Common use of Payment to Principal Paying Agent Clause in Contracts

Payment to Principal Paying Agent. The Issuer will, prior to 10.00 a.m. London time, on each date on which any payment in respect of the Securities becomes due, transfer or procure that there is transferred to the Principal Paying Agent such amount as may be required for the purposes of such payment. The Issuer will procure that the bank through which such payment is to be made will supply to the Principal Paying Agent, on or before 10.00 a.m. London time on the second Business Day before the due date for any such payment an irrevocable confirmation (by authenticated SWIFT message or facsimile transmission) of its intention to make such payment. In this Clause 5, the date on which a payment in respect of the Securities becomes due means the first date on which the holder of a Security could claim the relevant payment by transfer to an account under the Conditions.