Common use of Application by Trustee of Funds Deposited for Payment of Notes Clause in Contracts

Application by Trustee of Funds Deposited for Payment of Notes. Subject to Section 9(c) and (e), all monies and U.S. Government Obligations deposited with a trustee pursuant to Section 9(a) shall be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own paying agent), to the holders of the Notes for the payment or redemption of which such monies and U.S. Government Obligations have been deposited with such trustee, of all sums due and to become due thereon for principal and interest. Such monies need not be segregated from other funds except to the extent required by law. Anything in this Section 9 to the contrary notwithstanding, such trustee shall deliver or pay to the Issuer or the Guarantor, as applicable, from time to time upon its order any money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 9(b) which, in the opinion of an internationally recognized firm of independent public accountants expressed in a written certification thereof delivered to such trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent covenant defeasance in accordance with this Section 9.