Common use of Payment Upon Redemption Clause in Contracts

Payment Upon Redemption. The applicable Registrar will comply with the terms of the Global Notes with regard to redemptions or repayments. In the case of Global Notes stated by their terms to be redeemable prior to stated Maturity, at least 60 calendar days before the date fixed for redemption (the “Redemption Date”), Canada shall notify the applicable Registrar of Canada’s election to redeem such Global Notes in whole or in part and the principal amount of such Global Notes to be so redeemed. At least 30 calendar days prior to the Redemption Date, the applicable Registrar shall notify DTC or Euroclear and Clearstream, Luxembourg, as applicable, of Canada’s election to redeem such Global Note. The applicable Registrar shall notify Canada and (i) in the case of DTC Global Notes, DTC of the CUSIP numbers or (ii) in the case of International Global Notes, Euroclear and Clearstream, Luxembourg of the Common Codes, of the particular Global Notes to be redeemed either in whole or in part. Canada, the applicable Registrar and DTC or Euroclear and Clearstream, Luxembourg, as applicable, will confirm the amounts of such principal and any premium and interest payment with respect to each such Global Note on or about the fifth Market Day preceding the Redemption Date of such Global Note. Canada will pay the applicable Registrar, in accordance with the terms of the Fiscal Agency Agreement, the amount necessary to redeem each such Global Note or the applicable portion of each such Global Note. The applicable Registrar will pay such amount to DTC or Euroclear and Clearstream, Luxembourg, as applicable, at the times and in the manner set forth herein. Promptly after payment to DTC or Euroclear and Clearstream, Luxembourg, as applicable, of the amount due on the Redemption Date for such Global Note, the applicable Registrar shall cancel (or procure cancellation of) any such Global Note redeemed in whole and shall destroy such Global Note (or, in the case of a Eurosystem-eligible Note, confirm destruction). If a Global Note is to be redeemed in part, the applicable Registrar will either (x) cancel (or procure cancellation) of such Global Note and issue a Global Note which shall represent the remaining portion of such Global Note and shall bear (i) in the case of DTC Global Notes, the CUSIP number (ii) in the case of International Global Notes, the Common Code, of the cancelled Global Note or (y) reduce the position represented by such Global Note and, in either case, make such annotations in the Register as are necessary to reflect such partial redemption.

Appears in 4 contracts

Samples: Fiscal Agency Agreement (Canada), Distribution Agreement (Canada), Fiscal Agency Agreement (Canada)

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Payment Upon Redemption. The applicable Registrar Fiscal Agent will comply with the terms of the Global Notes with regard to redemptions or repaymentsrepayments of the Global Notes. In the case of Global Notes stated by their terms to be redeemable prior to stated Maturitytheir Stated Maturity Date, at least 60 calendar five days before prior to the date fixed for that notice of such redemption (the “Redemption Date”)) is to be provided to the registered holders of Notes, Canada the Province shall notify the applicable Registrar Fiscal Agent of Canadathe Province’s election to redeem such Global Notes in whole or in part and the principal amount of such Global Notes to be so redeemed, and shall deliver to the Fiscal Agent a copy of the relevant redemption notice. At least 30 calendar days but not more than 60 calendar days prior to the Redemption Date, the applicable Registrar Fiscal Agent shall notify DTC or Euroclear and Clearstream, Luxembourg, as applicable, of Canadathe Province’s election to redeem such Global NoteNotes. The applicable Registrar Fiscal Agent shall notify Canada the Province and (i) in the case of DTC Global Notes, DTC of the CUSIP numbers or (ii) in the case of International Global Notes, Euroclear and Clearstream, Luxembourg of the Common Codes, of the particular Global Notes to be redeemed either in whole or in part. CanadaThe Province, the applicable Registrar Fiscal Agent and DTC or Euroclear and Clearstream, Luxembourg, as applicable, will confirm the amounts of such principal and any premium and interest payment payable with respect to each such Global Note on or about the fifth Market Business Day preceding the Redemption Date of such Global Note. Canada The Province will pay deposit with the applicable RegistrarFiscal Agent, in accordance with the terms of the Fiscal Agency Agreement, the amount necessary to redeem each such Global Note or the applicable portion of each such Global Note. The applicable Registrar Fiscal Agent will pay such amount to DTC or Euroclear and Clearstream, Luxembourg, as applicable, at the times and in the manner set forth herein. Promptly after payment to DTC or Euroclear and Clearstream, Luxembourg, as applicable, of the amount due on the Redemption Date for such Global Note, the applicable Registrar Fiscal Agent shall cancel (or procure cancellation of) and, unless otherwise instructed by the Province, destroy any such Global Note redeemed in whole and shall destroy such Global Note (or, in deliver to the case Province a certificate of a Eurosystem-eligible Note, confirm destruction). If a Global Note is to be redeemed in part, the applicable Registrar Fiscal Agent will either (x) cancel (or procure cancellation) of and, unless otherwise instructed by the Province, destroy such Global Note and issue the Province shall execute and the Fiscal Agent shall authenticate and deliver a Global Note which shall represent in an aggregate principal amount equal to and in exchange for the remaining unredeemed portion of such Global Note and shall bear (i) in the case of DTC Global Notes, the CUSIP number (ii) in the case of International Global Notes, the Common Code, principal of the cancelled Global Note or (y) reduce the position represented by such Global Note and, in either case, make such annotations in the Register as are necessary to reflect such partial redemptionNote.

Appears in 2 contracts

Samples: Fiscal Agency Agreement (Ontario Province Of), Fiscal Agency Agreement (Ontario Province Of)

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