Common use of Paying Duties Clause in Contracts

Paying Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 5 of the Agency Agreement, but subject to the provisions of this supplemental agreement, the Canadian Agent will pay all amounts due in respect of the Canadian Covered Bonds on the due dates for such payments in accordance with the Conditions. So long as the Canadian Covered Bonds are represented by a single global certificate, registered in the name of CDS or its nominee, all payments on the Canadian Covered Bonds shall be made by the Canadian Agent by wire transfer of immediately available funds in Canadian dollars to an account or accounts designated by CDS. (ii) The Canadian Agent’s obligations under clause 3(c)(i) with respect to any payment due on the Canadian Covered Bonds on any date are subject to the Issuer or the Guarantor, as applicable, paying or causing to be paid to the Canadian Agent an amount sufficient (together with any funds then held by the Canadian Agent on behalf of the Issuer or the Guarantor, as the case may be) to pay the full amount due not later than 2.00 pm (local time in Montréal) one Business Day prior to the due date for payment of that amount. For greater certainty, the Canadian Agent has no liability to the Issuer or a holder of Canadian Covered Bonds for the non-payment or delayed payment of any amount payable to a holder of Canadian Covered Bonds to the extent that the Issuer has not complied with this clause 3(c)(ii), including liability for any claim made by a holder of Canadian Covered Bonds for the amount of any interest it has failed to earn as a result of the non-payment or delayed payment. (iii) If the Issuer or the Guarantor does not satisfy the conditions specified in clause 3(c)(ii) in respect of any payment but nonetheless pays the required amount to the Paying Agent, the Paying Agent must pay or arrange to be paid the amounts due on the Canadian Covered Bonds in accordance with clause 3(c)(i) on the due date or (if later) as soon as reasonably practicable after it confirms receipt of the required amount. (iv) The Canadian Agent is under no obligation to make or arrange to be made payments on the Canadian Covered Bonds except as provided by this clause 3(c). (v) The Canadian Agent will notify by facsimile each of the Bond Trustee and the Issuer if it has not received or the Issuer notifies it that it will not receive the full amount payable on the Canadian Covered Bonds on any date by the due date for payment of that amount. (vi) The Canadian Agent must hold all moneys paid to it under this supplemental agreement in its trust account for the benefit of (or on such other terms as may be specified by) the Issuer (in the case of money paid by the Issuer) or the Guarantor (in the case of money paid by the Guarantor) pending application towards payment of the relevant amount due on the Canadian Covered Bond. If so directed by the Issuer or the Guarantor (as the case may be) prior to such application, the Canadian Agent must repay the relevant amount to the Issuer or Guarantor (as the case may be).

Paying Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 5 Sections 5, 6 and 7 of the Agency Agreement, but subject to the provisions of this supplemental agreement, the Canadian Agent will pay all amounts due in respect of the Canadian Covered Bonds on the due dates for such payments in accordance with the Conditions. So long as the Canadian Covered Bonds are represented by a single global certificate, registered in the name of CDS or its nominee, all payments on the Canadian Covered Bonds shall be made by the Canadian Agent by wire transfer of immediately available funds in Canadian dollars to an account or accounts designated by CDS. (ii) The Canadian Agent’s obligations under clause 3(c)(i) with respect to any payment due on the Canadian Covered Bonds on any date are subject to the Issuer or the Guarantor, as applicable, paying or causing to be paid to the Canadian Agent an amount sufficient (together with any funds then held by the Canadian Agent on behalf of the Issuer or the Guarantor, as the case may be) to pay the full amount due not later than 2.00 pm (local time in MontréalToronto) one Business Day prior to the due date for payment of that amount. For greater certainty, the Canadian Agent has no liability to the Issuer or a holder of Canadian Covered Bonds for the non-payment or delayed payment of any amount payable to a holder of Canadian Covered Bonds to the extent that the Issuer has not complied with this clause 3(c)(ii), including liability for any claim made by a holder of Canadian Covered Bonds for the amount of any interest it has failed to earn as a result of the non-payment or delayed payment. (iii) If the Issuer or the Guarantor does not satisfy the conditions specified in clause 3(c)(ii) in respect of any payment but nonetheless pays the required amount to the Paying Canadian Agent, the Paying Canadian Agent must pay or arrange to be paid the amounts due on the Canadian Covered Bonds in accordance with clause 3(c)(i) on the due date or (if later) as soon as reasonably practicable after it confirms receipt of the required amount. (iv) The Canadian Agent is under no obligation to make or arrange to be made payments on the Canadian Covered Bonds except as provided by this clause 3(c). (v) The Canadian Agent will notify by facsimile each of the Bond Trustee and the Issuer if it has not received or the Issuer notifies it that it will not receive the full amount payable on the Canadian Covered Bonds on any date by the due date for payment of that amount. (vi) The Canadian Agent must hold all moneys paid to it under this supplemental agreement in its trust account for the benefit of (or on such other terms as may be specified by) the Issuer (in the case of money paid by the Issuer) or the Guarantor (in the case of money paid by the Guarantor) pending application towards payment of the relevant amount due on the Canadian Covered Bond. If so directed by the Issuer or the Guarantor (as the case may be) prior to such application, the Canadian Agent must repay the relevant amount to the Issuer or Guarantor (as the case may be).

Paying Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 5 6 of the Agency Agreement, but subject to the provisions of this supplemental agreement, the Canadian Agent will pay all amounts due in respect of the Canadian Covered Bonds on the due dates for such payments in accordance with the Terms and Conditions. So long as the Canadian Covered Bonds are represented by a single global certificate, registered in the name of CDS or its nominee, all payments on the Canadian Covered Bonds shall be made by the Canadian Agent by wire transfer of immediately available funds in Canadian dollars to an account or accounts designated by CDS. (ii) The Canadian Agent’s obligations under clause 3(c)(i) with respect to any payment due on the Canadian Covered Bonds on any date are subject to the Issuer or the Guarantor, as applicable, paying or causing to be paid to the Canadian Agent an amount sufficient (together with any funds then held by the Canadian Agent on behalf of the Issuer or the Guarantor, as the case may be) to pay the full amount due not later than 2.00 pm (local time in MontréalToronto) one Business Day prior to the due date for payment of that amount. For greater certainty, the Canadian Agent has no liability to the Issuer or a holder of Canadian Covered Bonds for the non-payment or delayed payment of any amount payable to a holder of Canadian Covered Bonds to the extent that the Issuer has not complied with this clause 3(c)(ii), including liability for any claim made by a holder of Canadian Covered Bonds for the amount of any interest it has failed to earn as a result of the non-payment or delayed payment. (iii) If the Issuer or the Guarantor does not satisfy the conditions specified in clause 3(c)(ii) in respect of any payment but nonetheless pays the required amount to the Paying Agent, the Paying Agent must pay or arrange to be paid the amounts due on the Canadian Covered Bonds in accordance with clause 3(c)(i) on the due date or (or, if later) the amounts are received by the Paying Agent at a later time, as soon as reasonably practicable after it the Paying Agent confirms receipt of the required amount. (iv) The Canadian Agent is under no obligation to make or arrange to be made payments on the Canadian Covered Bonds except as provided by this clause 3(c). (v) The Canadian Agent will notify by facsimile email communication each of the Bond Trustee and the Issuer if it has not received received, or if the Issuer notifies it that it will not receive receive, unconditionally the full amount payable on the Canadian Covered Bonds on any date by the relevant due date for payment of that amount. (vi) The Canadian Agent must hold all moneys paid to it under this supplemental agreement in its trust account for the benefit of (or on such other terms as may be specified by) the Issuer (in the case of money paid by the Issuer) or the Guarantor (in the case of money paid by the Guarantor) pending application towards payment of the relevant amount due on the Canadian Covered BondBonds. If so directed by the Issuer or the Guarantor (as the case may be) prior to such application, the Canadian Agent must repay the relevant amount to the Issuer or the Guarantor (as the case may be).

Paying Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 5 6 of the Agency Agreement, but subject to the provisions of this supplemental agreement, the Canadian Agent will pay all amounts due in respect of the Canadian Covered Bonds on the due dates for such payments in accordance with the Conditions. So long as the Canadian Covered Bonds are represented by a single global certificate, registered in the name of CDS or its nominee, all payments on the Canadian Covered Bonds shall be made by the Canadian Agent by wire transfer of immediately available funds in Canadian dollars to an account or accounts designated by CDS. (ii) The Canadian Agent’s obligations under clause 3(c)(i) with respect to any payment due on the Canadian Covered Bonds on any date are subject to the Issuer or the Guarantor, as applicable, paying or causing to be paid to the Canadian Agent an amount sufficient (together with any funds then held by the Canadian Agent on behalf of the Issuer or the Guarantor, as the case may be) to pay the full amount due not later than 2.00 pm (local time in MontréalToronto) one Business Day prior to the due date for payment of that amount. For greater certainty, the Canadian Agent has no liability to the Issuer or a holder of Canadian Covered Bonds for the non-payment or delayed payment of any amount payable to a holder of Canadian Covered Bonds to the extent that the Issuer has not complied with this clause 3(c)(ii), including liability for any claim made by a holder of Canadian Covered Bonds for the amount of any interest it has failed to earn as a result of the non-payment or delayed payment. (iii) If the Issuer or the Guarantor does not satisfy the conditions specified in clause 3(c)(ii) in respect of any payment but nonetheless pays the required amount to the Paying Agent, the Paying Agent must pay or arrange to be paid the amounts due on the Canadian Covered Bonds in accordance with clause 3(c)(i) on the due date or (if later) as soon as reasonably practicable after it confirms receipt of the required amount. (iv) The Canadian Agent is under no obligation to make or arrange to be made payments on the Canadian Covered Bonds except as provided by this clause 3(c). (v) The Canadian Agent will notify by facsimile each of the Bond Trustee and the Issuer if it has not received or the Issuer notifies it that it will not receive the full amount payable on the Canadian Covered Bonds on any date by the due date for payment of that amount. (vi) The Canadian Agent must hold all moneys paid to it under this supplemental agreement in its trust account for the benefit of (or on such other terms as may be specified by) the Issuer (in the case of money paid by the Issuer) or the Guarantor (in the case of money paid by the Guarantor) pending application towards payment of the relevant amount due on the Canadian Covered Bond. If so directed by the Issuer or the Guarantor (as the case may be) prior to such application, the Canadian Agent must repay the relevant amount to the Issuer Issue or Guarantor (as the case may be).

Paying Duties. (i) Notwithstanding anything to the contrary in the provisions of Section 5 of the Agency Agreement, but subject to the provisions of this supplemental agreement, the Canadian Agent will pay all amounts due in respect of the Canadian Covered Bonds on the due dates for such payments in accordance with the Conditions. So long as the Canadian Covered Bonds are represented by a single global certificate, registered in the name of CDS or its nominee, all payments on the Canadian Covered Bonds shall be made by the Canadian Agent by wire transfer of immediately available funds in Canadian dollars to an account or accounts designated by CDS. (ii) The Canadian Agent’s obligations under clause 3(c)(i) with respect to any payment due on the Canadian Covered Bonds on any date are subject to the Issuer or the Guarantor, as applicable, paying or causing to be paid to the Canadian Agent an amount sufficient (together with any funds then held by the Canadian Agent on behalf of the Issuer or the Guarantor, as the case may be) to pay the full amount due not later than 2.00 2:00 pm (local time in MontréalToronto) one Business Day prior to the due date for payment of that amount. For greater certainty, the Canadian Agent has no liability to the Issuer or a holder of Canadian Covered Bonds for the non-payment or delayed payment of any amount payable to a holder of Canadian Covered Bonds to the extent that the Issuer has not complied with this clause 3(c)(ii), including liability for any claim made by a holder of Canadian Covered Bonds for the amount of any interest it has failed to earn as a result of the non-payment or delayed payment. (iii) If the Issuer or the Guarantor does not satisfy the conditions specified in clause 3(c)(ii) in respect of any payment but nonetheless pays the required amount to the Paying Agent, the Paying Agent must pay or arrange to be paid the amounts due on the Canadian Covered Bonds in accordance with clause 3(c)(i) on the due date or (if later) as soon as reasonably practicable after it confirms receipt of the required amount. (iv) The Canadian Agent is under no obligation to make or arrange to be made payments on the Canadian Covered Bonds except as provided by this clause 3(c). (v) The Canadian Agent will notify by facsimile each of the Bond Trustee and the Issuer if it has not received or the Issuer notifies it that it will not receive the full amount payable on the Canadian Covered Bonds on any date by the due date for payment of that amount. (vi) The Canadian Agent must hold all moneys paid to it under this supplemental agreement in its trust account for the benefit of (or on such other terms as may be specified by) the Issuer (in the case of money paid by the Issuer) or the Guarantor (in the case of money paid by the Guarantor) pending application towards payment of the relevant amount due on the Canadian Covered Bond. If so directed by the Issuer or the Guarantor (as the case may be) prior to such application, the Canadian Agent must repay the relevant amount to the Issuer Issue or Guarantor (as the case may be).