Common use of Reimbursement by Principal Paying Agent Clause in Contracts

Reimbursement by Principal Paying Agent. If the Luxembourg Paying --------------------------------------- Agent makes any payment in accordance with Section 3: (a) it shall notify the Principal Paying Agent of the amount so paid by it and the certificate or serial number of the Definitive Senior Note or Global Receipt against presentation or surrender of which payment of principal or interest was made; and (b) the Principal Paying Agent shall pay to the Luxembourg Paying Agent out of the funds received by the Principal Paying Agent under Section 2, an amount equal to the amount so paid by the Luxembourg Paying Agent.

Appears in 2 contracts

Sources: Paying Agency Agreement (Terra Nova Bermuda Holding LTD), Paying Agency Agreement (Terra Nova Bermuda Holding LTD)