Common use of Non-Presentation of Notes Clause in Contracts

Non-Presentation of Notes. If a Holder shall fail to present a Note for payment prior to or on the date on which the principal, interest and premium thereon or represented thereby becomes payable either on Stated Maturity or on redemption, purchase or otherwise, either: (a) (i) the Company shall be entitled to pay to the Trustee and direct it to set aside for payment as described above; and (ii) in respect of money in the hands of the Trustee that may or should be applied to the payment or redemption of the Notes, the Company shall be entitled to direct the Trustee to set aside the principal, interest and premium, as the case may be, in trust to be paid to such Holder upon due presentation or surrender thereof in accordance with the provisions of the Indenture; or (b) the Company may otherwise make provision in form satisfactory to the Trustee in its reasonable discretion for the payment of such amounts, and thereupon the principal, interest and premium payable on or represented by each Note in respect whereof such amounts have been set aside shall be deemed to have been paid and the Holder thereof shall thereafter have no right in respect thereof except that of receiving payment of such amounts so set aside by the Trustee (without interest on such money, any such interest being the property of the Company) or provided for by the Company upon due presentation and surrender thereof, subject always to the provisions of the last paragraph of Section 903 of the Indenture.