Common use of Moneys Held by Trustee or Paying Agent Clause in Contracts

Moneys Held by Trustee or Paying Agent. (a) Whenever the Company shall have one or more Paying Agents, the Company will on or prior to 10 a.m. one Business Day prior to each due date of the principal of (and premium, if any) or interest on any Notes, make such payments by depositing with the Trustee or a Paying Agent an amount sufficient to make such payments, such amount to be held in trust by the Trustee or the Paying Agent for the benefit of the Persons entitled thereto, and (unless such Paying Agent is the Trustee) such Paying Agents will promptly notify the Trustee of the Company’s action or failure so to act. Each Paying Agent other than the Trustee, the Principal Paying Agent and the Luxembourg Paying Agent shall execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 7.04, to the effect that such Paying Agent will: (i) hold all amounts held by it for the making of payments in respect of the Notes in trust for the benefit of the Persons entitled thereto until such amounts shall be paid to such Persons or otherwise disposed of as herein provided;