Common use of Appointment and Duties of Paying Agent Clause in Contracts

Appointment and Duties of Paying Agent. (a) The Company shall appoint the Paying Agent for the Bonds and may at any time or from time to time appoint one or more Co-Paying Agents for the Bonds, subject to the conditions set forth in Section 715. The Paying Agent and each Co-Paying Agent shall designate its Principal Office and signify its acceptance of the duties and obligations imposed upon it hereunder by a written instrument of acceptance delivered to the Company, the Authority, the Trustee and the Remarketing Agent under which such Paying Agent or Co- Paying Agent will agree, particularly: (i) to hold all sums held by it for the payment of the principal of and premium, if any, or interest on Bonds in trust for the benefit of the Bondowners until such sums shall be paid to such Bondowners or otherwise disposed of as herein provided; (ii) to notify the Trustee promptly in the event the Company has failed to make a timely payment to the Debt Service Fund for the payment of interest, premium, if any, or principal due on any of the Bonds; (iii) to keep such books and records as shall be consistent with prudent industry practice, to make such books and records available for inspection by the Authority, the Trustee and the Company at all reasonable times, and, in the case of a Co-Paying Agent, to promptly furnish copies of such books and records to the Paying Agent; and (iv) in the case of a Co-Paying agent, upon the request of the Paying Agent, to forthwith deliver to the Paying Agent all sums so held in trust by such Co-Paying Agent. (b) The Authority shall, at the expense of the Company, cooperate with the Trustee and the Company to cause the necessary arrangements to be made and to be thereafter continued whereby funds will be made available for the payment when due of the Bonds as presented at the Principal Offices of the Paying Agent and the Co-Paying Agents. (c) The Paying Agent and Tender Agent shall always be the same corporation.

Appointment and Duties of Paying Agent. (a) The Company shall appoint the Paying Agent for the Bonds and may at any time or from time to time appoint one or more Co-Paying Agents for the Bonds, subject to the conditions set forth in Section 715815. The If other than the Trustee, the Paying Agent and each Co-Paying Agent shall designate its Principal Office and signify its acceptance of the duties and obligations imposed upon it hereunder by a written instrument of acceptance delivered to the Company, the Authority, Authority and the Trustee and the Remarketing Agent under which such Paying Agent or Co- Co-Paying Agent will agree, particularly: (i) to hold all sums held by it for the payment of the principal of and premium, if any, or interest on Bonds in trust for the benefit of the Bondowners until such sums shall be paid to such Bondowners or otherwise disposed of as herein provided; (ii) to notify the Trustee promptly in the event the Company has failed to make a timely payment to the Debt Service Fund or the Redemption Fund for the payment of interest, premium, if any, or principal due on any of the Bonds; (iii) to keep such books and records as shall be consistent with prudent customary industry practice, to make such books and records available for inspection by the Authority, the Trustee and the Company at all reasonable times, and, in the case of a Co-Paying Agent, to promptly furnish copies of such books and records to the Paying Agent; and (iv) in the case of a Co-Paying agent, upon the request of the Paying Agent, to forthwith deliver to the Paying Agent all sums so held in trust by such Co-Paying Agent. (b) The Authority shall, at the expense of the Company, cooperate with the Trustee and the Company to cause the necessary arrangements to be made and to be thereafter continued whereby funds will be made available for the payment when due of the Bonds as presented at the Principal Offices of the Paying Agent and the Co-Paying Agents. (c) The Paying Agent and Tender Agent shall always be the same corporation.