Common use of DEEMED PAYMENT Clause in Contracts

DEEMED PAYMENT. Any payment of principal or interest in respect of any Offshore Notes to or to the account of the Principal Paying Agent in the manner provided in clause 3 of the Agency Agreement shall satisfy the covenant in relation to those Offshore Notes by the Trustee in this clause 2 to the extent of that payment, except to the extent that the Principal Paying Agent subsequently fails to pay that amount under those Offshore Notes in accordance with the terms of those Offshore Notes (including the relevant Conditions).

DEEMED PAYMENT. Any payment of principal or interest in respect of any Offshore Notes to or to the account of the Principal Paying Agent in the manner provided in clause 3 of the Agency Agreement shall satisfy the covenant in relation to those the Offshore Notes by the Trustee in this clause 2 to the extent of that payment, except to the extent that the Principal Paying Agent subsequently fails to pay that amount under those the Offshore Notes in accordance with the terms of those the Offshore Notes (including the relevant Conditions).