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 in relation to a particular Series the Trustee may: 2.5.1 by notice in writing to the Issuer, the Agents, require the Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law: (i) to act as Agents of the Trustee under this Trust Deed and the Notes of such Series on the terms of the Agency Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and expenses of the Agents shall be limited to the amounts for the time being held by the Trustee in respect of such Series on the terms of this Trust Deed) and thereafter to hold all Notes, Certificates, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of Notes, Certificates, Coupons and Talons of such Series to the order of the Trustee or (ii) to deliver all Notes, Certificates, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of the Notes, Certificates, Coupons and Talons of such Series to the Trustee or as the Trustee directs in such notice and 2.5.2 by notice in writing to the Issuer require it to make all subsequent payments in respect of the Notes, Coupons and Talons of such Series to or to the order of the Trustee and not to the Issuing and Paying Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso (1) to Clause 2.3 above shall cease to have effect.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 in relation to a particular Series the Bond Trustee may: 2.5.1 by notice in writing to the Issuer, the Guarantor, the Paying Agents, the Transfer Agent and Calculation Agent require the Paying Agents, the Transfer Agent and Calculation Agent, until notified by the Bond Trustee to the contrary, so far as permitted by applicable lawApplicable Law: (i) to act as Agents Paying Agents, the Transfer Agent and Calculation Agent of the Bond Trustee under this Trust Deed and the Notes Bonds of such Series on the terms of the Agency Agreement (with consequential amendments as necessary and except that the Bond Trustee’s liability for the indemnification, remuneration and expenses of the Agents Paying Agents, the Transfer Agent and Calculation Agent shall be limited to the amounts for the time being held by the Bond Trustee in respect of such Series on the terms of this Trust DeedDeed and available for such purpose) and thereafter to hold all NotesBonds, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of NotesBonds, Certificates, Receipts, Coupons and Talons of such Series to the order of the Trustee Bond Trustee; or (ii) to deliver all NotesBonds, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of the NotesBonds, Certificates, Receipts, Coupons and Talons of such Series to the Bond Trustee or as the Bond Trustee directs in such notice notice; and 2.5.2 by notice in writing to the Issuer and the Guarantor require it them to make all subsequent payments in respect of the NotesBonds, Receipts, Coupons and Talons of such Series to or to the order of the Bond Trustee and not to the Issuing and Paying Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso (1i) to Clause 2.3 above (Covenant to Pay) 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 in relation to a particular Series the Trustee may: 2.5.1 by notice in writing to the relevant Issuer, the relevant Guarantors, the Paying Agents and the Transfer Agents, require the Paying Agents and the Transfer Agents, until notified by the Trustee to the contrary, so far as permitted by applicable law:: Back to Contents (i) to act as Paying Agents and Transfer Agents of the Trustee under this Trust Deed and the Notes of such Series on the terms of the Agency Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and expenses of the Paying Agents and the Transfer Agents shall be limited to the amounts for the time being held by the Trustee in respect of such Series the Notes on the terms of this Trust Deed) and thereafter to hold all Notes, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of Notes, Certificates, Receipts, Coupons and Talons of such Series to the order of the Trustee or (ii) to deliver all Notes, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of the Notes, Certificates, Receipts, Coupons and Talons of such Series to the Trustee or as the Trustee directs in such notice and 2.5.2 by notice in writing to the relevant Issuer and the relevant Guarantors require it them to make all subsequent payments in respect of the Notes, Receipts, Coupons and Talons of such Series to or to the order of the Trustee and not to the Issuing and Paying Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso (1) to Clause 2.3 above shall cease to have effectAgent.

Payment after a Default. At any time after an Event of Default or a Potential Event of Default has occurred in relation to a particular Series the Trustee may: 2.5.1 (a) by notice in writing to the IssuerIssuer and the Guarantor, the Paying Agents, the Transfer Agents and the Calculation Agent, require the Paying Agents, the Transfer Agents and the Calculation Agent, until notified by the Trustee to the contrary, so far as permitted by applicable law: (i) to act as Paying Agents, Transfer Agents and Calculation Agent of the Trustee under this Trust Deed and the Notes of such Series on the terms of the Agency Agreement (with consequential amendments as necessary and except that the Trustee’s liability for the indemnification, remuneration and expenses of the Paying Agents, the Transfer Agents and the Calculation Agent shall be limited to the amounts for the time being held by the Trustee in respect of such Series the Notes on the terms of this Trust Deed) and thereafter to hold all Notes, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of Notes, Certificates, Receipts, Coupons and Talons of such Series to the order of the Trustee oror Back to Contents (ii) to deliver all Notes, Certificates, Receipts, Coupons and Talons of such Series and all moneys, documents and records held by them in respect of the Notes, Certificates, Receipts, Coupons and Talons of such Series to the Trustee or as the Trustee directs in such notice and 2.5.2 (b) by notice in writing to the Issuer and the Guarantor require it each of them to make all subsequent payments in respect of the Notes, Receipts and Coupons and Talons of such Series to or to the order of the Trustee and not to the Issuing and Paying Agent with effect from the issue of any such notice to the Issuer; and from then until such notice is withdrawn, proviso (1) to Clause 2.3 above shall cease to have effectAgent.