Common use of Appropriation by Fiscal Agent Clause in Contracts

Appropriation by Fiscal Agent. 7.4.1 If the Fiscal Agent makes any payment in accordance with Clause 7.1 (Payments by Paying Agents), it shall be entitled to appropriate for its own account out of the funds received by it under Clause 6.1 (Issuer to pay Fiscal Agent) an amount equal to the amount so paid by it. 7.4.2 If the Fiscal Agent pays out on or after the due date therefore under this Clause 7.4, on the assumption that the corresponding payment by or on behalf of the Issuer has been or will be made and such payment has in fact not been so made by the Issuer, then the Issuer shall on demand reimburse the Fiscal Agent for the relevant amount, and pay interest to the Fiscal Agent on such amount from the date on which it is paid out to the date of reimbursement at a percentage rate per annum equal to the cost to the Fiscal Agent of funding, the amount paid out, such cost of funding to be calculated as the overnight rate on the relevant currency certified by the Fiscal Agent and expressed as a percentage rate per annum.