Common use of Withdrawal of Deposits Clause in Contracts

Withdrawal of Deposits. (a) If the Company shall have given the Partial Withdrawal Direction to the Trustee, the Trustee shall instruct (as and when specified in the Partial Withdrawal Direction) the Escrow Agent to provide a Notice of Partial Withdrawal to the Depositary substantially in the form of Exhibit C to the Deposit Agreement requesting the withdrawal of a portion of the Deposits (in the respective amounts and from the accounts as shall be specified in the Partial Withdrawal Direction) and payment of accrued interest thereon in accordance with and to the extent permitted by the terms of the Escrow Agreement and the Deposit Agreement, all as shall be described in the Partial Withdrawal Direction. On the date that the Depositary is obligated to pay the amount of the Partial Withdrawal to the Escrow Paying Agent pursuant to the Deposit Agreement, the Trustee will make a demand upon the Company under the NPA for an amount equal to the Deposit Make-Whole Premium in respect of such Partial Withdrawal.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Continental Airlines Inc /De/), Assignment and Assumption Agreement (Continental Airlines Inc /De/)

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Withdrawal of Deposits. (a) If the Company shall have given the Partial Withdrawal Direction to the Trustee, the Trustee shall instruct (as and when specified in the Partial Withdrawal Direction) the Escrow Agent to provide a Notice of Partial Withdrawal to the Depositary substantially in the form of Exhibit C to the Deposit Agreement requesting the withdrawal of a portion of the Deposits (in the respective amounts and from the accounts as shall be specified in the Partial Withdrawal Direction) and payment of accrued interest thereon in accordance with and to the extent permitted by the terms of the Escrow Agreement and the Deposit Agreement, all as shall be described in the Partial Withdrawal Direction. On the date that the Depositary is obligated to pay the amount of the Partial Withdrawal to the Escrow Paying Agent pursuant to the Deposit Agreement, the Trustee will make a demand upon the Company under the NPA for an amount equal to the Deposit Make-Whole Premium in respect of such Partial Withdrawal.

Appears in 2 contracts

Samples: Continental Airlines Inc /De/, Continental Airlines Inc /De/

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