Repayment to Corporation. Any monies or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Corporation in trust, for payment of principal of or interest on the Debentures that are not applied but remain unclaimed by the holders of such Debentures for at least two years after the date upon which the principal of or interest on such Debentures shall have respectively become due and payable, shall be repaid to the Corporation or retained by Corporation, as the case may be, on May 31 of each year and shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such monies or Governmental Obligations and the holder of any of the Debentures entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Corporation for the payment thereof.
Appears in 6 contracts
Samples: Indenture (Crescent Capital Trust I), Indenture (Apab Capital Trust I), Indenture (Carolina Bank Holdings Inc)
Repayment to Corporation. Any monies or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Corporation in trust, for payment of principal of or interest on the Debentures that are not applied but remain unclaimed by the holders of such Debentures for at least two years after the date upon which the principal of or interest on such Debentures shall have respectively become due and payable, shall be repaid to the Corporation or retained by Corporation, as the case may be, on May December 31 of each year and shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such monies or Governmental Obligations and the holder of any of the Debentures entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Corporation for the payment thereof.
Appears in 3 contracts
Samples: Indenture (Southern Community Capital Trust I), Indenture (Southern Community Financial Corp), Indenture (Southern Community Financial Corp)
Repayment to Corporation. Any monies or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Corporation in trust, for payment of principal of or interest on the Debentures that are not applied but remain unclaimed by the holders of such Debentures for at least two years after the date upon which the principal of or interest on such Debentures shall have respectively become due and payable, shall be repaid to the Corporation or retained by the Corporation, as the case may be, on May 31 of each year and shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such monies or Governmental Obligations and the holder of any of the Debentures entitled to receive such payment shall thereafter, as an unsecured general creditor, look only to the Corporation for the payment thereof.
Appears in 1 contract
