Common use of APPOINTMENT OF TRUSTEE AS PAYING AGENT; DUTY OF PAYING AGENT OTHER THAN TRUSTEE Clause in Contracts

APPOINTMENT OF TRUSTEE AS PAYING AGENT; DUTY OF PAYING AGENT OTHER THAN TRUSTEE. The Company hereby appoints the Trustee as paying agent and the Company covenants that, if it shall appoint a paying agent other than the Trustee, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall agree with the Trustee, subject to the provisions of this Section 3.2, (1) that such paying agent shall hold all sums held by it as such agent for the payment of the principal of or the interest on any of the Notes in trust for the benefit of the holders of such Notes or the Trustee; (2) that such paying agent shall give the Trustee notice of any Default of the Company in making any payment of the principal of or the interest on the Notes when the same shall be due and payable; and (3) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith to pay to the Trustee all sums so held in trust by such paying agent.

APPOINTMENT OF TRUSTEE AS PAYING AGENT; DUTY OF PAYING AGENT OTHER THAN TRUSTEE. The Company hereby appoints the Trustee as paying agent and the Company covenants that, if it shall appoint a paying agent other than the Trustee, it will cause such paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall agree with the Trustee, subject to the provisions of this Section 3.2, (1) that such paying agent shall hold all sums held by it as such agent for the payment of the principal of and the premium, if any, or the interest on any of the Notes in trust for the benefit of the holders of such Notes or the Trustee; (2) that such paying agent shall give the Trustee notice of any Default of the Company in making any payment of the principal of and the premium, if any, or the interest on the Notes when the same shall be due and payable; and (3) at any time during the continuance of any such Default, upon the written request of the Trustee, forthwith to pay to the Trustee all sums so held in trust by such paying agent.