Common use of Repayment to the Partnership Clause in Contracts

Repayment to the Partnership. The Trustee and any paying agent shall promptly turn over to the Partnership upon request any excess money or securities held by them at any time. Subject to any applicable abandoned property law, the Trustee and any paying agent shall pay to the Partnership upon request any money held by them for the payment of principal, premium or interest that remains unclaimed for two years, and, thereafter, Holders entitled to such money must look to the Partnership for payment as general creditors.

Appears in 4 contracts

Samples: Indenture (Valero L P), Kaneb Pipe Line Operating Partnership Lp, Kaneb Pipe Line Operating Partnership Lp

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.