Common use of Paying Agent To Hold Assets in Trust Clause in Contracts

Paying Agent To Hold Assets in Trust. The Issuer shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer Issuers or any Subsidiary of the Issuers to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Company shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any Default by the Issuer Company (or any other obligor on the Notes) in making any such payment. The Issuer Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer Issuers or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed disbursed, and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Company shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any Default by the Issuer Company (or any other obligor on the Notes) in making any such payment. The Issuer Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary of the Issuer to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer Issuers or any Subsidiary of the Issuers to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer LNR shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes (whether such assets have been distributed to it by the Issuer LNR or any other obligor on the Notes), and LNR and the Paying Agent shall notify the Trustee of any Default by the Issuer LNR (or any other obligor on the Notes) in making any such payment. The Issuer LNR at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that that, subject to Article Eight, each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that that, subject to Article Ten and Section 11.02, each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Company shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any Default by the Issuer Company (or any other obligor on the Notes) in making any such payment. The Issuer Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Company to the Paying Agent, the Paying Agent shall have no further liability for such assets. Section 2.05.

Paying Agent To Hold Assets in Trust. The Issuer Lennar shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, premium, if any, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Lennar or any other obligor on the Notes), and Lennar and the Paying Agent shall notify the Trustee of any Default by the Issuer Lennar (or any other obligor on the Notes) in making any such payment. The Issuer Lennar at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that, subject to Article Eight, that each such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer (or any other obligor on the Notes) in making any such payment. The Issuer at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer to the Paying Agent, the Paying Agent shall have no further liability for such assets. Upon any bankruptcy or reorganization process relating to the Issuer, the Trustee will serve as Paying Agent for the Notes.

Paying Agent To Hold Assets in Trust. The Issuer Company shall require each Paying Agent other than the Trustee or the Issuer or any Subsidiary to agree in writing that each that, subject to Article Ten, such Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, of or interest on, the Notes (whether such assets have been distributed to it by the Issuer Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee of any Default by the Issuer Company (or any other obligor on the Notes) in making any such payment. The Issuer Company at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Company to the Paying Agent, the Paying Agent shall have no further liability for such assets.

Paying Agent To Hold Assets in Trust. The Issuer Issuers shall require each Paying Agent other than the Trustee or the Issuer Issuers or any Subsidiary to agree in writing that each Paying Agent shall hold in trust for the benefit of Holders or the Trustee all assets held by the Paying Agent for the payment of principal of, or interest on, the Notes (whether such assets have been distributed to it by the Issuer Issuers or any other obligor on the Notes), and shall notify the Trustee of any Default by the Issuer Issuers (or any other obligor on the Notes) in making any such payment. The Issuer Issuers at any time may require a Paying Agent to distribute all assets held by it to the Trustee and account for any assets disbursed and the Trustee may at any time during the continuance of any payment Default, upon written request to a Paying Agent, require such Paying Agent to distribute all assets held by it to the Trustee and to account for any assets distributed. Upon distribution to the Trustee of all assets that shall have been delivered by the Issuer Issuers to the Paying Agent, the Paying Agent shall have no further liability for such assets.