Common use of Additional Paying Agents Clause in Contracts

Additional Paying Agents. a. The State may from time to time, by a Direction of the State, designate one or more financial institutions as agents of the State for the payment of the principal or Maturity Amount of, or interest, if any, on the Bonds or in connection with any redemption of Bonds (“Paying Agents”) and any funds deposited with such Paying Agents shall be held by them subject to the applicable provisions of this Agreement. Any Paying Agent may be removed at any time by delivery to it of a Direction of the State. Upon its resignation or removal, a Paying Agent shall promptly account for and return to the Fiscal Agent, by deposit to an External Bank Account designated by the Fiscal Agent for that purpose, all funds held by it for payment to Bondholders in accordance with the provisions of this Agreement. b. From Deposited Cash held, or required under this Article VII to be deposited to or held, in External Bank Accounts, the Fiscal Agent shall remit to Paying Agents designated by the State such sums as shall be specified from time to time in Directions of the State for the purposes set forth in such Directions. From and after its remittance to Paying Agents in accordance with such Direction of the State, the Fiscal Agent shall have no responsibility or obligation to the State, any Bondholder or other person with respect to the funds so remitted. Any funds returned by a Paying Agent to the Fiscal Agent in accordance with subparagraph (a) of this Section 7.3 shall be held in an External Bank Account (or pursuant to a Direction of the State, invested in Government Securities or Approved Bank Deposits) subject to all of the applicable provisions of this Agreement.

Additional Paying Agents. a. (a) The State may from time to time, by a Direction of the State, designate one or more financial institutions as agents of the State for the payment of the principal or Maturity Amount of, or interest, if any, on the Bonds or in connection with any redemption of Bonds (“Paying Agents”) and any funds deposited with such Paying Agents shall be held by them subject to the applicable provisions of this Agreement. Any Paying Agent may be removed at any time by delivery to it of a Direction of the State. Upon its resignation or removal, a Paying Agent shall promptly account for and return to the Fiscal Agent, by deposit to an External Bank Account designated by the Fiscal Agent for that purpose, all funds held by it for payment to Bondholders in accordance with the provisions of this Agreement. b. (b) From Deposited Cash held, or required under this Article VII to be deposited to or held, in External Bank Accounts, the Fiscal Agent shall remit to Paying Agents designated by the State such sums as shall be specified from time to time in Directions of the State for the purposes set forth in such Directions. From and after its remittance to Paying Agents in accordance with such Direction of the State, the Fiscal Agent shall have no responsibility or obligation to the State, any Bondholder or other person with respect to the funds so remitted. Any funds returned by a Paying Agent to the Fiscal Agent in accordance with subparagraph (a) of this Section 7.3 7.03 shall be held in an External Bank Account (or pursuant to a Direction of the State, invested in Government Securities or Approved Bank Deposits) subject to all of the applicable provisions of this Agreement.