Common use of Satisfaction of Arrears of Distribution by payment Clause in Contracts

Satisfaction of Arrears of Distribution by payment. The Issuer: (A) may satisfy any Arrears of Distribution (in whole or in part) at any time by giving notice of such election to the Holders (in accordance with Condition 14 (Notices)) and the Fiscal Agent not more than 20 nor less than 10 Business Days prior to the relevant payment date specified in such notice (which notice is irrevocable and shall oblige the Issuer to pay the relevant Arrears of Distribution on the payment date specified in such notice); and (B) in any event must satisfy any outstanding Arrears of Distribution (in whole but not in part) on the earlier of (1) the date of redemption of the Securities in accordance with Conditions 5(b) (Redemption – Redemption for tax reasons), 5(c) (Redemption – Redemption for accounting reasons), 5(d) (Redemption – Redemption at the option of the Issuer), 5(e) (Redemption – Redemption upon a Change of Control), 5(f) (Redemption upon an initial public offering) or 5(g) (Redemption – Redemption for minimum outstanding amount); (2) the next Distribution Payment Date on the occurrence of a breach of Condition 4(e)(iv) (Distribution – Restrictions in the case of Deferral) and (3) the date such amount becomes due under Condition 8 (Non-payment). Any partial payment of outstanding Arrears of Distribution by the Issuer shall be shared by the Holders of all outstanding Securities on a pro rata basis.

Satisfaction of Arrears of Distribution by payment. The Issuer: (A) may satisfy any Arrears of Distribution (in whole or in part) at any time by giving notice of such election to the Holders (in accordance with Condition 14 (Notices)) and the Fiscal Agent not more than 20 nor less than 10 Business Days prior to the relevant payment date specified in such notice (which notice is irrevocable and shall oblige the Issuer to pay the relevant Arrears of Distribution on the payment date specified in such notice); and (B) in any event must satisfy any outstanding Arrears of Distribution (in whole but not in part) on the earlier of (1) the date of redemption of the Securities in accordance with Conditions 5(b) (Redemption – Redemption for tax reasons), 5(c) (Redemption – Redemption upon a ratings event), 5(d) (Redemption – Redemption for accounting reasons), 5(d5(e) (Redemption – Redemption at the option of the Issuer), 5(e5(f) (Redemption – Redemption upon a Change of Control), 5(f) (Redemption upon an initial public offering) or 5(g) (Redemption – Redemption for minimum outstanding amount); (2) the next Distribution Payment Date on the occurrence of a breach of Condition 4(e)(iv) (Distribution – Restrictions in the case of Deferral) and (3) the date such amount becomes due under Condition 8 (Non-payment). Any partial payment of outstanding Arrears of Distribution by the Issuer shall be shared by the Holders of all outstanding Securities on a pro rata basis.