Common use of Unclaimed Funds Clause in Contracts

Unclaimed Funds. At the expiration of two (2) years following the date of Maturity of the Notes issued hereunder, any monies deposited in the Holdover Account for such Notes then remaining on deposit and unclaimed by the lawful owner thereof shall be paid to the Issuer (or in accordance with any directions previously given to the Trustee by the Issuer) and the Person entitled to receive such monies thereafter shall look only to the Issuer for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or in the Notes or any other Security Document), and all liability of the Trustee with respect to such trust money shall thereupon cease; 101 110 provided that the Trustee, before being required to make any such repayment, may, at the expense of the Issuer, cause to be published at least once but not more than three times in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation, one in New York, New York and the other in London, England, a notice to the effect that said monies remain unclaimed and have not been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not less than thirty (30) days after the date of first publication of said notice, any unclaimed balance of said monies then remaining in the hands of the Trustee will be paid to the Issuer upon its written directions. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraph.

Appears in 1 contract

Samples: Indenture and Servicing Agreement (Vornado Realty Trust)

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Unclaimed Funds. At Subject to abandoned property laws, on the expiration of two (2) years following the date of Maturity request of the Notes issued hereunderIssuer, any monies money deposited in with the Holdover Account for such Notes Indenture Trustee or any Paying Agent, or then remaining on deposit and unclaimed held by the lawful owner thereof Issuer, in trust for the payment of the principal of or interest on any Bond and remaining unclaimed for three years after it has become due and payable shall be discharged from the trust and paid to the Issuer (or in accordance with any directions previously given to Issuer. The Holder of the Trustee by the Issuer) and the Person entitled to receive such monies Bond on which payment was due shall thereafter shall look only to the Issuer for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or in the Notes or any other Security Document), and all creditor. All liability of the Indenture Trustee with respect to such or the Paying Agent regarding that trust money to the extent so paid to the Issuer shall thereupon cease; 101 110 provided that . The Indenture Trustee or the TrusteePaying Agent, before being required to make any such repaymentpayment, may, may at the expense of the Issuer, Issuer cause to be published at least once but not more than three times once, in any Authorized Newspaper (if the Notes were, as a newspaper of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers general circulation published in the English language and customarily published on each Business Day and in The City of general circulation, one in New York, New York and in the other city in Londonwhich the principal corporate trust office of the Indenture Trustee is located, England, a notice to the effect that said monies remain such money remains unclaimed and have not been applied for the purpose for which they were depositedthat, and that after a date specified therein, which shall be not less than thirty (30) 30 days after from the date of first publication of said noticethe publication, any unclaimed balance of said monies that money then remaining in will be repaid to the hands Issuer. The Indenture Trustee may also adopt and employ, at the expense of the Trustee will be paid to the Issuer upon its written directions. Any successor to the Issuer through mergerIssuer, consolidation or otherwise or any recipient other reasonable means of substantially all the assets notification of a release of payment (including, mailing notice of the Issuer in a liquidation release to Bondholders whose Bonds have been called but have not been surrendered for redemption or whose right to monies payable but not claimed is determinable from the records of any Paying Agent, at the last address of record of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraphHolder).

Appears in 1 contract

Samples: Indenture (Istar Financial Inc)

Unclaimed Funds. At The Indenture Trustee is required to hold any payments received by it with respect to the Notes that are not paid to the Noteholders in trust for the Noteholders. Notwithstanding the foregoing, at the expiration of two (2) years following the date of Maturity of Final Payment Date for the Notes issued hereunderNotes, any monies deposited set aside in the Holdover Account accordance with Section 2.10(b) for payment of principal, interest and other amounts on such Notes then remaining on deposit and remain unclaimed by the any lawful owner thereof thereof, such unclaimed funds and, to the extent required by applicable law, any accrued interest thereon shall be paid remitted to the Issuer (or to be held in trust by the Issuer for the benefit of the applicable Noteholder until distributed in accordance with any directions previously given to the Trustee by the Issuer) and the Person entitled to receive such monies thereafter shall look only to the Issuer for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or in the Notes or any other Security Document)applicable law, and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease; 101 110 provided provided, that the Indenture Trustee, before being required to make any such repayment, may, at the expense of the applicable Noteholder, payable out of such unclaimed funds, to the extent permitted by applicable law, and otherwise at the expense of the Issuer, cause to be published at least once but not more than three times in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation, one in New York, New York and the other in London, EnglandYork, a notice to the effect that said such monies remain unclaimed and have not been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not less than thirty (30) 30 days after the date of first publication of said notice, any unclaimed balance of said such monies then remaining in the hands of the Indenture Trustee will be paid to the Issuer upon its written directionsdirections to be held in trust for the benefit of the applicable Noteholder until distributed in accordance with applicable law. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraphSection 5.10.

Appears in 1 contract

Samples: Oakwood Homes Corp

Unclaimed Funds. At Any money deposited with the expiration of two (2) years following Trustee or any Paying Agent, or then held by the date of Maturity Issuer, in trust for the payment of the Notes issued hereunder, principal of or interest on any monies deposited in the Holdover Account Note and remaining unclaimed for three years after such Notes then remaining on deposit principal or interest has become due and unclaimed by the lawful owner thereof payable shall be paid to the Issuer on Issuer Request, or (or in accordance with any directions previously given to the Trustee if then held by the Issuer) shall be discharged from such trust; and the Person entitled to receive Holder of such monies thereafter Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof as an unsecured general creditor thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money (without regard but only to any limitation on recourse contained herein or in the Notes or any other Security Documentextent of the amounts so paid to the Issuer), and all liability of the Trustee with respect to such trust money Issuer as trustee thereof, shall thereupon cease; 101 110 provided provided, however, that the TrusteeTrustee or such Paying Agent, before being required to make any such repaymentrelease or payment, may, may at the expense of the Issuer, Issuer cause to be published at least once but not more than three times once, in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers newspaper published in the English language language, customarily published on each Business Day and of general circulation, one circulation in New York, New York and in the other city in Londonwhich the Corporate Trust Office is located, England, a notice to the effect that said monies remain such money remains unclaimed and have not been applied for the purpose for which they were depositedthat, and that after a date specified therein, 3/64971.8 which shall be not less than thirty (30) 30 days after from the date of first publication of said noticesuch publication, any unclaimed balance of said monies such money then remaining in will be repaid to the hands Issuer. The Trustee may also adopt and employ, at the expense of the Trustee will be paid Issuer, any other reasonable means of notification of such release of payment (including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the Issuer upon its written directions. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount records of any unclaimed balance paid to Paying Agent, at the Issuer pursuant to this paragraphlast address of record of each such Holder).

Appears in 1 contract

Samples: Dyncorp

Unclaimed Funds. At Subject to applicable laws with respect to abandoned property, any funds held by the expiration Trustee (as Trustee or as Paying Agent) for the payment of two principal (2or the Make Whole Amount, as applicable) or purchase price on any Note that remains unclaimed for five (5) years following and for the date payment of Maturity interest (including interest which is a part of the Notes issued hereunderpurchase price) and Additional Amounts on any Note that remain unclaimed for ten (10) years, any monies deposited in the Holdover Account for each case, after such Notes then remaining on deposit amount shall have become due and unclaimed by the lawful owner thereof payable, shall be paid to the Issuer (or in accordance with any directions previously given Insurer to the Trustee extent of any unreimbursed or outstanding amounts paid by the Issuer) Insurer pursuant to the terms of the Policy and thereafter repaid to the Person which originally paid such funds to the Trustee, and the Person entitled to receive Holder of such monies Note shall thereafter shall look only to the Issuer for payment thereof look, as an unsecured general creditor creditor, only to the Issuer, Insurer or Purchaser (without regard whichever was liable to any limitation on recourse contained herein or in make the Notes or any other Security Document)payment being sought) for payment thereof, and all liability of the Trustee with respect to such trust money funds shall thereupon cease; 101 110 provided that the Trustee, before being required to make any such repayment, may. The Trustee shall also adopt and employ, at the expense and direction of the Issuer, cause to be published at least once any other reasonable means of notification of such repayment (including, but not more than three times limited to, mailing notice of such repayment to the Holders whose Notes have been called but have not been surrendered for redemption or purchase or whose right to or interest in any Authorized Newspaper (if monies due and payable but not claimed is determinable from the Notes were, as records of the Trustee's receipt , at the last address of record for each such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation, one in New York, New York and the other in London, England, a notice to the effect that said monies remain unclaimed and have not been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not less than thirty (30) days after the date of first publication of said notice, any unclaimed balance of said monies then remaining in the hands of the Trustee will be paid to the Issuer upon its written directions. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraphHolder).

Appears in 1 contract

Samples: Indenture Agreement (CNL Hospitality Properties Inc)

Unclaimed Funds. At The Indenture Trustee is required to hold any payments received by it with respect to the Notes that are not paid to the Noteholders in trust for the Noteholders. Notwithstanding the foregoing, and subject to applicable abandoned property law, at the expiration of two (2) years following the date of Maturity of Final Payment Date for the Notes issued hereunderNotes, any monies deposited set aside in the Holdover Account accordance with Section 2.10(b) for payment of principal, interest and other amounts on such Notes then remaining on deposit and remain unclaimed by the any lawful owner thereof thereof, such unclaimed funds and, to the extent required by applicable law, any accrued interest thereon shall be paid remitted to the Issuer (or to be held in trust by the Issuer for the benefit of the applicable Noteholder until distributed in accordance with any directions previously given to the Trustee by the Issuer) and the Person entitled to receive such monies thereafter shall look only to the Issuer for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or in the Notes or any other Security Document)applicable law, and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease; 101 110 provided provided, that the Indenture Trustee, before being required to make any such repayment, may, at the expense of the applicable Noteholder, payable out of such unclaimed funds, to the extent permitted by applicable law, and otherwise at the expense of the Issuer, cause to be published at least once but not more than three times in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation, one in New York, New York and the other in London, EnglandYork, a notice to the effect that said such monies remain unclaimed and have not -50- been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not less than thirty (30) 30 days after the date of first publication of said notice, any unclaimed balance of said such monies then remaining in the hands of the Indenture Trustee will be paid to the Issuer upon its their written directionsdirections to be held in trust for the benefit of the applicable Noteholder until distributed in accordance with applicable law. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraphSection 6.10.

Appears in 1 contract

Samples: Indenture (U S Restaurant Properties Inc)

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Unclaimed Funds. At The Indenture Trustee is required to hold any payments received by it with respect to the Notes that are not paid to the Noteholders in trust for the Noteholders. Notwithstanding the foregoing, at the expiration of two (2) three years following the date of Maturity of Final Payment Date for the Notes issued hereunder, any monies deposited in the Holdover Account for such Notes then remaining on deposit and unclaimed by the lawful owner thereof shall be paid to the Issuer (or moneys set aside in accordance with Section 2.15(b) for payment of principal, interest and other amounts on such Notes remaining unclaimed by any directions previously given lawful owner thereof, and, to the Trustee extent required by applicable law, any accrued interest thereon shall be remitted to the Issuer) and the Person entitled , as their interest may appear, to receive such monies thereafter shall look only to be held in trust by the Issuer for payment thereof as an unsecured general creditor (without regard to any limitation on recourse contained herein or the benefit of the applicable Noteholder until distributed in the Notes or any other Security Document)accordance with applicable law, and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease; 101 110 provided provided, that the Indenture Trustee, before being required to make any such repaymentremittance, may, at the expense of the Issuerapplicable Noteholder, payable out of such unclaimed funds, to the extent permitted by applicable law, and otherwise at the expense of the Issuer payable out of the Collateral Pool, cause to be published at least once but not more than three times in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers in the English language customarily published on each Business Day and of general circulation, one circulation in New York, New York and the other in London, EnglandYork, a notice to the effect that said monies such moneys remain unclaimed and have not been applied for the purpose for which they were deposited, and that after a date specified therein, which shall be not less than thirty (30) 30 days after the date of first publication of said notice, any unclaimed balance of said monies such moneys then remaining in the hands of the Indenture Trustee will be paid to the Issuer upon its their written directionsdirections to be held in trust for the benefit of the applicable Noteholder until distributed in accordance with applicable law. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount of any unclaimed balance paid to the Issuer pursuant to this paragraphSection 5.10.

Appears in 1 contract

Samples: Indenture (Manhattan Bridge Capital, Inc)

Unclaimed Funds. At Any money deposited with the expiration of two (2) years following Trustee or any Paying Agent, or then held by the date of Maturity Issuer, in trust for the payment of the Notes issued hereunder, prin cipal of or interest on any monies deposited in the Holdover Account Note and remaining unclaimed for five years after such Notes then remaining on deposit principal or interest has become due and unclaimed by the lawful owner thereof payable shall be paid to the Issuer on Issuer Request, or (or in accordance with any directions previously given to the Trustee if then held by the Issuer) shall be discharged from such trust; and the Person entitled to receive Holder of such monies thereafter Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof as an unsecured general creditor thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money (without regard but only to any limitation on recourse contained herein or in the Notes or any other Security Documentextent of the amounts so paid to the Issuer), and all liability of the Trustee with respect to such trust money Issuer as trustee there of, shall thereupon cease; 101 110 provided provided, however, that the TrusteeTrustee or such Paying Agent, before being required to make any such repaymentrelease or payment, may, may at the expense of the Issuer, Issuer cause to be publish ed once, in a newspaper published at least once but not more than three times in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers in the English language language, customarily published on each Business Day and of general circulation, one circulation in New York, New York and in the other city in Londonwhich the Corporate Trust Office is located, England, a notice to the effect that said monies remain such money remains unclaimed and have not been applied for the purpose for which they were depositedthat, and that after a date specified therein, which shall not be not less than thirty (30) 30 days after from the date of first publication of said noticesuch publication, any unclaimed balance of said monies such money then remaining in will be repaid to the hands Issuer. The Trustee may also adopt and employ, at the expense of the Trustee will be paid Issuer, any other reasonable means of notification of such release of payment (including, but not limited to, mailing notice of such release to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the Issuer upon its written directions. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets of the Issuer in a liquidation of the Issuer shall remain liable for the amount records of any unclaimed balance paid to Paying Agent, at the Issuer pursuant to this paragraphlast address of record of each such Holder).

Appears in 1 contract

Samples: Dyncorp

Unclaimed Funds. At Subject to applicable laws with respect to escheat of funds, any money held by the expiration Indenture Trustee in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two (2) years following the date of Maturity of final Payment Date on the Notes issued hereunder, any monies deposited in the Holdover Account for shall be discharged from such Notes then remaining on deposit trust and unclaimed by the lawful owner thereof shall be paid to the Issuer (or in accordance with any directions previously given to the Trustee by the Issuer) on Issuer Request; and the Person entitled to receive Holder of such monies thereafter Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof as an unsecured general creditor (without regard but only to any limitation on recourse contained herein or in the Notes or any other Security Documentextent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee with respect to such trust money shall thereupon cease; 101 110 provided provided, however, that the Indenture Trustee, before being required to make any such repayment, may, shall at the expense and direction of the Issuer, Issuer cause to be published at least once but not more than three times once, in any Authorized Newspaper (if the Notes were, as of the Trustee's receipt of such payment, listed on a securities exchange) and in two newspapers newspaper published in the English language language, customarily published on each Business Day and of general circulation, one circulation in New York, The City of New York and the other in London(including, Englandbut not limited to, a The Bond Buyer), notice to the effect that said monies remain such money remains unclaimed and have not been applied for the purpose for which they were depositedthat, and that after a date specified therein, which shall not be not less than thirty (30) 30 days after from the date of first publication of said noticesuch publication, any unclaimed balance of said monies such money then remaining in will be repaid to the hands Issuer. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Trustee will be paid Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the Issuer upon its written directions. Any successor to the Issuer through merger, consolidation or otherwise or any recipient of substantially all the assets records of the Issuer in a liquidation of the Issuer shall remain liable for the amount Indenture Trustee or of any unclaimed balance paid to Paying Agent, at the Issuer pursuant to this paragraphlast address of record for each such Holder).

Appears in 1 contract

Samples: New York Mortgage Trust Inc

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