Common use of Payments under Guarantee Clause in Contracts

Payments under Guarantee. discharge obligations of Guarantor under this Agreement To the extent that the Guarantor makes, or there is made on its behalf, a payment under the Covered Bond Guarantee, the Issuer will on such payment being made become indebted to the Guarantor for an amount equal to such payment. Any amounts owing by the Issuer to the Guarantor in respect of amounts paid by the Guarantor under the Covered Bond Guarantee shall be setoff automatically (and without any action being required by the Guarantor, the Issuer or the Bond Trustee) against any amounts repayable by the Guarantor under the terms of this Agreement. The setoff amount shall be the Canadian Dollar Equivalent of the relevant payment made by the Guarantor under the Covered Bond Guarantee, which amount shall be applied to reduce amounts repayable under the Intercompany Loan in the following order of priority:

Payments under Guarantee. discharge obligations of Guarantor under this Agreement To the extent that the Guarantor makes, or there is made on its behalf, a payment under the Covered Bond Guarantee, the Issuer will on such payment being made become indebted to the Guarantor for an amount equal to such payment. Any amounts owing by the Issuer to the Guarantor in respect of amounts paid by the Guarantor under the Covered Bond Guarantee shall be setoff set-off automatically (and without any action being required by the Guarantor, the Issuer or the Bond Trustee) against any amounts repayable by the Guarantor under the terms of this Agreement. The setoff set-off amount shall be the Canadian Dollar Equivalent of the relevant payment made by the Guarantor under the Covered Bond Guarantee, which amount shall be applied to reduce amounts repayable under the Intercompany Loan in the following order of priority:

Payments under Guarantee. discharge obligations of Guarantor under this Agreement To the extent that the Guarantor makes, or there is made on its behalf, a payment under the Covered Bond Guarantee, the Issuer will on such payment being made become indebted to the Guarantor for an amount equal to such payment. Any amounts owing by the Issuer to the Guarantor in respect of amounts paid by the Guarantor under the Covered Bond Guarantee shall be setoff compensated or set-off automatically (and without any action being required by the Guarantor, the Issuer or the Bond Trustee) against any amounts repayable by the Guarantor under the terms of this Agreement. The setoff compensation or set-off amount shall be the Canadian Dollar Equivalent of the relevant payment made by the Guarantor under the Covered Bond Guarantee, which amount shall be applied to reduce amounts repayable under the Intercompany Loan in the following order of priority: