Common use of Paying Agent to Hold Money Clause in Contracts

Paying Agent to Hold Money. By 10:00 a.m. London time one Business Day prior to each due date of the principal of and interest on any Note, the Issuers shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the Issuers in making any such payment. If any of the Issuers or a Wholly Owned Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it for the benefit of the Persons entitled thereto. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee (or the Trustee’s designee) and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the Issuers, the Trustee (or its designee) shall serve as Paying Agent for the Notes.

Paying Agent to Hold Money. By 10:00 a.m. London time one Business Day prior to each due date of the principal of and interest on any Note, the Issuers Issuer shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the Issuers Issuer in making any such payment. If any of the Issuers Parent or a Wholly Owned Restricted Subsidiary of the Company Parent acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it for the benefit of the Persons entitled thereto. The Issuers Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee (or the Trustee’s 's designee) and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the IssuersIssuer, the Trustee (or its designee) shall serve as Paying Agent for the Notes.

Paying Agent to Hold Money. By 10:00 a.m. London time one Business Day prior to each due date of the principal of and interest on any Note, the Issuers Issuer shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the Issuers Issuer in making any such payment. If any of the Issuers Parent or a Wholly Owned Restricted Subsidiary of the Company Parent acts as Paying ​ Agent, it shall segregate the money held by it as Paying Agent and hold it for the benefit of the Persons entitled thereto. The Issuers Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee (or the Trustee’s designee) and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the IssuersIssuer, the Trustee (or its designee) shall serve as Paying Agent for the Notes.

Paying Agent to Hold Money. By 10:00 a.m. London time one Business Day prior to each due date of the principal of and interest on any Note, the Issuers Issuer shall deposit with a Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold for the benefit of Holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee in writing of any default by the Issuers Issuer in making any such payment. If any of the Issuers Parent or a Wholly Owned Restricted Subsidiary of the Company Parent acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it for the benefit of the Persons entitled thereto. The Issuers Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee (or the Trustee’s designee) and to account for any funds disbursed by such Paying Agent. Upon complying with this Section, a Paying Agent shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy or reorganization proceedings relating to the IssuersIssuer, the Trustee (or its designee) shall serve as Paying Agent for the Notes.