Common use of PAYMENTS TO THE PRINCIPAL PAYING AGENT Clause in Contracts

PAYMENTS TO THE PRINCIPAL PAYING AGENT. 7.1 The Issuer will, no later than 10.00 a.m. (local time in the relevant financial centre of the country of the currency in which the relevant payment falls to be made), on each date on which any payment in respect of any Notes issued by it becomes due, transfer to an account specified by the Principal Paying Agent such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through such payment system as the Principal Paying Agent and the Issuer may agree. 7.2 The Issuer will ensure that no later than 10.00 a.m. (London time) on the second Business Day (as defined below) immediately preceding the date on which any payment is to be made to the Principal Paying Agent pursuant to subclause 7.1, the Principal Paying Agent shall receive a payment confirmation by telex from the paying bank of the Issuer. For the purposes of this clause Business Day means a day which is both: (a) a day on which commercial banks and foreign exchange markets settle payments in London and any other place specified in the applicable Final Terms as an Additional Business Centre; and (b) either (i) in relation to a payment to be made in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments in the principal financial centre of the country of the relevant Specified Currency (if other than London and any Additional Business Centre) and which, if the Specified Currency is New Zealand Dollars, shall be Auckland or (ii) in relation to a payment to be made in euro, a day on which the TARGET System is open. 7.3 Any funds paid by or by arrangement with the Issuer to the Principal Paying Agent pursuant to subclause 7.1 above shall be held in the relevant account referred to in subclause 7.1 above for application in accordance with clauses 8 and 9, until any Notes or matured Coupons become void under Condition 9. In that event the Principal Paying Agent shall forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been repayable on the relevant Notes or Coupons. 7.4 The Principal Paying Agent will notify the Issuer, the Trustee and the other Agents forthwith by telex, fax or cable if it has not, by 10.00 a.m. (local time) on the due date for payment of the Notes or any of them or any of the Coupons, received unconditionally the full amount in the Specified Currency, immediately available funds, of the moneys payable on such due date on all such Notes and/or Coupons (as the case may be).

PAYMENTS TO THE PRINCIPAL PAYING AGENT. 7.1 The Issuer will, no later than 10.00 a.m. (local time in the relevant financial centre of the country of the currency in which the relevant payment falls to be made), on each date on which any payment in respect of any Notes issued by it becomes due, transfer to an account specified by the Principal Paying Agent such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through such payment system as the Principal Paying Agent and the Issuer may agree. 7.2 The Issuer will ensure that no later than 10.00 a.m. (London time) on the second Business Day (as defined below) immediately preceding the date on which any payment is to be made to the Principal Paying Agent pursuant to subclause 7.1, the Principal Paying Agent shall receive a copy of a payment confirmation by telex xxxxx from the paying bank of the Issuer. For the purposes of this clause Business Day means a day which is bothmeans: (a) a day on which commercial banks and foreign exchange markets settle payments in London and any other place specified in the applicable Final Terms as an Additional Business CentreCentre (other than TARGET System); (b) if TARGET System is specified as an Additional Business Centre in the applicable Final Terms, a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (known as TARGET or T2) or any successor or replacement for that system (the TARGET System) is open; and (bc) either (i) in relation to a payment to be made in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments in the principal financial centre of the country of the relevant Specified Currency (if other than London and any Additional Business Centre) and which, if the Specified Currency is New Zealand Dollars, shall be Auckland or (ii) in relation to a payment to be made in euro, a day on which the TARGET System is open. 7.3 Any funds paid by or by arrangement with the Issuer to the Principal Paying Agent pursuant to subclause 7.1 above shall be held in the relevant account referred to in subclause 7.1 above for application in accordance with clauses 8 and 9, until any Notes or matured Coupons become void under Condition 9. In that event the Principal Paying Agent shall forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been repayable on the relevant Notes or Coupons. 7.4 The Principal Paying Agent will notify the Issuer, the Trustee and the other Agents forthwith by telexfax, fax email or cable if it has not, by 10.00 a.m. (local time) on the due date for payment of the Notes or any of them or any of the Coupons, received unconditionally the full amount in the Specified Currency, immediately available funds, of the moneys payable on such due date on all such Notes and/or Coupons (as the case may be).

PAYMENTS TO THE PRINCIPAL PAYING AGENT. 7.1 The Issuer will, no later than 10.00 a.m. (local time in the relevant financial centre of the country of the currency in which the relevant payment falls to be made), on each date on which any payment in respect of any Notes issued by it becomes due, transfer to an account specified by the Principal Paying Agent such amount in the relevant currency as shall be sufficient for the purposes of such payment in funds settled through such payment system as the Principal Paying Agent and the Issuer may agree. 7.2 The Issuer will ensure that no later than 10.00 a.m. (London time) on the second Business Day (as defined below) immediately preceding the date on which any payment is to be made to the Principal Paying Agent pursuant to subclause 7.1, the Principal Paying Agent shall receive a copy of a payment confirmation by telex xxxxx from the paying bank of the Issuer. For the purposes of this clause Business Day means a day which is bothmeans: (a) a day on which commercial banks and foreign exchange markets settle payments in London and any other place specified in the applicable Final Terms as an Additional Financial Centre (other than T2); (b) if T2 is specified as an Additional Business CentreCentre in the applicable Final Terms, a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (known as T2) or any successor or replacement for that system (T2) is open; and (bc) either (i) in relation to a payment to be made in a Specified Currency other than euro, a day on which commercial banks and foreign exchange markets settle payments in the principal financial centre of the country of the relevant Specified Currency (if other than London and any Additional Business Centre) and which, if the Specified Currency is New Zealand Dollars, shall be Auckland or (ii) in relation to a payment to be made in euro, a day on which the TARGET System T2 is open. 7.3 Any funds paid by or by arrangement with the Issuer to the Principal Paying Agent pursuant to subclause 7.1 above shall be held in the relevant account referred to in subclause 7.1 above for application in accordance with clauses 8 and 9, until any Notes or matured Coupons become void under Condition 9. In that event the Principal Paying Agent shall forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been repayable on the relevant Notes or Coupons. 7.4 The Principal Paying Agent will notify the Issuer, the Trustee and the other Agents forthwith by telexfax, fax email or cable if it has not, by 10.00 a.m. (local time) on the due date for payment of the Notes or any of them or any of the Coupons, received unconditionally the full amount in the Specified Currency, immediately available funds, of the moneys payable on such due date on all such Notes and/or Coupons (as the case may be).