Common use of Application by Trustee or the Securities Administrator of Funds Deposited for Payment of Securities Clause in Contracts

Application by Trustee or the Securities Administrator of Funds Deposited for Payment of Securities. Subject to Section 10.04, all monies deposited with the Trustee or the Securities Administrator (or other trustee) pursuant to Section 10.01 shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent or the Guarantor acting as paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such monies have been deposited with the Trustee or the Securities Administrator, as the case may be, of all sums due and to become due thereon for principal and interest; but such money need not be segregated from other funds except to the extent required by law.