Common use of Payments After a Default Clause in Contracts

Payments After a Default. Upon the occurrence and continuance of an Event of Default and the subsequent declaration by the Trustee that the principal of all the Notes is due and payable immediately, the Trustee may by notice in writing (a) to the Issuer, the Guarantor and any Paying and Transfer Agent, require each Paying and Transfer Agent to deliver all Notes and all monies, documents and records held by them with respect to the Notes to the Trustee or as the Trustee otherwise directs in such notice; and (b) require any Paying and Transfer Agent to act as agent of the Trustee under this Indenture and the Notes, and thereafter to hold all Notes and all monies, documents and records held by it in respect of the Notes to the order of the Trustee.