Common use of Satisfaction and Discharge Defeasance Clause in Contracts

Satisfaction and Discharge Defeasance. Section 4.01 Satisfaction and Discharge of Bond Indenture; Defeasance 28 Section 4.02 Conditions to Defeasance 29 Section 4.03 Application of Trust Money 30 Section 4.04 Repayment of Moneys Held by Paving Agent 30 Section 5.01 Events of Default 31 Section 5.02 Acceleration of Maturity; Rescission and Annulment 32 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Bond Trustee 32 Section 5.04 Remedies; Priorities 34 Section 5.05 Optional Possession of the Collateral 34 Section 5.06 Limitation of Suits 34 Section 5.07 Unconditional Rights of Bondholders To Receive Principal and Interest 35 Section 5.08 Restoration of Rights and Remedies 35 Section 5.09 Rights and Remedies Cumulative 35 Section 5.10 Delay or Omission Not a Waiver 35 Section 5.11 Control by Bondholders 36 Section 5.12 Waiver of Past Defaults 36 Section 5.13 Undertaking for Costs 36 Section 5.14 Waiver of Stay or Extension Laws 37 Section 5.15 Action on Bonds 37 Section 5.16 Performance and Enforcement of Certain Obligations 37 Section 6.01 Duties of Bond Trustee 38 Section 6.02 Rights of Bond Trustee 39 Section 6.03 Individual Rights of Bond Trustee 40 Section 6.04 Bond Trustee’s Disclaimer 41 Section 6.05 Notice of Defaults 41 Section 6.06 Reports by Bond Trustee to Holders 41 Section 6.07 Compensation and Indemnity 42 Section 6.08 Replacement of Bond Trustee and Securities Intermediary 43 Section 6.09 Successor Bond Trustee by Merger 44 Section 6.10 Appointment of Co-Trustee or Separate Trustee 44 Section 6.11 Eligibility; Disqualification 45 Section 6.12 Preferential Collection of Claims Against Bond Issuer 45 Section 6.13 Representations and Warranties of Bond Trustee 45 Section 6.14 Custody of Collateral 45

Satisfaction and Discharge Defeasance. Section 4.01 Satisfaction and Discharge of Bond Indenture; Defeasance 28 Section 4.02 Conditions to Defeasance 29 Section 4.03 Application of Trust Money 30 Section 4.04 Repayment of Moneys Held by Paving Agent 30 Section 5.01 Events of Default 31 Section 5.02 Acceleration of Maturity; Rescission and Annulment 32 31 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Bond Trustee 32 Section 5.04 Remedies; Priorities 34 Section 5.05 Optional Possession of the Collateral 34 Section 5.06 Limitation of Suits 34 Section 5.07 Unconditional Rights of Bondholders To Receive Principal and Interest 35 Section 5.08 Restoration of Rights and Remedies 35 Section 5.09 Rights and Remedies Cumulative 35 Section 5.10 Delay or Omission Not a Waiver 35 Section 5.11 Control by Bondholders 36 Section 5.12 Waiver of Past Defaults 36 Section 5.13 Undertaking for Costs 36 Section 5.14 Waiver of Stay or Extension Laws 37 Section 5.15 Action on Bonds 37 Section 5.16 Performance and Enforcement of Certain Obligations 37 Section 6.01 Duties of Bond Trustee 38 Section 6.02 Rights of Bond Trustee 39 Section 6.03 Individual Rights of Bond Trustee 40 Section 6.04 Bond Trustee’s Disclaimer 41 Section 6.05 Notice of Defaults 41 Section 6.06 Reports by Bond Trustee to Holders 41 Section 6.07 Compensation and Indemnity 42 Section 6.08 Replacement of Bond Trustee and Securities Intermediary 43 Section 6.09 Successor Bond Trustee by Merger 44 Section 6.10 Appointment of Co-Trustee or Separate Trustee 44 Section 6.11 Eligibility; Disqualification 45 Section 6.12 Preferential Collection of Claims Against Bond Issuer 45 Section 6.13 Representations and Warranties of Bond Trustee 45 Section 6.14 Custody of Collateral 45

Satisfaction and Discharge Defeasance. Section 4.01 SECTION 4.01. Satisfaction and Discharge of Bond Indenture; Defeasance 28 Section 4.02 31 SECTION 4.02. Conditions to Defeasance 29 Section 4.03 32 SECTION 4.03. Application of Trust Money 30 Section 4.04 33 SECTION 4.04. Repayment of Moneys Held by Paving Paying Agent 30 Section 5.01 34 SECTION 5.01. Events of Default 31 Section 5.02 34 SECTION 5.02. Acceleration of Maturity; Rescission and Annulment 32 Section 5.03 35 SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Bond Trustee 32 Section 5.04 36 SECTION 5.04. Remedies; Priorities 34 Section 5.05 38 SECTION 5.05. Optional Possession Preservation of the Collateral 34 Section 5.06 39 SECTION 5.06. Limitation of Suits 34 Section 5.07 39 SECTION 5.07. Unconditional Rights of Bondholders To Receive Principal Principal, Premium, if any, and Interest 35 Section 5.08 40 SECTION 5.08. Restoration of Rights and Remedies 35 Section 5.09 40 SECTION 5.09. Rights and Remedies Cumulative 35 Section 5.10 40 SECTION 5.10. Delay or Omission Not a Waiver 35 Section 5.11 40 SECTION 5.11. Control by Bondholders 36 Section 5.12 40 SECTION 5.12. Waiver of Past Defaults 36 Section 5.13 41 SECTION 5.13. Undertaking for Costs 36 Section 5.14 41 SECTION 5.14. Waiver of Stay or Extension Laws 37 Section 5.15 42 SECTION 5.15. Action on Bonds 37 Section 5.16 42 SECTION 5.16. Performance and Enforcement of Certain Obligations 37 Section 6.01 42 SECTION 6.01. Duties of Bond Trustee 38 Section 6.02 43 SECTION 6.02. Rights of Bond Trustee 39 Section 6.03 44 SECTION 6.03. Individual Rights of Bond Trustee 40 Section 6.04 Bond 44 SECTION 6.04. Trustee’s Disclaimer 41 Section 6.05 44 SECTION 6.05. Notice of Defaults 41 Section 6.06 45 SECTION 6.06. Reports by Bond Trustee to Holders 41 Section 6.07 45 SECTION 6.07. Compensation and Indemnity 42 Section 6.08 45 SECTION 6.08. Resignation; Replacement of Bond Trustee and Securities Intermediary 43 Section 6.09 46 SECTION 6.09. Successor Bond Trustee by Merger 44 Section 6.10 Xxxxxx 47 SECTION 6.10. Appointment of Co-Trustee or Separate Trustee 44 Section 6.11 47 SECTION 6.11. Eligibility; Disqualification 45 Section 6.12 48 SECTION 6.12. Preferential Collection of Claims Against Bond Issuer 45 Section 6.13 48 SECTION 6.13. Representations and Warranties of Bond Trustee 45 Section 6.14 Custody of Collateral 4549

Satisfaction and Discharge Defeasance. Section 4.01 Satisfaction and Discharge of Bond Indenture; Securities of any Series 19 SECTION 5.02 Option to Effect Legal Defeasance 28 Section 4.02 or Covenant Defeasance 20 SECTION 5.03 Legal Defeasance and Discharge 20 SECTION 5.04 Covenant Defeasance 20 SECTION 5.05 Conditions to Legal or Covenant Defeasance 29 Section 4.03 21 SECTION 5.06 Survival of Certain Obligations 22 SECTION 5.07 Application of Trust Money 30 Section 4.04 22 SECTION 5.08 Repayment of Moneys Held by Paving Paying Agent 30 Section 5.01 22 SECTION 5.09 Reinstatement 22 SECTION 6.01 Events of Default 31 Section 5.02 23 SECTION 6.02 Acceleration of Maturity; Rescission and Annulment 32 Section 5.03 24 SECTION 6.03 Collection of Indebtedness and Suits for Enforcement by Bond Trustee 32 Section 5.04 Remedies; Priorities 34 Section 5.05 Optional 25 SECTION 6.04 Trustee May File Proofs of Claim 25 SECTION 6.05 Trustee May Enforce Claims without Possession of the Collateral 34 Section 5.06 Securities 26 SECTION 6.06 Application of Money Collected 26 SECTION 6.07 Limitation on Suits 26 SECTION 6.08 Unconditional Right of Suits 34 Section 5.07 Unconditional Rights of Bondholders To Holders to Receive Principal Principal, Premium and Interest 35 Section 5.08 27 SECTION 6.09 Restoration of Rights and Remedies 35 Section 5.09 27 SECTION 6.10 Rights and Remedies Cumulative 35 Section 5.10 27 SECTION 6.11 Delay or Omission Not a Waiver 35 Section 5.11 27 SECTION 6.12 Control by Bondholders 36 Section 5.12 Holders 27 SECTION 6.13 Waiver of Past Defaults 36 Section 5.13 28 SECTION 6.14 Undertaking for Costs 36 Section 5.14 28 SECTION 6.15 Waiver of Stay or Extension Laws 37 Section 5.15 Action on Bonds 37 Section 5.16 Performance 28 SECTION 7.01 Certain Duties and Enforcement of Certain Obligations 37 Section 6.01 Duties of Bond Trustee 38 Section 6.02 Rights of Bond Trustee 39 Section 6.03 Individual Rights of Bond Trustee 40 Section 6.04 Bond Trustee’s Disclaimer 41 Section 6.05 Responsibilities 29 SECTION 7.02 Notice of Defaults 41 Section 6.06 Reports by Bond 29 SECTION 7.03 Certain Rights of Trustee to Holders 41 Section 6.07 30 SECTION 7.04 Not Responsible for Recitals or Issuance of Securities 31 SECTION 7.05 May Hold Securities 31 SECTION 7.06 Money Held in Trust 31 SECTION 7.07 Compensation and Indemnity 42 Section 6.08 Replacement of Bond Reimbursement 31 SECTION 7.08 Disqualification; Conflicting Interests 31 SECTION 7.09 Corporate Trustee Required; Eligibility 32 SECTION 7.10 Resignation and Securities Intermediary 43 Section 6.09 Successor Bond Trustee by Merger 44 Section 6.10 Removal; Appointment of Co-Trustee Successor 32 SECTION 7.11 Acceptance of Appointment by Successor 33 SECTION 7.12 Merger, Conversion, Consolidation or Separate Trustee 44 Section 6.11 Eligibility; Disqualification 45 Section 6.12 Succession to Business 34 SECTION 7.13 Preferential Collection of Claims Against Bond Issuer 45 Section 6.13 Representations and Warranties of Bond Trustee 45 Section 6.14 Custody of Collateral 4534

Satisfaction and Discharge Defeasance. 56 Section 4.01 8.1 Satisfaction and Discharge of Bond Indenture; Indenture and Financing Documents 56 Section 8.2 Defeasance 28 57 Section 4.02 Conditions to Defeasance 29 8.3 Survival of Obligations 59 Section 4.03 8.4 Application of Trust Money 30 60 Section 4.04 Repayment 8.5 Accounts Collateral Used for Defeasance 60 Section 8.6 Unclaimed Monies 60 Section 8.7 Reinstatement 60 ARTICLE 9 THE TRUSTEE 61 Section 9.1 Certain Duties and Responsibilities of Moneys Held by Paving Agent 30 Trustee 61 Section 5.01 Events of Default 31 Section 5.02 Acceleration of Maturity; Rescission and Annulment 32 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Bond Trustee 32 Section 5.04 Remedies; Priorities 34 Section 5.05 Optional Possession of the Collateral 34 Section 5.06 Limitation of Suits 34 Section 5.07 Unconditional 9.2 Certain Rights of Bondholders To Receive Principal and Interest 35 Trustee 62 Section 5.08 Restoration of Rights and Remedies 35 Section 5.09 Rights and Remedies Cumulative 35 Section 5.10 Delay or Omission Not a Waiver 35 Section 5.11 Control by Bondholders 36 Section 5.12 Waiver of Past Defaults 36 Section 5.13 Undertaking for Costs 36 Section 5.14 Waiver of Stay or Extension Laws 37 Section 5.15 Action on Bonds 37 Section 5.16 Performance and Enforcement of Certain Obligations 37 Section 6.01 Duties of Bond Trustee 38 Section 6.02 Rights of Bond Trustee 39 Section 6.03 Individual Rights of Bond Trustee 40 Section 6.04 Bond Trustee’s Disclaimer 41 Section 6.05 9.3 Notice of Defaults 41 64 Section 6.06 Reports by Bond Trustee to Holders 41 9.4 Not Responsible for Recitals or Issuance of Notes 64 Section 6.07 Compensation 9.5 May Hold Notes 65 Section 9.6 Monies Held in Trust 65 Section 9.7 Compensation; Reimbursement; Indemnification 65 Section 9.8 Eligibility 66 Section 9.9 Resignation and Indemnity 42 Section 6.08 Replacement of Bond Trustee and Securities Intermediary 43 Section 6.09 Successor Bond Trustee by Merger 44 Section 6.10 Removal; Appointment of Co-Successor 66 Section 9.10 Acceptance of Appointment by Successor Trustee 67 Section 9.11 Merger, Conversion, Consolidation or Separate Trustee 44 Succession to Business 68 Section 6.11 Eligibility9.12 Authorization to Enter into Financing Documents; Disqualification 45 Collateral Agency Agreement 68 Section 6.12 Preferential Collection of Claims Against Bond 9.13 Disqualification; Conflicting Interests 69 Section 9.14 Trustee’s Application for Instructions from the Issuer 45 69 ARTICLE 10 [RESERVED] 69 ARTICLE 11 MISCELLANEOUS PROVISIONS 69 Section 6.13 Representations 11.1 Third Party Beneficiaries 69 Section 11.2 Severability 69 Section 11.3 Substitute Notice 69 Section 11.4 Notice to Rating Agencies 69 Section 11.5 Notices 70 Section 11.6 Successors and Warranties of Bond Trustee 45 Assigns 70 Section 6.14 Custody of Collateral 4511.7 Section Headings 70 Section 11.8 Counterparts 70 Section 11.9 GOVERNING LAW; SUBMISSION TO JURISDICTION; JUDGMENT CURRENCY 71