Common use of Payment after a Default Clause in Contracts

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: 2.4.1 by notice in writing to the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law: to act as Paying Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's liability for the indemnification, remuneration and expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Bonds and Coupons and all moneys, documents and records held by them in respect of Bonds and Coupons to the order of the Trustee or to deliver all Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons to the Trustee or as the Trustee directs in such notice and 2.4.2 by notice in writing to the Issuer and until such notice is withdrawn require it to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: 2.4.1 by notice in writing to the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law: : (i) to act as Paying Agents of the Trustee under this Trust Deed and the Bonds Notes on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's ’s liability for the indemnification, remuneration and expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds Notes on the terms of this Trust Deed) and thereafter to hold all Bonds Notes and Coupons and all moneys, documents and records held by them in respect of Bonds Notes and Coupons to the order of the Trustee or or (ii) to deliver all Bonds Notes and Coupons and all moneys, documents and records held by them in respect of the Bonds Notes and Coupons to the Trustee or as the Trustee directs in such notice and 2.4.2 by notice in writing to the Issuer and until such notice is withdrawn require it to make all subsequent payments in respect of the Bonds Notes and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred occurred, the Trustee may: 2.4.1 by notice in writing to the Issuer Issuer, the Guarantor and the Paying Agents, require the Paying Agents, Agents (or such of them as are specified by the Trustee) pursuant to the Agency Agreement and until notified by the Trustee to the contrary, so far as permitted by applicable law: : (i) to act as Paying Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's ’s liability under the Agency Agreement for the indemnification, remuneration and expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds on the terms of this Trust DeedDeed and available for that purpose) and thereafter to hold all Bonds and Coupons Exchange Property and all moneys, documents and records held by them in respect of the Exchange Property and Bonds and Coupons to the order of the Trustee or Trustee; or (ii) to deliver all Bonds and Coupons Bonds, all Exchange Property and all moneys, documents and records held by them in respect of the Bonds and Coupons or Exchange Property to the Trustee or as the Trustee directs in such notice notice; and 2.4.2 by notice in writing to the Issuer and until such notice is withdrawn the Guarantor, require it each of them to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the Principal Paying AgentPaying, Transfer and Exchange Agent and, with effect from the issue of any such notice to the Issuer and the Guarantor until such notice is withdrawn, proviso 2.2.2 to Clause 2.2 shall cease to have effect.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: 2.4.1 by notice in writing to the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law: : (i) to act as Paying Agents of the Trustee under this Trust Deed and the Bonds Notes on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's ’s liability for the indemnification, remuneration and expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds Notes on the terms of this Trust Deed) and thereafter to hold all Bonds Notes and Coupons and all moneys, documents and records held by them in respect of Bonds Notes and Coupons to the order of the Trustee or or (ii) to deliver all Bonds Notes and Coupons and all moneys, documents and records held by them in respect of the Bonds Notes and Coupons to the Trustee or as the Trustee directs in such notice and 2.4.2 by notice in writing to the Issuer and until such notice is withdrawn require it to make all subsequent payments in respect of the Bonds Notes and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may: 2.4.1 (1) by notice in writing to AMBAC, the Issuer and the Paying Agents, require the Paying Agents, until notified by the Trustee to the contrary, so far as permitted by any applicable law: law:- (a) to act as Paying Agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and except that the Trustee's liability for the indemnification, remuneration and all other out-of-pocket expenses of the Paying Agents will be limited to the amounts for the time being held by the Trustee in respect of the Bonds on the terms of this Trust Deed) and thereafter to hold all Bonds and Coupons and all moneys, documents and records held by them in respect of Bonds and Coupons to the order of the Trustee or to deliver all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons to the order of the Trustee; or (b) to deliver all Definitive Bonds and Coupons and all moneys, documents and records held by them in respect of the Bonds and Coupons (save for such documents and records which the Paying Agents are obliged not to release by virtue of any applicable law or regulation or by order of any court of competent jurisdiction) to the Trustee or as the Trustee directs in such notice notice; and 2.4.2 (2) by notice in writing to the Issuer and until such notice is withdrawn require it to make all subsequent payments in respect of the Bonds and Coupons to or to the order of the Trustee and not to the Principal Paying Agent.