Residential Eagle Bond Trust 1992-2)
