Common use of Repayment to the Issuers Clause in Contracts

Repayment to the Issuers. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuers upon request any money or Government Obligations held by it as provided in this Article which, in the written opinion of nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article. Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuers upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuers for payment as general creditors, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

Appears in 4 contracts

Samples: Indenture (Momentive Specialty Chemicals Inc.), Indenture (Hexion Specialty Chemicals, Inc.), Indenture (Borden Chemical Inc)

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Repayment to the Issuers. Each of the The Trustee and each the Paying Agent shall promptly turn over to the Issuers upon request any money or U.S. Government Obligations held by it as provided in this Article which, in the written opinion of nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article. Subject to any applicable abandoned property law, the Trustee and each the Paying Agent shall pay to the Issuers upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuers for payment as general creditorscreditors and the Trustee, and the Trustee and each Paying Agent shall have no further liability with respect to such monies.

Appears in 2 contracts

Samples: On Semiconductor Corp, Semiconductor Components Industries LLC

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Repayment to the Issuers. Each of the The Trustee and each the Paying Agent shall promptly turn over to the Issuers upon request any money or U.S. Government Obligations held by it either of them as provided in this Article 8 which, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this ArticleArticle 8. Subject to any applicable abandoned property law, the Trustee and each the Paying Agent shall pay to the Issuers upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuers for payment as general creditors, creditors and the Trustee and each the Paying Agent shall have no further liability with respect to such monies.

Appears in 1 contract

Samples: On Semiconductor Corp

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