Common use of Unclaimed Funds Clause in Contracts

Unclaimed Funds. In the event that any amount due to any Noteholder remains unclaimed, the Issuer shall, at its expense, cause to be published once, in the eastern edition of The Wall Street Journal, notice that such money remains unclaimed. Any such unclaimed amounts shall not be invested by the Agent (notwithstanding the provisions of Section 305 hereof) and no additional interest shall accrue on the related Note subsequent to the date on which such funds were available for distribution to such Noteholder. Any such unclaimed amounts shall be held by the Agent in trust until the latest of (i) two years after the date of the publication described in the second preceding sentence, (ii) the date all other registered Noteholders shall have received full payment of all principal of and premium, if any, and interest and other sums payable to them on such Notes or the Agent shall hold (and shall have notified the registered Noteholders that it holds) in trust for that purpose an amount sufficient to make full payment thereof when due and (iii) the date the Issuer shall have fully performed and observed all their covenants and obligations contained in this Loan Agreement with respect to such Notes. Thereafter any such unclaimed amounts shall be paid by the Agent on demand to the Issuer. Thereupon the Agent shall be released from all further liability with respect to such monies, and thereafter the registered Noteholders in respect of which such monies were so paid to the Issuer shall have no rights in respect thereof except to obtain payment of such monies from the Issuer.

Appears in 3 contracts

Samples: Loan Agreement (Cronos Group), Loan Agreement (Cronos Group), Loan Agreement (Cronos Group)

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Unclaimed Funds. In the event that any amount due to any Noteholder remains unclaimed, the Issuer shall, at its own expense, cause to be published once, in the eastern edition of The Wall Street Journal, notice that such money remains unclaimed. Any such unclaimed amounts shall not be invested by the Agent (notwithstanding the provisions of Section 305 hereof) and no additional interest shall accrue on the related Note subsequent to the date on which such funds were available for distribution to such Noteholder. Any such unclaimed amounts shall be held by the Agent Indenture Trustee in trust until the latest of (i) two years after the date of the publication described in the second preceding sentence, (ii) the date all other registered Noteholders of such Series shall have received full payment of all principal of and premium, if any, and interest and other sums payable to them on such Notes or the Agent Indenture Trustee shall hold (and shall have notified the registered Noteholders that it holds) in trust for that purpose an amount sufficient to make full payment thereof when due and (iii) the date the Issuer shall have fully performed and observed all their its covenants and obligations contained in this Loan Agreement Indenture and the related Supplement with respect to such Series of Notes. Thereafter any such unclaimed amounts shall be paid to the Issuer by the Agent Indenture Trustee on demand to written demand; and thereupon the Issuer. Thereupon the Agent Indenture Trustee shall be released from all further liability with respect to such monies, and thereafter the registered Noteholders in respect of which such monies were so paid to the Issuer shall have no rights in respect thereof except to obtain payment of such monies from the Issuer.

Appears in 2 contracts

Samples: Servicing Agreement (Seacastle Inc.), Servicing Agreement (Seacastle Inc.)

Unclaimed Funds. In the event that any amount due to any Noteholder remains unclaimed, the Issuer shall, at its expense, cause to be published once, in the eastern edition of The Wall Street Journal, notice that such money remains unclaimed. Any such unclaimed amounts shall not be invested by the Agent (notwithstanding the provisions of Section 305 hereof) and no additional interest shall accrue on the related Note subsequent to the date on which such funds were available for distribution to such Noteholder. Any such unclaimed amounts shall be held by the Agent in trust until the latest of (i) two years after the date of the publication described in the second preceding sentence, (ii) the date all other registered Noteholders shall have received full payment of all principal of and premium, if any, and interest and other sums payable to them on such Notes or the Agent shall hold (and shall have notified the registered Noteholders that it holds) in trust for that purpose an amount sufficient to make full payment thereof when due and (iii) the date the Issuer shall have fully performed and observed all their covenants and obligations contained in this Master Loan Agreement with respect to such NotesAgreement. Thereafter any such unclaimed amounts shall be paid by the Agent on demand to the Issuer. Thereupon following person and in the Agent shall be released from all further liability with respect to such monies, and thereafter the registered Noteholders in respect of which such monies were so paid to the Issuer shall have no rights in respect thereof except to obtain payment of such monies from the Issuer.percentages set forth below:

Appears in 1 contract

Samples: Master Loan Agreement (Cronos Group)

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Unclaimed Funds. In the event that any amount due to any Noteholder remains unclaimed, the Issuer shall, at its expense, cause to be published once, in the eastern edition of The Wall Street Journal, notice that such money remains unclaimed. Any such unclaimed amounts shall not be invested by the Agent (notwithstanding the provisions of Section 305 303 hereof) and no additional interest shall accrue on the related Note subsequent to the date on which such funds were available for distribution to such Noteholder. Any such unclaimed amounts shall be held by the Agent in trust until the latest of (i) two years after the date of the publication described in the second preceding sentence, (ii) the date all other registered Noteholders shall have received full payment of all principal of and premium, if any, and interest and other sums payable to them on such Notes or the Agent shall hold (and shall have notified the registered Noteholders that it holds) in trust for that purpose an amount sufficient to make full payment thereof when due due, and (iii) the date the Issuer shall have fully performed and observed all their covenants and obligations contained in this Loan Agreement with respect to such Notes. Thereafter any such unclaimed amounts shall be paid by the Agent on demand to the Issuer. Thereupon the Agent shall be released from all further liability with respect to such monies, and thereafter the registered Noteholders in respect of which such monies were so paid to the Issuer shall have no rights in respect thereof except to obtain payment of such monies from the Issuer.

Appears in 1 contract

Samples: Management Agreement (Cronos Group)

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