Refunding Securities. Except as otherwise provided in Section 3.13, in the event that an offer by the issuer of any of the Securities or any other party shall be made to issue new Securities, the Trustee shall reject such offer. However, should any exchange or substitution be effected notwithstanding such rejection or without an initial offer, any Securities, cash and/or property received in exchange shall be deposited hereunder and shall be promptly sold, if securities or property, by the Trustee. The cash then remaining shall be distributed to Unit Holders on the next Distribution Date in the manner set forth in Section 3.05 regarding distributions from the Principal Account.
Appears in 4 contracts
Samples: Distribution Agency Agreement (National Equity Trust Otc Growth Trust Series 5), Trust Indenture and Agreement (National Equity Trust Low Five Portfolio Series 31), Trust Indenture and Agreement (National Equity Tr Short Term Low 5 Cover Write Opt Tr Ser 1)
