Common use of Outstanding Debentures Clause in Contracts

Outstanding Debentures. The Debentures outstanding at any time are all of the Debentures authenticated by the Trustee, except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.8 as not outstanding. If a Debenture is replaced pursuant to Section 2.7, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Debenture is held by a bona fide purchaser. If the Paying Agent (other than the Company or an Affiliate of the Company) holds on a redemption date or maturity date money sufficient to pay the principal of and accrued interest on the Debentures payable on that date, then on and after that date such Debentures cease to be outstanding and interest on them ceases to accrue. Subject to the restrictions contained in Section 2.9, a Debenture does not cease to be outstanding because the Company or an Affiliate of the Company holds the Debenture.