Common use of APPLICATION BY NEW YORK PAYING AGENT Clause in Contracts

APPLICATION BY NEW YORK PAYING AGENT. The New York Paying Agent shall apply (or direct or cause application of) each amount paid to it hereunder in accordance with Clauses 7.1 and 7.2 in respect of the Note Certificates (if any) and shall not be obliged to repay any such amount other than as provided herein or unless the claim for the relevant payment becomes void under the Note Conditions in which event it shall repay to the Issuer such portion of such amount as relates to such payment by paying the same by credit transfer in to such account with such bank as the Issuer has by notice to the New York Paying Agent specified for the purpose.