Paying Agent Obligations Sample Clauses

Paying Agent Obligations. The Issuer, as the initial Paying Agent, agrees to the Paying Agent obligations set forth below and agrees that it will cause each successor Paying Agent, if any, to execute and deliver to the Trustees an instrument in which such Paying Agent shall agree with the Trustees, subject to the provisions of this Section 3.02, that such Paying Agent will: (i) hold all sums held by it for the payment of amounts due with respect to the Convertible Bonds in trust for the benefit of the Bondholders entitled thereto until such sums shall be paid to such Bondholders or otherwise disposed of as herein provided and pay such sums to such Bondholders as herein provided; (ii) give to the Trustees notice of any Default by the Issuer in the making of any payment required to be made with respect to the Convertible Bonds; (iii) at any time during the continuance of any such Default, forthwith pay to an account in the name of the Indenture Trustee (in its capacity as a trustee under the Indenture) at Bank Leumi USA all sums so held in trust by such Paying Agent; (iv) immediately resign as Paying Agent and forthwith pay to an account in the name of the Indenture Trustee (in its capacity as a trustee under the Indenture) at Bank Leumi USA all sums held by it in trust for the payment of Convertible Bonds if, at any time, it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and (v) comply with all requirements of the applicable law with respect to the withholding from any payments made by it on any Convertible Bonds of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

Paying Agent Obligations. If, in accordance with the Plan, the Segregated Account has retained and elects to use (in the sole and absolute discretion of the Rehabilitator) a Paying Agent in connection with any Deferred Payment relating to an Insured Obligation, then the Paying Agent, unless otherwise directed by the Rehabilitator, shall: (i) on the Deferred Payment Date, distribute all Deferred Payment Amounts in respect of Deferred Loss Amounts relating to such Insured Obligation to the Holder of the relevant Permitted Policy Claim using the account information provided in the most recent Proof of Policy Claim Form, and such Holder shall then distribute such Deferred Loss Amounts to the Beneficial Holders of such Insured Obligations to which such Deferred Loss Amounts apply; and (ii) on or before the next occurring Bond Distribution Date relating to the relevant Insured Obligation, distribute any Deferred Payment Amounts in respect of Accretion Amounts directly to the then-current (or, when a Deferred Loss Amount has been reduced to zero, the last) Beneficial Holders of the Insured Obligation via DTC or in such other manner that is reasonably available to the Paying Agent. All Trustees shall permit, and provide any authorization, direction or special direction (but not indemnification) needed for, the Segregated Account, AAC, any Paying Agent and/or DTC to make, process and/or accept any Payments (including, without limitation, Accretion Amounts) contemplated by these Payment Guidelines.