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 ARTICLE V Remedies 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 ARTICLE VI The Bond Trustee 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 ARTICLE V Remedies 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 ARTICLE VI The Bond Trustee 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 5.01 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 ii SECTION 5.07 Application of Trust Money 30 Section 4.04 22 SECTION 5.08 Repayment of Moneys Held by Paving Paying Agent 30 22 SECTION 5.09 Reinstatement 22 ARTICLE V Remedies Section 5.01 SIX REMEDIES OF THE TRUSTEE AND HOLDERS ON EVENT OF DEFAULT 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 ARTICLE SEVEN THE TRUSTEE SECTION 7.01 Certain Duties and Enforcement of Certain Obligations 37 ARTICLE VI The Bond Trustee 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 ARTICLE EIGHT

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 34 ARTICLE V Remedies Section 5.01 REMEDIES 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 42 ARTICLE VI The Bond Trustee Section 6.01 THE TRUSTEE SECTION 6.01. Duties of Bond Trustee 38 Section 6.02 43 SECTION 6.02. Rights of Bond Trustee 39 Section 6.03 44 TABLE OF CONTENTS (continued) Page 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