Defaulted Note Sample Clauses

Defaulted Note. If on the issue date the relevant Dealer does not pay the subscription price due from it in respect of any Note (the “Defaulted Note”) and as a result the Defaulted Note remains in the Issuing and Paying Agent’s distribution account with the relevant clearing system after the issue date (rather than being credited to the Dealer’s account against payment), the Issuing and Paying Agent will continue to hold the Defaulted Note to the order of the relevant Issuer or the Guarantor, as the case may be.
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Defaulted Note. If on the relevant Issue Date, in the circumstances described in sub-Clause (D)(ii) above, the Dealer does not pay the subscription price due from it or from the relevant purchaser in respect of any Note (in either case, the “Defaulted Note”) and, as a result, the Defaulted Note remains in the Settlement Agent’s distribution account with Euroclear or Clearstream, Luxembourg or any other relevant clearing system after such Issue Date (rather than being credited to the Dealer’s account against payment), the Settlement Agent will continue to hold the Defaulted Note to the order of the Issuer. If a Dealer is acting as the Issuer’s agent in the circumstances described in sub-Clause (D) (ii) above and the Dealer, after effecting payment for any Note on behalf of the relevant purchaser, subsequently notifies the Issuer that it has not received the subscription price due from the purchaser in respect of such Note, such Dealer and the Issuer shall notify the Settlement Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Settlement Agent with Euroclear or Clearstream, Luxembourg or any other relevant clearing system, as the case may be, and following such transfer the Settlement Agent will hold such Notes to the order of the Issuer.
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Defaulted Note. (a) This clause 3.4(a) only applies when following the settlement procedures set out in Part 1 and Part 3 of Annex A of the Procedures Memorandum. If, on the relevant Issue Date of a non-syndicated Bearer Note issue the relevant purchaser of a Bearer Note does not pay the subscription price due from it in respect of any Bearer Note (the "Defaulted Bearer Note") and, as a result, the Defaulted Bearer Note remains in the Fiscal Agent's new issues distribution account with Euroclear or Clearstream, Luxembourg after such Issue Date (rather than being credited to the purchaser's account against payment), then the Fiscal Agent will continue to hold the Defaulted Bearer Note to the order of the Issuer. The Fiscal Agent shall notify the Issuer immediately of the failure of the purchaser to pay the full subscription price due from it in respect of any Defaulted Note and, subsequently shall (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) pay to the Issuer the amount so received. (b) This clause 3.4(b) only applies when following the settlement procedures set out in Part 2 and Part 4 of Annex A of the Procedures Memorandum. If, on the relevant Issue Date of a non-syndicated Registered Note issue, the relevant purchaser of a Registered Note does not pay the subscription price due from it in respect of any Registered Note (the "Defaulted Registered Note"), then the Registrar shall notify the Fiscal Agent and (if applicable) Common Depositary and/or the Common Safekeeper and/or the custodian for DTC and such Defaulted Registered Note shall not be entered in the Register and (if applicable) shall not be credited to the purchaser's participation account with Euroclear, Clearstream, Luxembourg or, as the case may be, DTC. The Registrar and the Fiscal Agent shall notify the Issuer immediately of the failure of the purchaser to pay the full subscription price due from it in respect of any Defaulted Note and, subsequently, shall (i) notify the Issuer immediately on receipt from the purchaser of the full purchase price in respect of any Defaulted Note and (ii) the Fiscal Agent shall pay to the Issuer the amount so received.
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Defaulted Note. (a) If, on the relevant Issue Date of a non-syndicated Bearer Note, the relevant purchaser of a Bearer Note does not pay the subscription price due from it in respect of any Bearer Note (the “Defaulted Bearer Note”) and, as a result, the Defaulted Bearer Note remains in the Fiscal Agent’s new issues distribution account with Euroclear or Clearstream, Luxembourg, after such Issue Date (rather than being credited to the purchaser’s account against payment), then the Fiscal Agent will continue to hold the Defaulted Bearer Note to the order of the Republic. (b) If, on the relevant Issue Date of a non-syndicated Registered Note issue, the relevant purchaser of a Registered Note does not pay the subscription price due from it in respect of any Registered Note (the “Defaulted Registered Note”), then the Registrar shall notify the Fiscal Agent and the common depositary for Euroclear and Clearstream, Luxembourg and, if applicable, the custodian for DTC and such Defaulted Registered Note shall not be entered in the Register and (if applicable) shall not be credited to the purchaser’s participation account with DTC.
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Defaulted Note. If on the relevant Issue Date of a non-Syndicated Issue, the Relevant Dealer does not pay the subscription price due from it or from the relevant purchaser in respect of any Note (in either case, the "Defaulted Note") and, as a result, the Defaulted Note has been created by Iberclear but has not been transferred to the account of the Relevant Dealer after such Issue Date, the Iberclear Paying Agent shall immediately (and, in any event, prior to the Issue Date) notify Iberclear and Iberclear shall not thereafter create or transfer the book-entries in respect of the relevant Book-Entry Notes but shall, unless otherwise instructed by the Issuer, cancel any relevant instruction. If a Relevant Dealer is acting as the Issuer's agent, the Relevant Dealer, after affecting payment for any Note on behalf of the relevant purchaser, subsequently notifies the Issuer that it has not received the subscription price due from the purchaser in respect of such Note, such Relevant Dealer and the Issuer shall notify the Iberclear Paying Agent and shall arrange for such Notes to be transferred on a delivery against payment basis to the distribution account of the Iberclear Paying Agent with ▇▇▇▇▇▇▇▇▇ and, following such transfer, the Iberclear Paying Agent will hold such Notes to the order of the Issuer.
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Defaulted Note. Except in the case of issues where the Fiscal Agent does not act as receiving bank for the Issuer in respect of the purchase price of the Notes being issued, if on the Issue Date for a Tranche a Dealer or investor (as the case may be) does not pay the full purchase price due from it in respect of any Note (the "Defaulted Note") and, as a result: (a) with respect to Notes represented by one or more Global Notes held by, or registered in the name of, a nominee for a common depositary or common safekeeper for Euroclear and/or Clearstream, Luxembourg, the Defaulted Note remains in the Fiscal Agent's distribution account with Euroclear and/or Clearstream, Luxembourg after such Issue Date, then the Fiscal Agent shall continue to hold the Defaulted Note to the order of the Issuer, and (b) with respect to Global Notes registered in the name of DTC (or its nominee), the Registrar shall cancel such Global Note, which shall not thereafter have any rights under such Global Note, the related Conditions and this Agreement. The Fiscal Agent shall notify the Issuer as promptly as practicable of the failure of a Dealer or investor (as the case may be) to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently, shall: (i) notify the Issuer as promptly as practicable on receipt from such Dealer or investor of the full purchase price in respect of any Defaulted Note, (ii) pay to the Issuer the amount so received and (iii) deliver or re-issue, as the case may be, the relevant Global Note or Global Notes upon receipt of any such payment in full.
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Defaulted Note. Except in the case of issues where the Fiscal Agent does not act as receiving bank for the Issuer in respect of the purchase price of the Notes being issued, if on the Issue Date a Dealer does not pay the full purchase price due from it in respect of any Note (the "Defaulted Note") and, as a result, the Defaulted Note remains in the Fiscal Agent's distribution account with Euroclear and/or Clearstream, Luxembourg after the Issue Date, the Fiscal Agent will continue to hold the Defaulted Note to the order of the Issuer. The Fiscal Agent shall notify the Issuer immediately of the failure of the Dealer to pay the full purchase price due from it in respect of any Defaulted Note and, subsequently, shall (a) notify the Issuer immediately on receipt from the Dealer of the full purchase price in respect of any Defaulted Note and (b) pay to the Issuer the amount so received. If by the close of business on the third Business Day following the Issue Date, the Issuer does not provide an instruction to the Fiscal Agent to deliver the Defaulted Note from the Fiscal Agent’s distribution account to another account, the Fiscal Agent shall arrange for the cancellation of the Defaulted Note and the Fiscal Agent shall notify Issuer promptly thereafter.
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Related to Defaulted Note

  • Payment of Interest; Defaulted Interest Interest on any Note which is payable, and is punctually paid or duly provided for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the regular record date for such payment at the office or agency of the Issuer maintained for such purpose pursuant to Section 2.3. Any interest on any Note which is payable, but is not paid when the same becomes due and payable and such nonpayment continues for a period of 30 days shall forthwith cease to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below: (a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed payment (the “Special Interest Payment Date”), and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this Section 2.15(a). Thereupon the Issuer shall fix a record date (the “Special Record Date”) for the payment of such Defaulted Interest, which date shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the Special Interest Payment Date and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly notify the Trustee in writing of such Special Record Date, and in the name and at the expense of the Issuer, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in Section 13.2, not less than ten (10) calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the provisions in Section 2.15(b). (b) The Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Issuer to the Trustee of the proposed payment pursuant to this Section 2.15(b), such manner of payment shall be deemed practicable by the Trustee. Subject to the foregoing provisions of this Section 2.15, each Note delivered under this Indenture upon registration of, transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note.

  • Defaulted Amounts If the Company fails to pay any amount (a “Defaulted Amount”) payable on a Note on or before the due date therefor as provided in this Indenture, then, regardless of whether such failure constitutes an Event of Default, (i) such Defaulted Amount will forthwith cease to be payable to the Holder of such Note otherwise entitled to such payment; (ii) to the extent lawful, interest (“Default Interest”) will accrue on such Defaulted Amount at a rate per annum equal to the rate per annum at which Stated Interest accrues, from, and including, such due date to, but excluding, the date of payment of such Defaulted Amount and Default Interest; (iii) such Defaulted Amount and Default Interest will be paid on a payment date selected by the Company to the Holder of such Note as of the Close of Business on a special record date selected by the Company, provided that such special record date must be no more than fifteen (15), nor less than ten (10), calendar days before such payment date; and (iv) at least fifteen (15) calendar days before such special record date, the Company will send notice to the Trustee and the Holders that states such special record date, such payment date and the amount of such Defaulted Amount and Default Interest to be paid on such payment date.

  • Defaulted Interest If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

  • Payment of Principal and Interest; Defaulted Interest (a) Each Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment Date as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.11, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date, a Redemption Date or on the related Final Scheduled Payment Date, as the case may be (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each Note shall be payable as provided in Section 8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the related Final Payment Date or the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing not less than a majority of the Outstanding Amount have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business 5 Business Days preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. In addition, the Administrator shall notify each Rating Agency upon the final payment of interest and principal of each Class of Notes, and upon the termination of the Trust, in each case pursuant to Section 1.02(a)(iii) of the Administration Agreement. (c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on a subsequent special record date, which date shall be at least 5 Business Days prior to the next payment date. The Issuer shall fix or cause to be fixed any such special record date and related payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

  • Optional Purchase of Defaulted Mortgage Loans (a) With respect to any Mortgage Loan that is delinquent in payment by 90 days or more, the Master Servicer may, at its option, purchase such Mortgage Loan from the Trustee at the Purchase Price therefor; provided, that such Mortgage Loan that becomes 90 days or more delinquent during any given Calendar Quarter shall only be eligible for purchase pursuant to this Section during the period beginning on the first Business Day of the following Calendar Quarter, and ending at the close of business on the second-to-last Business Day of such following Calendar Quarter; and provided, further, that such Mortgage Loan is 90 days or more delinquent at the time of repurchase. Such option if not exercised shall not thereafter be reinstated as to any Mortgage Loan, unless the delinquency is cured and the Mortgage Loan thereafter again becomes delinquent in payment by 90 days or more in a subsequent Calendar Quarter. (b) If at any time the Master Servicer makes a payment to the Certificate Account covering the amount of the Purchase Price for such a Mortgage Loan as provided in clause (a) above, and the Master Servicer provides to the Trustee a certification signed by a Servicing Officer stating that the amount of such payment has been deposited in the Certificate Account, then the Trustee shall execute the assignment of such Mortgage Loan at the request of the Master Servicer, without recourse, to the Master Servicer, which shall succeed to all the Trustee's right, title and interest in and to such Mortgage Loan, and all security and documents relative thereto. Such assignment shall be an assignment outright and not for security. The Master Servicer will thereupon own such Mortgage, and all such security and documents, free of any further obligation to the Trustee or the Certificateholders with respect thereto. If, however, the Master Servicer shall have exercised its right to repurchase a Mortgage Loan pursuant to this Section 4.07 upon the written request of and with funds provided by the Junior Certificateholder and thereupon transferred such Mortgage Loan to the Junior Certificateholder, the Master Servicer shall so notify the Trustee in writing.