Common use of Payment to the Principal Paying Agent Clause in Contracts

Payment to the Principal Paying Agent. 4.1 The Issuer shall, not later than 10.00 a.m. (Milan time) on each date on which any payment of principal, premium and/or interest in respect of any of the Securities becomes due, transfer to an account specified by the Principal Paying Agent such amount of euro as shall be sufficient for the purposes of the payment of principal, premium and/or interest in immediately available funds. 4.2 The Issuer shall ensure that, not later than the second Business Day immediately preceding the date on which any payment is to be made to the Principal Paying Agent pursuant to sub-clause 4.1, the Principal Paying Agent shall receive a payment confirmation by fax or SWIFT from the Issuer. 4.3 The Issuer shall notify the Principal Paying Agent and the Trustee at least five, but not more than 30, Business Days prior to: 4.3.1 any Interest Payment Date in respect of which the Issuer elects (pursuant to Condition 4.2(a) (Interest Deferral - Optional Interest Deferral)) to defer (in whole but not in part), the payment of interest accrued in respect of the Securities during the Interest Period ending immediately prior to such Interest Payment Date; and 4.3.2 any date upon which Arrears of Interest shall become due and payable in accordance with and subject to Condition 4.2(b) (Interest Deferral – Optional Settlement of Arrears of Interest) and Condition 4.2(c) (Interest Deferral –