Common use of Return of Unclaimed Funds Clause in Contracts

Return of Unclaimed Funds. (a) Any money deposited with the Issuing and Paying Agent for the payment of principal, premium, if any, or interest on the Notes and remaining unclaimed for two years after the date upon which the last payment of principal, premium, if any, and interest on any Note to which such deposit relates shall have become due and payable, shall be repaid to the Company by the Issuing and Paying Agent on demand, and the holder of any Note to which such deposit related entitled to receive payment shall thereafter look only to the Company for the payment thereof and all liability of the Issuing and Paying Agent with respect to such money shall thereupon cease. (b) In the absence of a written request from the Company to return unclaimed funds to the Company, the Issuing and Paying Agent shall from time to time deliver all unclaimed funds to or as directed by applicable escheat authorities, as determined by the Issuing and Paying Agent in its sole discretion, in accordance with the customary practices and procedures of the Issuing and Paying Agent. Any unclaimed funds held by the Issuing and Paying Agent pursuant to this Section 16(b) shall be held uninvested and without any liability for interest.

Appears in 4 contracts

Samples: Issuing and Paying Agency Agreement, Issuing and Paying Agency Agreement, Issuing and Paying Agency Agreement (American Honda Finance Corp)

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