Common use of Money for Bond Payments to Be Held in Trust Clause in Contracts

Money for Bond Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Bonds, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its action or failure so to act. Whenever the Company shall have one or more Paying Agents, it will, on or before each due date of the principal of (and premium, if any) or interest on any Bonds, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, (and premium, if any) or interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. The Company will cause each Paying Agent other than the Trustee 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, that such Paying Agent will

Money for Bond Payments to Be Held in Trust. If the Company shall at any time act as its own Paying AgentAgent with respect to the Bonds of any series, it willshall, on or before each due date of the principal of (and premium, if any) or interest , and interest, if any, on any of the such Bonds, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) premium or interest so becoming due until such sums shall be paid to such persons Persons or otherwise disposed of as herein provided, and will . The Company shall promptly notify the Trustee of its action any failure by the Company (or failure so any other obligor on such Bonds) to actmake any payment of principal of or premium, if any, or interest, if any, on such Bonds. Whenever the Company shall have one or more Paying AgentsAgents for the Bonds of any series, it willshall, on or before each due date of the principal of (and premium, if any) or interest , and interest, if any, on any such Bonds, deposit with a such Paying Agent a sum Agents sums sufficient (without duplication) to pay the principal (and premium, if any) premium or interest, interest so becoming due, such sum sums to be held in trust for the benefit of the Persons entitled to such principal, (and premium, if any) premium or interest, and (unless such Paying Agent is the Trustee) the Company will shall promptly notify the Trustee of its action or any failure by it so to act. The Upon their appointment as Paying Agent, the Company will shall cause each Paying Agent for the Bonds of any series, other than the Trustee Company or the Trustee, 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, that such Paying Agent willshall: