Common use of Application by Principal Paying Agent Clause in Contracts

Application by Principal Paying Agent. The Principal Paying Agent shall apply (or direct or cause application of) each amount paid to it hereunder in accordance with Clause 7 in respect of the Global Master Issuer Notes and Definitive Notes (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 Conditions in which event it shall repay to the Master Issuer such portion of such amount as relates to such payment, together with the fees applicable thereto (pro rata as to the amount and time) to the extent already paid pursuant to Clause 10, by paying the same by credit transfer in the Specified Currency, to such account with such bank as the Master Issuer has by notice to the Principal Paying Agent specified for the purpose.

Application by Principal Paying Agent. The Principal Paying Agent shall apply (or direct or cause application of) each amount paid to it hereunder in accordance with Clause 7 in respect of the Global Master Issuer Notes and Definitive Notes (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 Conditions in which event it shall repay to the Master Issuer such portion of such amount as relates to such payment, together with the fees applicable thereto (pro rata as to the amount and time) to the extent already paid pursuant to Clause 10, by paying the same by credit transfer in the Specified Currency, to such account with such bank as the Master Issuer has by notice to the Principal Paying Agent specified for the purpose.