Common use of Provision as to Paying Agent Clause in Contracts

Provision as to Paying Agent. (a) If the Issuer 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 agent shall agree with the Trustee, subject to the provisions of this Section 3.5, (1) that it will hold all sums held by it as such agent for the payment of the principal of or interest, if any, on the Securities (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities) in trust for the benefit of the Holders of the Securities and the Trustee; and (2) that it will give the Trustee notice of any failure by the Issuer (or by any other obligor on the Securities) to make any payment of the principal of or interest, if any, on the Securities when the same shall be due and payable; and

Provision as to Paying Agent. (a) If the Issuer Company 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 agent shall agree with the Trustee, subject to the provisions of this Section 3.54.04, (1) that it will hold all sums held by it as such agent for the payment of the principal of or interestand premium, if any, or interest on the Securities Debentures (whether such sums have been paid to it by the Issuer Company or by any other obligor on the SecuritiesDebentures) in trust for the benefit of the Holders holders of the Securities and the TrusteeDebentures; and (2) that it will give the Trustee notice of any failure by the Issuer Company (or by any other obligor on the SecuritiesDebentures) to make any payment of the principal of or interestand premium, if any, or interest on the Securities Debentures when the same shall be due and payable; and.